FOR FURTHER INFORMATION PLEASE CONTACT:
Mark's Work Wearhouse Ltd.
Michael Lambert
Chief Financial Officer
(403) 258-7593
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: MARK'S WORK WEARHOUSE LTD.
TSE SYMBOL: MWW
MAY 8, 1997
Mark's Work Wearhouse Announces First Quarter Sales
Increase of 41 Percent
CALGARY, ALBERTA--Garth Mitchell, President and CEO of Mark's Work
Wearhouse Ltd., today cited the Company's successful execution of
the strategic plan which includes the new format for Mark's stores
and the acquisition of Work World among several reasons for the
Company posting a 41 percent sales increase during the first
quarter, compared with a year ago.
Total sales for the 13 weeks to April 26, 1997 were $65.0 million
compared to $46.0 million for the same period last year, with the
newly-acquired Work World stores contributing nearly one quarter
of the total.
Comparable store sales, within the Mark's Work Wearhouse corporate
stores, were up 7.7 percent for the quarter and up 9.3 percent for
the month of April. Mr. Mitchell said the first quarter sales
increase is a continuation of a pattern of solid comparable store
sales experienced in the latter part of 1996.
/T/
MONTH OF APRIL (4 Weeks Ended April 26, 1997)
($ in Millions) Current Last Year Change (1)(2)
Year (1)
$ $ $ Percent
-------------------------------------
Mark's Work Wearhouse
Corporate Stores 14.1 12.6 1.5 11.3
-------------------------------------
Mark's Work Wearhouse
Franchise Stores 3.5 3.5 (0.0) (0.3)
-------------------------------------
Work World Franchise
Stores (Note 1) 5.2 -- 5.2 --
-------------------------------------
Total Store Sales 22.8 16.1 6.7 41.3
-------------------------------------
YEAR TO DATE (13 Weeks Ended April 26, 1997)
($ in Millions) Current Last Year Change (1)(2)
Year (1)
$ $ $ Percent
-------------------------------------
Mark's Work Wearhouse
Corporate Stores 39.3 35.9 3.4 9.3
-------------------------------------
Mark's Work Wearhouse
Franchise Stores 9.9 10.1 (0.2) (2.2)
-------------------------------------
Work World Franchise
Stores (Note 1) 15.8 -- 15.8 --
-------------------------------------
Total Store Sales 65.0 46.0 19.0 41.2
-------------------------------------
COMPARABLE STORE SALES increase: (Note 1)
April Year to Date
------------------------
Mark's Work Wearhouse Corporate Stores 9.3 percent 7.7 percent
------------------------
Mark's Work Wearhouse Franchise Stores 3.0 percent 3.2 percent
------------------------
/T/
(1) Effective December 1, 1996, Mark's Work Wearhouse acquired
Work World Enterprises Inc.
(2) Percentage calculation based on unrounded numbers. |
