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STUARTS TO OPEN TWO NEW STORES; EXPECTS TO REPORT A SMALL AFTER-TAX PROFIT FOR FISCAL 1992 BEFORE A NON-RECURRING CHARGE

STUARTS TO OPEN TWO NEW STORES; EXPECTS TO REPORT A SMALL AFTER-TAX
 PROFIT FOR FISCAL 1992 BEFORE A NON-RECURRING CHARGE
 FRANKLIN, Mass., March 27 /PRNewswire/ -- Stuarts Department Stores, Inc. (NASDAQ: STUSQ) announced today that the company anticipates reporting a small after-tax profit of approximately $10,000 for the fourth quarter and $150,000 for the full fiscal year ended Feb. 1, 1992 before a non-recurring charge. Final results will be available mid-April.
 The company also announced the planned opening of two new stores for July of this year, to be located in Lawrence and Haverhill, Mass. In order to obtain the consent of the Creditors Committee to open these two new stores, the company agreed to eventually close two low sales volume stores. Joseph Ettore, president, commented that "We feel the opening of these two new stores will enhance Stuart's presence in the Merrimac Valley and improve the company's overall sales and profitability.
 Sales and operating income in the fourth quarter and fiscal year continued to be negatively impacted by the depressed New England retail environment. Sales were $36,858,000 for the fourth quarter and $119,300,000 for the full fiscal year.
 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 and to formulate a plan of reorganization in the very near future.
 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- 3/27/92
 /CONTACT: Antone F. Moreira of Stuarts, 508-520-4540/
 (STUSQ) CO: Stuarts Department Stores, Inc. ST: Massachusetts IN: REA SU:


TM-PB -- NE014 -- 2528 03/27/92 16:54 EST
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Publication:PR Newswire
Date:Mar 27, 1992
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