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SUNBELT NURSERY GROUP REPORTS RESULTS FOR YEAR ENDED JANUARY 31, 1992

SUNBELT NURSERY GROUP REPORTS RESULTS FOR YEAR ENDED JANUARY 31, 1992
 FORT WORTH, Texas, March 18 /PRNewswire/ -- Sunbelt Nursery Group, Inc. (AMEX: SBN), the leading specialty nursery retailer in six major metropolitan areas in Texas, Arizona and California, announced sales and profits for its fiscal year ended Jan. 31, 1992. Sales of the company's 100 lawn and garden centers were $140,078,000, net income was $3,214,000 and earnings per share were $.54.
 Prior year earnings are not comparable due to the acquisition of Sunbelt by Pier 1 Imports, Inc. on Dec. 1, 1990, and the application of push-down accounting, which created a new basis of accounting. The company was a wholly-owned subsidiary of Pier 1 Imports until the October 1991 IPO that converted Sunbelt into a publicly held corporation.
 Donald W. Davis, president and chief executive officer, said, "Gross profit margins for fiscal 1992 were a very healthy 46.4 percent despite the negative effect of drought and a soft economy in Southern California and record amounts of rain last year in most of Texas."
 Sunbelt previously announced a program to use the $10 million raised by the IPO to renovate selected stores and close or move several stores.
 "We have already opened several new or renovated stores and presently have over 30 deals in various stages of negotiation and development," Davis said. "We are at the beginning of our spring selling season and have high expectations our work to upgrade our facilities and level of service to customers will have a positive impact on our business. In addition, heavy rain and snowfall in California appears to have ended the long drought there, which should improve sales in that area now and in the future."
 Sunbelt Nursery Group, Inc. is the leading specialty nursery retailer in six major metropolitan areas in Texas, Arizona and California with 100 stores that feature nursery stock and lawn and garden products.
 -0- 3/18/92
 /CONTACT: Robert L. Broadhead or Mark L. Jones of Sunbelt Nursery Group, Inc., 817-738-8111/
 (SBN) CO: Sunbelt Nursery Group, Inc. ST: Texas IN: REA SU: ERN


AH -- NY059 -- 9297 03/18/92 13:58 EST
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Publication:PR Newswire
Date:Mar 18, 1992
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