THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Wednesday, August 24, 1994 TAG: 9408240551
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: STAFF REPORT
LENGTH: Short : 30 lines
S&K Famous Brands Inc. said Tuesday its second-quarter profits dropped 64 percent, partly due to a soft market for clothing in the East.
The men's clothing retailer, based in Richmond, earned $277,000, or 6 cents per share, in the three months ending July 30. That's down from $766,000, or 16 cents per share, for the period a year ago.
Sales rose 17 percent to $24.8 million in the quarter from $21.2 million last year. Same-store sales fell 4 percent.
``Despite significant overall sales growth, our comparable store sales were disappointing,'' said Stuart C. Siegel, chairman and chief executive officer.
Year-to-date profits dropped 50 percent to $759,000 from $1.5 million in the six-month period in 1993. Sales for the first half increased 17 percent to $49.5 million, compared with $42.2 million for the six-month period in 1993.
S&K officials are pleased with their fall clothing lines and inventory management, Siegel said. In addition, he said, the company recently opened seven stores and plans to open 18 more this year. It has nine in Hampton Roads. by CNB