SUNSHINE-JR. REPORTS THIRD QUARTER RESULTS
SUNSHINE-JR. REPORTS THIRD QUARTER RESULTS PANAMA CITY, Fla., Nov. 12 /PRNewswire/ -- Sunshine-Jr. Stores,
Inc. (AMEX: SJS), a Florida-based convenience store and supermarket chain, today reported sales and earnings for the third quarter of 1991. Revenues for the quarter ended Sept. 26, 1991 were $57,650,000 in the current year, compared to $52,263,000 for the same period last year, an increase of 10.3 percent. For the 39-week period, revenues were $165,242,000 compared to $150,903,000 for the same period last year, reflecting a 9.5 percent increase. Net income for the quarter was $65,000, or $.04 per share, as compared to $130,000 or $.08 per share, for the previous year. For the 39-week period, the company experienced a net loss of $943,000 or $.55 per share, as compared to a net loss of $93,000 or $.05 per share, for the previous year.
Contrary to c-store industry trends, in-store merchandise sales for the convenience stores increased by 17.6 percent. This increase is primarily attributable to a continuing marketing strategy focusing on an image building campaign for the Jr. Stores as a value-priced competitor. Supermarket sales for the quarter reflected a 13.2 percent increase over the amount for the comparable period of the previous year as a result of refurbishing and promotional activity. Combined merchandise sales increased 15.0 percent despite a decrease in lottery commissions of $146,000, due to a less aggressive marketing campaign by the Florida State Lottery Commission. Commenting on the results, Lana Jane Lewis-Brent, president and CEO, remarked, "While income for the third quarter fell short of expectations, we anticipate continuing increases in sales and gross profit during the remainder of 1991 as the impact of the new marketing strategy is more fully realized." Due to an increased emphasis on competitive gasoline pricing, gasoline revenues for the quarter increased by 6.0 percent while gallons sold increased by 7.2 percent, despite adverse economic conditions and a decrease in consumer travel. At the close of the third quarter, Sunshine-Jr. Stores, Inc. was operating 293 convenience stores in Florida, Alabama, Missisippi, Georgia and Louisiana, and four supermarkets in Bay County, Fla. -0- 11/12/91 /CONTACT: Kathy L. Hill of Sunshine-Jr. Stores, Inc., 904-769-1661/ (SJS) CO: Sunshine-Jr. Stores, Inc. ST: Florida IN: REA SU: ERN AW-MR -- FL007 -- 3579 11/12/91 15:45 EST
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|Date:||Nov 12, 1991|
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