Just sold at 4.25 too, thought it might get under 4 after the takeover hype got settled, but after this good news it might go to $4.60 and maybe higher. What timing I have :-(.
FOR: MARK'S WORK WEARHOUSE LTD.
TSE SYMBOL: MWW
SEPTEMBER 11, 1997
Mark's Work Wearhouse Second Quarter Results; Earnings
Ahead of Plan; Annual Forecast Increased 4 Cents
CALGARY, ALBERTA--
HIGHLIGHTS
The Company's loss for the first half year is ahead of plan for
the current year, and the same as last year.
/T/
(26 Weeks Ended July 27, 1997)
($ in Millions, except per share)
Current Last Increase
Year Year (Decrease)(1)
$ $ $ Percent
----------------------------
Corporate and Franchise Stores 141.8 99.5 42.3 42.4
Corporate Sales 86.6 77.8 8.8 11.2
Pre-tax Loss (4.5) (4.4) (0.1) (3.6)
Net Loss (2.8) (2.8) 0.0 0.3
Per Share ($) (.10) (.11) .01 9.1
---------------------------
(13 Weeks Ended July 27, 1997)
($ in Millions, except per share)
Current Last
Year Year Change (1)
$ $ $ Percent
---------------------------
Corporate and Franchise Sales 76.7 53.4 23.3 43.4
Corporate Sales 47.3 41.9 5.4 12.8
Pre-tax Loss (2.1) (2.2) 0.1 5.2
Net Loss (1.3) (1.3) 0.0 3.4
Per Share ($) (.04) (.05) .01 20.0
--------------------------
/T/
(1) Based on unrounded numbers.
Sales performance for the second quarter was strong. Corporate
sales increased 12.8 percent and on a comparable store basis were
up 9.7 percent.
The net loss for the second quarter of $1.3 million is even with
1996 and brings the year to date net loss to $2.8 million. As
anticipated, the Company's "On Concept" initiative, which has
resulted in 13 percent of additional average square footage this
Spring over the prior Spring, in addition to severance and
relocation costs related to the Work World acquisition, has
resulted in higher costs for the first half of 1997 over 1996.
The increased square footage along with the acquisition will
generate increased sales and profitability in the traditionally
busy Fall season.
Currently, the Company is 4 cents per share above its forecast
range; thus, exclusive of any costs that might arise related to
the unsolicited Dylex Bid, the Company is revising its forecast
range of earnings per share for its current fiscal year from 17 to
22 cents initially forecast on March 26, 1997 to 21 to 26 cents.
Management believes that if August trends continue into our very
important fourth quarter, that it's possible that the actual
results of the Company for the year in total could exceed the
upper range of the Revised Forecast. |
