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Non-Tech : SME(svcdq) has it bottomed out yet? Or will it hit bottom?
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To: christopher who wrote ()12/30/1998 9:00:00 AM
From: leigh aulper  Read Replies (1) of 305
 
Not looking good. ch11 around the corner?

SERVICE MERCHANDISE ISSUES THIRD HOLIDAY SALES UPDATE

NASHVILLE, Tenn.--(BUSINESS WIRE)--Dec. 30, 1998--Service Merchandise Company, Inc. (NYSE:SME) today issued its third holiday sales update. The update presented in this release covers the period from September 28, 1998 to December 27, 1998.

For this period, which represents the Company's fourth-quarter-to-date reporting period, comp store sales were down on a percentage basis in the low-double-digit range. Jewelry comps were up on a percentage basis in the mid-single-digit range while hardline comps were down in the high-teens range.

Gross margin dollars were down on an absolute basis in the high-single-digit percentage range due to lower overall sales, even though the gross margin rate was up as margin rates increased in hardlines and as the sales mix included a higher percentage of jewelry.

The interest payment due December 15, 1998 on its 9% Subordinated Debentures remains unpaid and the Company continues to evaluate available alternatives.

In accordance with past practice, the Company will not comment on current business trends beyond its press releases during the period between Thanksgiving and the reporting of fourth quarter results in mid-February.
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