THIRD-QUARTER RESULTS FOR JACOBSON STORES INC.
JACKSON, Mich., Nov. 16 ~PRNewswire~ -- Jacobson Stores Inc. (NASDAQ-NMS: JCBS) today reported sales for the third quarter ended Oct. 24, 1992, of $88,012,000, compared to $87,820,000 last year. Net earnings for the quarter were $150,000, or 3 cents per share, compared to $1,156,000, or 20 cents per share in 1991. Sales for the 39 weeks ended Oct. 24 increased from $266,584,000 to $269,229,000, up 1 percent. Net loss for the nine months was $1,780,000, or 31 cents per share, compared to net earnings of $387,000, or 7 cents per share for the same period last year. "Results thus far this year have been disappointing," said Mark K. Rosenfeld, president and CEO. "We continue to feel the effects of a sluggish economy, particularly in the Midwest region. At the same time, we are pleased at how positively our organization has responded in this difficult retail environment. The most important part of the year is still ahead, recent sales trends are encouraging and we are optimistic about the holiday season." On Nov. 11, the company opened a 46,000-square-foot store at the Waterside Shops at Pelican Bay in Naples, Fla. -- its 10th store in Florida. Early sales results have far exceeded expectations, Rosenfeld said, and should provide an added boost to the important fourth quarter. Jacobson's operates specialty department stores in 25 cities in Michigan, Ohio, Indiana and Florida. JACOBSON STORES INC. CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited; in thousands except per-share data) 13 Weeks Ended 39 Weeks Ended Oct. 24, Oct. 26, Oct. 24, Oct. 26, 1992 1991 1992 1991 Net sales $88,012 $87,820 $269,229 $266,584 Earnings (loss) before income taxes 231 1,778 (2,739) 595 Provision (credit) for income taxes 81 622 (959) 208 Net earnings (loss) 150 1,156 (1,780) 387 Per common share: Primary .03 .20 (0.31) .07 Fully diluted .03 .20 (0.31) .07 Average shares outstanding: Primary 5,783 5,788 5,785 5,786 Fully diluted 6,839 6,844 6,841 6,843 -0- 11~16~92 CONTACT: Paul W. Gilbert, executive vice president & chief financial officer of Jacobson Stores, 517-764-6400 (JCBS) CO: JACOBSON STORES INC. IN: REA SU: ERN ST: MI
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|Date:||Nov 16, 1992|
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