Mark's Work Wearhouse Shareholders Get Update on Sales and Earnings
Momentum
CALGARY, ALBERTA--Shareholders of Mark's Work Wearhouse were told
today the company's record sales and pre-tax earnings last year
are expected to gain further momentum this year.
Garth Mitchell, President and CEO, speaking at the Company's
annual general meeting in Calgary, said the Company's sales last
year of $304 million and pre-tax earnings of $8.3 million were the
highest ever in the Company's history, and the outlook for this
year is even better.
"As you know, we are one of the few public companies in North
America to publish a forecast in our annual report, and then
update our shareholders each quarter on how we're tracking against
that forecast," he said. "This year, the Company is once again
forecasting record sales and pre-tax earnings."
Mr. Mitchell said the Company is forecasting 1997 sales of more
than $400 million and pre-tax earnings of $10 to $12 million,
adding first quarter results for 1997 show "we are certainly off
to a solid start."
In discussing their recent acquisition of the 150 store Work World
operation, Mr. Mitchell told shareholders: "Our assessment is that
the Work World acquisition represents another great growth
opportunity for the Company. As we implement our strategies for
Work World, we become more confident this division will grow
beyond our initial expectations. Work World represents just one
of the growth opportunities available to Mark's Work Wearhouse."
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FOR FURTHER INFORMATION PLEASE CONTACT:
Mark's Work Wearhouse Ltd.
Michael Lambert
Chief Financial Officer
(403) 258-7593
(403) 258-7566 (FAX) |
