BARRY'S NARROWS LOSS IN FOURTH QUARTER, PLANS TO OPEN 21 STORES BEFORE CHRISTMAS
MONROVIA, Calif.--Barry's Jewelers narrowed its loss in the fourth quarter ended May 31 to $401,000 from a year-ago loss of $1.3 million. Sales at the 145-store fine jewelry chain grew 11.2 percent in the period, totaling $24.9 million, against $22.4 million. For the year, Barry's pretax income climbed to $2.5 million from a loss of $1.8 million before extraordinary items a year ago. Due to the retailer's Chapter 11 restructuring completed in June 1992, its fiscal 1993 earnings included an extraordinary gain of $49.2 million. Barry's fiscal 1994 net income totaled $1.5 million, compared with $47.4 million--including the extraordinary gain--in fiscal 1993. Sales for the year increased 7.2 percent to $114 million from $106.3 million. As a result of the extraordinary item, the company said, year-to-year shares outstanding and earnings per share could not be compared in a meaningful way. Barry's said it plans to open 21 stores prior to Christmas, 15 of which are set to be in operation by the end of August. Seventeen of the scheduled units will be located in the Midwest and Southeast. "Our recent recapitalization has...enabled us to expand in inventory and geographic reach," Terry L. Burman, president and chief executive said in a statement. "We are targeting most of our growth toward areas that demonstrate healthy, stable markets, such as the Midwest and Southeast." Barry's operates its stores throughout the U.S., primarily in California, Arizona, Utah, Colorado, Texas and Ohio. --Fairchild News Service
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