Mark's Work Wearhouse - First Quarter Results Mark's
Work Wearhouse - First Quarter Results June 5, 1997 9:57 AM EDT
CALGARY, ALBERTA--(BUSINESS WIRE)--June 5, 1997-- Mark's
Work Wearhouse (TSE MWW. ) "Our first quarter results have us
starting the year strongly enough to provide enthusiasm around
achieving our internal goals for the year - we are certainly off to a
decent start" says Garth Mitchell, President and CEO of Mark's Work
Wearhouse.
"On the top line, sales in our corporate stores were up nearly 8
percent on a same store basis, and about half that in the Mark's
franchise stores. On the bottom line, we ended up the same as a year
ago. As in past years, we had planned a first half deterioration
followed by a big pick up in the second half due to our real estate
initiatives, and we are pleased that after one quarter we are ahead of
our plan".
At the end of the first quarter of 1997, the Company's results are
above the forecast range published in its January 25, 1997 Annual
Report but no revisions to that annual forecast range are
contemplated at this time.
*T
HIGHLIGHTS ----------
(13 Weeks Ended April 26, 1997) ($ in Millions) Current Last(1) Change (1)(2)
Year Year
$ $ $ Percent
------------------------------- Corporate and Franchise Sales 65.0 46.1 18.9 41.0
------------------------------- Corporate Sales 39.3 35.9 3.4 9.3
------------------------------- Pre-tax loss (2.4) (2.2) (0.2) (9.1)
------------------------------- Net Loss (1.5) (1.5) -- --
------------------------------- Per Share (cents) (.06) (.06)
-------------------------------
MAY SALES UP 8 PERCENT FOR CORPORATE STORES -------------------------------------------
HIGHLIGHTS ----------
MONTH OF MAY (4 Weeks Ended May 24, 1997) ($ in Millions) Current Last(1) Change (1)(2)
Year Year
$ $ $ Percent
------------------------------- MWWH Corporate Stores 16.2 15.0 1.2 8.1
------------------------------- MWWH Franchise Stores 4.1 4.0 0.1 3.3
------------------------------- Work World Franchise Stores (Note 1) 5.4 -- 5.4 --
------------------------------- Total Store Sales 25.7 19.0 6.7 35.4
-------------------------------
YEAR TO DATE (17 Weeks Ended May 24, 1997) ($ in Millions) Current Last(1) Change (1)(2)
Year Year
$ $ $ Percent
------------------------------- MWWH Corporate Stores 55.5 50.9 4.6 9.0
------------------------------- MWWH Franchise Stores 14.0 14.1 (0.1) (0.6)
------------------------------- Work World Franchise Stores (Note 1) 21.2 -- 21.2 --
------------------------------- Total Store Sales 90.7 65.0 25.7 39.5
-------------------------------
COMPARABLE STORE SALES increase:
May Year
to Date
(Percent) (Percent)
------------------ Mark's Work Wearhouse Corporate Stores 5.4 6.9
------------------ Mark's Work Wearhouse Franchise Stores 6.1 4.1
------------------
*T
(1) Effective December 1, 1996, Mark's Work Wearhouse acquired Work World Enterprises Inc.
(2) Percentage calculation based on unrounded numbers.
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