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STUARTS ANNOUNCES FOURTH QUARTER AND FISCAL 1992 YEAR END RESULTS

 STUARTS ANNOUNCES FOURTH QUARTER AND FISCAL 1992 YEAR END RESULTS
 FRANKLIN, Mass., May 4 /PRNewswire/ -- Stuarts Department Stores, Inc. (NASDAQ: STUSQ) reported a profit of $13,000 for its fourth quarter ended Feb. 1, 1992 and $155,000 for the 52-week period ended Feb. 1, 1992, before a provision for reorganization charges which amounted to $1,722,000. After giving effect to the provision for reorganization charges, the net loss for the fourth quarter was $1,709,000 or 40 cents per share and the net loss for the 52-week period ended Feb. 1, 1992 was $1,567,000 or 36 cents per share. The net loss for the previous year's fourth quarter ended Feb. 2, 1991 was $5,038,000 or $1.17 per share, and the net loss for the previous 52-week period ended Feb. 2, 1991 was $5,635,000 or $1.31 per share. Approximately $3 million of the net loss for fiscal 1991 was attributable to costs related to the closing of three unprofitable stores and other reorganization costs.
 Total store sales were $119,330,000 and $36,858,000, respectively, for the 52-week period and fourth quarter ended Feb 1, 1992 as compared to total store sales of $148,741,000 and $39,557,000, respectively, for the comparable periods during the prior year. Three stores were closed in January 1991.
 On Dec. 7, 1990, the company and its subsidiary filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy code. The company plans to continue its retail operations pending confirmation of a plan of reorganization.
 Joseph Ettore, president, stated that the fourth quarter and full fiscal 1992 year net losses were significantly impacted by a very difficult New England retail environment and the costs reserved for the anticipated closing of two low-sales volume stores in fiscal 1993. He also noted that there has been an improvement in the company's sales performance for the first quarter of this current fiscal 1993 year.
 Stuarts Department Stores, Inc. operates 20 self-service discount department stores located in Massachusetts, New Hampshire, Rhode Island, Vermont, and Maine, 19 under the name "Stuarts" and one under the name "Harry's." The company's stores sell a wide variety of general merchandise selected to satisfy the clothing, home recreational and convenience needs of the blue collar and middle-income family.
 -0- 5/4/92
 /CONTACT: Antone F. Moreira of Stuarts, 508-520-4540/
 (STUSQ) CO: Stuarts Department Stores, Inc. ST: Massachusetts IN: REA SU: ERN


TM -- NE023 -- 6036 05/04/92 12:20 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:421
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