Printer Friendly

UNITED RETAIL GROUP HAS RECORD SALES IN FIRST QUARTER

 UNITED RETAIL GROUP HAS RECORD SALES IN FIRST QUARTER
 ROCHELLE PARK, N.J., May 12 /PRNewswire/ -- United Retail Group,


Inc. (NASDAQ-NMS: URGI), today announced financial results for the fiscal quarter ended May 2, 1992, and the completion of its acquisition of stores from Conston Corporation (AMEX: KCS).
 United Retail's total sales for the quarter were a record $70.2 million compared to $63.6 million in the first fiscal quarter of 1991, a 10 percent increase. Comparable store sales for the quarter increased by 7 percent.
 Comparable store sales for the quarter were in the low teens for Sizes Unlimited, the strip-based stores, and were flat at the mall-based stores, The Avenue.
 George R. Remeta, United Retail's executive vice president and chief financial officer, stated that before giving effect to certain nonrecurring adjustments to earnings, United Retail's net earnings for the quarter were a record $2.8 million ($.25 per share), an increase of 97 percent over net earnings of $1.4 million for the first fiscal quarter of 1991.
 Nonrecurring adjustments to earnings made in connection with the recent initial public offering of United Retail resulted in a net loss for the quarter of $10.9 million ($.87 per share). The nonrecurring adjustments, which totaled $13.7 million after tax, included the following:
 (a) a non-cash charge to selling, general and administrative expense of $16.3 million relating to outstanding employee stock options, principally those that became vested and exercisable at the closing of United Retail's initial public offering in March 1992; and
 (b) interest and other charges totaling $6.1 million in connection with the prepayment in full of all United Retail's indebtedness in March 1992 and the write-off of unamortized deferred financing costs.
 The company also announced that its acquisition of 95 retail stores from Conston Corporation was completed on May 11, 1992, on schedule. The stores, which use the 16 Plus trade name, were acquired for $7.2 million cash. Raphael Benaroya, chairman and chief executive officer of United Retail Group, Inc., said that several 16 Plus stores are scheduled to reopen in May and that all the 16 Plus stores are scheduled to be open by the end of July 1992. The reopening plans are proceeding timely.
 United Retail runs two major retail chains devoted to large-size women's clothing -- Sizes Unlimited, which operates 232 stores, and The Avenue, which operates 154 stores. The 95 stores acquired from Conston Corporation were also devoted to large-size women's clothing and will reopen under the 16 Plus trade name.
 UNITED RETAIL GROUP, INC.
 First Quarter 1992
 (Unaudited; in thousands except per share data)
 Pct.
 13-week periods ending 5/2/92 5/4/91 Chng.
 Net sales $ 70,154 $ 63,568 10.4
 Cost of goods sold, including
 buying and occupancy costs 49,358 45,596 8.3
 Gross profit 20,796 17,972 15.7
 General, administrative and
 store operating expenses 15,981 14,371 11.2
 Non-recurring, general, admin.
 and store operating expenses (A) 16,330 -- --
 Operating income (loss) (11,515) 3,601 --
 Interest expense, net 219 1,241 -82.4
 Non-recurring interest expense (A) 6,083 -- --
 Income (loss) before income taxes (17,817) 2,360 --
 Provision (benefit) for inc. taxes (6,908) 956 --
 Net income (loss) (10,909) 1,404 --
 Amortization of original issue discount 1,254 55 --
 Net income (loss) attributable to
 common stock $ (9,655) $ 1,459 --
 Weighted average number of common and
 common equivalent shares outstanding 11,060 8,474
 Net income per common share $(0.87) $0.17
 Net income per common share excluding
 nonrecurring charges $0.25 $0.17
 Stores open beginning of quarter 371 368
 New stores opened 17 2
 Stores closed (2) (3)
 Stores open end of quarter 386 367
 (A) -- Nonrecurring charges related to the March 1992 initial public offering.
 -0- 5/12/92
 /CONTACT: George R. Remeta, executive vice president and chief financial officer of United Retail, 201-909-2110/
 (URGI KCS) CO: United Retail Group, Inc.; Conston Corporation ST: New Jersey, Pennsylvania IN: REA SU: ERN TNM


SH-GK -- NY013 -- 8996 05/12/92 09:38 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 12, 1992
Words:677
Previous Article:UNITED THERMAL REPORTS FIRST-QUARTER RESULTS
Next Article:/C O R R E C T I O N -- CITICORP/
Topics:


Related Articles
GITANO GROUP REPORTS THIRD QUARTER RESULTS
KMART CORPORATION REPORTS FIRST-QUARTER SALES AND EARNINGS
UNITED RETAIL GROUP HAS RECORD SALES AND EARNINGS FOR QUARTER
JONES APPAREL GROUP, INC. REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
The Gymboree Corporation Reports March Sales.
The Gymboree Corporation Reports April and First Quarter Sales.
The Gymboree Corporation Reports April and First Quarter Sales.
The Gymboree Corporation Reports February Sales.
The Gymboree Corporation Reports March Sales.
The Gymboree Corporation Reports April and First Quarter Sales.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters