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Eagle Hardware & Garden reports 91% increase in net
income for fiscal 1996 fourth quarter
RENTON, Wash.--(BUSINESS WIRE)--Feb. 27, 1997--Eagle Hardware & Garden Inc.
(Nasdaq NM:EAGL) today reported record sales and earnings and a significant increase in same
store sales for its fourth quarter and 1996 fiscal year ended Jan. 31, 1997.
For the fourth quarter of fiscal 1996, the 14-week period ended Jan. 31, 1997, sales increased
22% to $192.0 million from $157.9 million in the 13-week fourth quarter of fiscal 1995. Same
store sales, on a 13-week basis, increased 10% over the previous year. After tax income for the
quarter increased 91% to $3.1 million, or $0.11 per share, from net income of $1.6 million, or
$0.07 per share, in the same quarter last year. Results for the current quarter include the effect of
$1.4 million ($0.03 per share after tax) in preopening costs, compared to no preopening costs in
the fourth quarter of 1995. Additionally, the company had 27% more common and common
equivalent shares outstanding during the current quarter primarily as a result of a 5,750,000
share, $125 million stock offering completed in September 1996.
For fiscal 1996, the 53 weeks ended Jan. 31, 1997, sales increased 24% to $761.0 million from
$615.7 million in the 52-week period of fiscal 1995. Net income for fiscal 1996 increased 92%
to $21.7 million, or $0.84 per share, fully diluted, from $11.3 million, or $0.49 per share in the
prior fiscal year. Same store sales, on a 52-week basis, increased 11% due primarily to an 8%
increase in customer transactions.
Commenting on the company's results, Eagle President Richard Takata said, "We are extremely
pleased to report record sales and earnings for both our fourth fiscal quarter and 1996 fiscal
year. We achieved record fourth quarter results despite the liquidation sale of our major
competitor, Ernst, during the quarter and severe weather in the Pacific Northwest.
"We believe that our record earnings results in 1996 are indicative of the fundamental strengths of
the Eagle concept. We look forward to continued sales and earnings growth in fiscal 1997," he
added.
The company opened two additional stores in Colorado during the fourth quarter of 1996, one
near Boulder and one in Pueblo. The company also opened its North Seattle store on Feb. 13,
1997, and currently plans to open four or five additional stores during fiscal 1997. |
