-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I5dgdhcVDTmpUgqN26gI6dEMcziWiPp0ClzEwThYSI5Y3Rrw0VtbqZ7GkZLqEMNF aMgtRoQNJ4amnreiD/pOMw== 0000912057-96-020263.txt : 19960916 0000912057-96-020263.hdr.sgml : 19960916 ACCESSION NUMBER: 0000912057-96-020263 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960803 FILED AS OF DATE: 19960913 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN TRAFFIC CO CENTRAL INDEX KEY: 0000077155 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 250716800 STATE OF INCORPORATION: PA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09930 FILM NUMBER: 96629840 BUSINESS ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SRYACUSE STATE: NY ZIP: 13221-4737 BUSINESS PHONE: 8145369900 MAIL ADDRESS: STREET 1: 1200 STATE FAIR BLVD CITY: SYRACUSE STATE: NY ZIP: 13221-4737 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended August 3, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from __________ to __________ Commission file number 1-9930 THE PENN TRAFFIC COMPANY (Exact name of registrant as specified in its charter) Delaware 25-0716800 (State of incorporation) (IRS Employer Identification No.) 1200 State Fair Blvd., Syracuse, NY 13209 (Address of principal executive offices) (Zip Code) (315) 453-7284 (Telephone number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X . NO . --- --- Common stock, par value $1.25 per share: 10,869,441 shares outstanding as of September 3, 1996 PART I. FINANCIAL INFORMATION Item 1. Financial Statements THE PENN TRAFFIC COMPANY CONSOLIDATED STATEMENT OF OPERATIONS UNAUDITED (All dollar amounts in thousands, except per share data)
THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED AUGUST 3, JULY 29, AUGUST 3, JULY 29, 1996 1995 1996 1995 ---------- ---------- ---------- ---------- TOTAL REVENUES $ 842,764 $ 884,229 $1,670,422 $1,744,257 COST AND OPERATING EXPENSES: Cost of sales (including buying and occupancy costs) 648,583 685,857 1,284,579 1,348,306 Selling and administrative expenses 173,328 164,780 344,173 329,002 Unusual item (Note 4) 65,237 65,237 ---------- ---------- ---------- ---------- OPERATING INCOME (LOSS) 20,853 (31,645) 41,670 1,712 Interest expense 36,158 32,994 70,718 66,028 ---------- ---------- ---------- ---------- (LOSS) BEFORE INCOME TAXES (15,305) (64,639) (29,048) (64,316) Benefit for income taxes 5,156 12,935 9,870 12,741 ---------- ---------- ---------- ---------- NET (LOSS) $ (10,149) $ (51,704) $ (19,178) $ (51,575) ========== ========== ========== ========== PER SHARE DATA: Net (loss) $ (0.93) $ (4.76) $ (1.77) $ (4.75) ========== ========== ========== ========== Average number of common shares outstanding 10,869,694 10,861,823 10,860,390 10,858,102 See Notes to Interim Consolidated Financial Statements.
THE PENN TRAFFIC COMPANY CONSOLIDATED BALANCE SHEET (All dollar amounts in thousands) UNAUDITED AUGUST 3, 1996 FEBRUARY 3, 1996 -------------- ---------------- ASSETS CURRENT ASSETS: Cash and short-term investments $ 58,023 $ 58,585 Accounts and notes receivable (less allowance for doubtful accounts of $1,988 and $1,483, respectively) 79,692 83,519 Inventories (Note 3) 345,411 356,309 Prepaid expenses and other current assets 17,618 15,717 ----------- ----------- Total Current Assets 500,744 514,130 NONCURRENT ASSETS: Capital leases - net 135,314 122,529 Property, plant and equipment - net 587,787 602,440 Intangible assets - net 426,962 431,394 Other assets and deferred charges - net 93,157 89,653 ----------- ----------- $ 1,743,964 $ 1,760,146 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 3,766 $ 2,728 Current portion of obligations under capital leases 13,867 11,735 Trade accounts and drafts payable 201,952 208,880 Payroll and other accrued liabilities 79,418 82,154 Accrued interest expense 35,136 33,812 Payroll taxes and other taxes payable 8,147 16,880 Deferred income taxes 30,385 30,385 ----------- ----------- Total Current Liabilities 372,671 386,574 NONCURRENT LIABILITIES: Long-term debt 1,211,174 1,200,997 Obligations under capital leases 137,727 126,197 Deferred income taxes 38,789 38,789 Other noncurrent liabilities 55,982 60,860 ----------- ----------- Total Liabilities 1,816,343 1,813,417 ----------- ----------- SHAREHOLDERS' EQUITY: Preferred Stock - authorized 10,000,000 shares at $1.00 par value; none issued Common Stock - authorized 30,000,000 shares at $1.25 par value; 10,869,441 shares and 10,840,849 shares issued and outstanding, respectively 13,613 13,606 Capital in excess of par value 180,092 180,029 Retained deficit (255,102) (235,223) Minimum pension liability adjustment (6,606) (6,606) Unearned compensation (3,751) (4,452) Treasury stock, at cost (625) (625) ----------- ----------- Total Shareholders' Equity (72,379) (53,271) ----------- ----------- $ 1,743,964 $ 1,760,146 =========== ============ See Notes to Interim Consolidated Financial Statements. THE PENN TRAFFIC COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED (All dollar amounts in thousands) TWENTY-SIX TWENTY-SIX WEEKS ENDED WEEKS ENDED AUGUST 3, 1996 JULY 29, 1995 -------------- ------------- OPERATING ACTIVITIES: Net (loss) $ (19,178) $ (51,575) Adjustments to reconcile net (loss) to net cash provided by operating activities: Depreciation and amortization 37,625 37,276 Amortization of intangibles 8,178 8,476 Write-off of fixed assets 16,416 Write-off of intangibles 32,809 Deferred tax benefit (13,331) Other - net (4,737) (8,923) Net change in assets and liabilities: Accounts receivable and prepaid expenses 1,557 8,309 Inventories 10,898 (6,939) Accounts payable and accrued expenses (17,073) 17,226 Deferred charges and other assets (2,303) 964 --------- --------- NET CASH PROVIDED BY OPERATING ACTIVITIES 14,967 40,708 --------- --------- INVESTING ACTIVITIES: Capital expenditures (39,843) (67,326) Proceeds from sale-and-leaseback transactions 19,164 Proceeds from sale of assets 2,881 144 Other - net (114) (1,010) --------- --------- NET CASH (USED IN) INVESTING ACTIVITIES (17,912) (68,192) --------- --------- FINANCING ACTIVITIES: Increase in long-term debt 106,840 Payments to settle long-term debt (1,525) (1,822) Borrowings of revolver debt 207,600 281,000 Payment of revolver debt (301,700) (249,500) Reduction of capital lease obligations (6,034) (4,591) Payment of debt issuance costs (2,868) (141) Other - net 70 338 --------- --------- NET CASH PROVIDED BY FINANCING ACTIVITIES 2,383 25,284 --------- --------- DECREASE IN CASH AND CASH EQUIVALENTS (562) (2,200) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 58,585 46,519 --------- --------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 58,023 $ 44,319 ========= ========= See Notes to Interim Consolidated Financial Statements. THE PENN TRAFFIC COMPANY NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The results of operations for the interim periods are not necessarily an indication of results to be expected for the year. In the opinion of management, all adjustments necessary for a fair presentation of the results are included for the interim periods, and all such adjustments are normal and recurring. These unaudited interim financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Annual Report on Form 10-K for the fiscal year ended February 3, 1996. Net (loss) income per share of common stock is based on the average number of shares and equivalents of common stock outstanding during each period. Fully diluted income (loss) per share is not presented for each of the periods since conversion of the Company's shares under option would be anti-dilutive or the reduction from primary income (loss) per share is less than three percent. NOTE 2 - SUPPLEMENTAL FINANCIAL INFORMATION (In thousands of dollars) Second Quarter Twenty-six Weeks -------------- ---------------- FISCAL 1997 - ----------- Operating Income $ 20,853 $ 41,670 Depreciation and Amortization 22,980 45,802 LIFO Provision 825 1,825 Cash Interest Expense 35,018 68,503 FISCAL 1996 - ----------- Operating Income * $ 33,592 $ 66,949 Unusual Item 65,237 65,237 Depreciation and Amortization 22,607 45,752 LIFO Provision * 858 858 Cash Interest Expense 31,922 63,886 * Excludes the effect of the unusual item. NOTE 3 - INVENTORIES If the first-in, first-out (FIFO) method had been used by the Company, inventories would have been $19,673,000 and $17,848,000 higher than reported at August 3, 1996 and February 3, 1996, respectively. NOTE 4 - UNUSUAL ITEM During the second quarter of Fiscal 1996, the Company recorded certain expenses totaling $65.2 million ($51.9 million net of tax benefit) classified as an unusual item. The unusual item was related to the closure of the stand alone general merchandise business (Harts), the write-off of equipment which the Company determined would no longer be utilized in its business, costs incurred in connection with the Company's expense reduction program and an increase in the Company's closed store reserve. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS THIRTEEN WEEKS ("SECOND QUARTER FISCAL 1997") AND TWENTY-SIX WEEKS ENDED AUGUST 3, 1996 COMPARED TO THIRTEEN WEEKS ("SECOND QUARTER FISCAL 1996") AND TWENTY-SIX WEEKS ENDED JULY 29, 1995 The following table sets forth statement of operations components expressed as a percentage of total revenues for Second Quarter Fiscal 1997 and Second Quarter Fiscal 1996 and for the twenty-six weeks ended August 3, 1996 and July 29, 1995, respectively:
Second Quarter Ended Twenty-six Weeks Ended August 3, July 29, August 3, July 29, 1996 1995 1996 1995 ---------- ---------- ---------- ---------- Total revenues 100.0% 100.0% 100.0% 100.0% Gross profit (1) 23.0 22.4 23.1 22.7 Selling and administrative expenses 20.6 18.6 20.6 18.9 Unusual item 7.4 3.7 Operating income (loss) 2.5 (3.6) 2.5 0.1 Interest expense 4.3 3.7 4.2 3.8 (Loss) before income taxes (1.8) (7.3) (1.7) (3.7) Net (loss) (1.2) (5.8) (1.1) (3.0)
(1) Total revenues less cost of sales. RESULTS OF OPERATIONS (CONTINUED) Total revenues for Second Quarter Fiscal 1997 decreased to $842.8 million from $884.2 million in Second Quarter Fiscal 1996. Total revenues for the twenty-six week period ended August 3, 1996 decreased to $1.670 billion from $1.744 billion for the twenty-six week period ended July 29, 1995. Same store sales for Second Quarter Fiscal 1997 declined 3.6%. The decrease in total revenues is primarily the result of the Harts closure and a decline in same store sales. Second Quarter Fiscal 1996 revenues and revenues for the twenty-six week period ended July 29, 1995 included $11.3 million and $30.7 million, respectively, generated by 11 of the Company's former general merchandise stores (Harts) and certain former Acme stores, which were closed during Fiscal 1996. Excluding these closed stores, revenues for Second Quarter Fiscal 1997 and for the twenty-six week period ended August 3, 1996 decreased 3.5% and 2.5%, respectively. Wholesale supermarket revenues decreased in Second Quarter Fiscal 1997 to $102.3 million from Second Quarter Fiscal 1996 revenues of $103.5 million and decreased to $206.0 million for the twenty-six weeks ended August 3, 1996 from $207.6 million for the twenty-six weeks ended July 29, 1995. In Second Quarter Fiscal 1997, gross profit was $194.2 million compared to Second Quarter Fiscal 1996 gross profit of $198.4 million, representing 23.0% and 22.4% of total revenues, respectively. Gross profit as a percentage of total revenues increased to 23.1% for the twenty-six week period ended August 3, 1996 from 22.7% for the twenty-six weeks ended July 29, 1995. The increase in gross profit as a percentage of total revenues for Second Quarter Fiscal 1997 and the twenty-six week period ended August 3, 1996 primarily resulted from decreased competitive promotional and price initiatives in Fiscal 1997 as compared to Fiscal 1996 and the classification of certain expenses (approximately $1.9 million for Second Quarter Fiscal 1997 and approximately $3.7 million for the twenty-six week period ended August 3, 1996) as selling and administrative expenses in Fiscal 1997 which had been recorded in cost of goods sold in Fiscal 1996. These factors were partially offset by an increase in certain occupancy costs during a period of low price inflation and a decline in same store sales. RESULTS OF OPERATIONS (CONTINUED) Selling and administrative expenses for Second Quarter Fiscal 1997 were $173.3 million compared with $164.8 million in Second Quarter Fiscal 1996. Selling and administrative expenses as a percentage of total revenues increased to 20.6% for Second Quarter Fiscal 1997 from 18.6% in Second Quarter Fiscal 1996. Selling and administrative expenses for the twenty-six week period ended August 3, 1996 were $344.2 million compared to $329.0 million for the twenty-six week period ended July 29, 1995. Selling and administrative expenses as a percentage of total revenues increased to 20.6% for the twenty-six week period ended August 3, 1996 from 18.9% for the twenty-six week period ended July 29, 1995. The increase in selling and administrative expenses as a percentage of total revenues in Second Quarter Fiscal 1997 and for the twenty-six week period ended August 3, 1996 primarily resulted from (1) increased payroll related to the Company's repositioning program which emphasizes increased levels of customer service and enhanced perishables departments in its stores, (2) an increase in fixed and semi-fixed expenses as a percentage of total revenues during a period of low price inflation and a decline in same store sales and (3) the classification of certain expenses (approximately $1.9 million for Second Quarter Fiscal 1997 and approximately $3.7 million for the twenty-six week period ended August 3, 1996) as selling and administrative expenses in Fiscal 1997 which had been recorded in cost of goods sold in Fiscal 1996. Depreciation and amortization expense of $23.0 million in Second Quarter Fiscal 1997 and $22.6 million in Second Quarter Fiscal 1996 represented 2.7% and 2.6% of total revenues, respectively. Depreciation and amortization expense of $45.8 million for both the twenty-six weeks ended August 3, 1996 and the twenty- six weeks ended July 29, 1995 represented 2.7% and 2.6% of total revenues, respectively. During Second Quarter Fiscal 1996, the Company recorded certain expenses totaling $65.2 million ($51.9 million net of tax benefit) classified as an unusual item. This unusual item was related to the closure of the stand alone general merchandise business (Harts), the write-off of equipment which the Company determined would no longer be utilized in its business, costs incurred in connection with the Company's expense reduction program and an increase in the Company's closed store reserve. Operating income for Second Quarter Fiscal 1997 was $20.9 million or 2.5% of total revenues compared to $33.6 million (excluding the unusual item) or 3.8% of total revenues in Second Quarter Fiscal 1996. Operating income for the twenty-six week period ended August 3, 1996 was $41.7 million or 2.5% of total revenues compared to $66.9 million (excluding the unusual item) or 3.8% of total revenues for the twenty-six week period ended July 29, 1995. The decline in operating income (excluding the unusual item) as a percentage of total revenues was the result of increased selling and administrative expenses as a percentage of total revenues, partially offset by an increase in gross profit as a percentage of total revenues. RESULTS OF OPERATIONS (CONTINUED) Interest expense for Second Quarter Fiscal 1997 and Second Quarter Fiscal 1996 was $36.2 million and $33.0 million, respectively. Interest expense for the twenty-six week periods ended August 3, 1996 and July 29, 1995 was $70.7 million and $66.0 million, respectively. The increase in interest expense is due to the higher debt levels outstanding during the first half of Fiscal 1997. Loss before income taxes was $15.3 million for Second Quarter Fiscal 1997 compared to a loss of $64.6 million for Second Quarter Fiscal 1996. Loss before income taxes was $29.0 million for the twenty-six week period ended August 3, 1996 compared to a loss of $64.3 million for the twenty-six week period ended July 29, 1995. Excluding the impact of the unusual item in Second Quarter Fiscal 1996, income before income taxes was $0.6 million for Second Quarter Fiscal 1996 and $0.9 million for the twenty-six week period ended July 29, 1995. The loss before income taxes in Second Quarter Fiscal 1997 and for the twenty- six week period ended August 3, 1996, resulted from the decrease in operating income and the increase in interest expense. The income tax benefit was $5.2 million for Second Quarter Fiscal 1997 compared to a benefit of $12.9 million in Second Quarter Fiscal 1996. The income tax benefit was $9.9 million for the twenty-six week period ended August 3, 1996 compared to a benefit of $12.7 million in the prior year. Excluding the unusual item, the income tax provision was $0.4 million for Second Quarter Fiscal 1996 and $0.6 million for the twenty-six week period ended July 29, 1995. The effective tax rates vary from the statutory rates due to differences between income for financial reporting and tax reporting purposes, primarily related to goodwill amortization resulting from prior acquisitions. Net loss was $10.1 million in Second Quarter Fiscal 1997 compared to net income of $0.2 million (excluding the unusual item) in Second Quarter Fiscal 1996. Net loss was $19.2 million for the twenty-six week period ended August 3, 1996 compared to net income of $0.3 million (excluding the unusual item) for the twenty-six week period ended July 29, 1995. The Company is currently experiencing a work stoppage at its Sani-Dairy division. This work stoppage commenced on August 1, 1996 by approximately 230 employees whose labor contract expired on May 15, 1996. Management and union representatives are continuing to meet and to attempt to reach agreement on terms of a new labor contract. The Company estimates that its operating income will be reduced by approximately $1.0 million to $1.5 million per month for the duration of the work stoppage. LIQUIDITY AND CAPITAL RESOURCES During Second Quarter Fiscal 1997, operating income decreased to $20.9 million from $33.6 million (before unusual item) for Second Quarter Fiscal 1996. Interest expense for Second Quarter Fiscal 1997 was $36.2 million as compared to $33.0 million during Second Quarter Fiscal 1996. Payments of principal and interest on the Company's $1.2 billion of long- term debt (excluding capital leases) will materially restrict Company funds available to finance capital expenditures and working capital. Principal payments of long-term debt (excluding capital leases) of $1.3 million, $3.5 million and $3.4 million are due during the remainder of Fiscal 1997, Fiscal 1998 and Fiscal 1999, respectively. The Company has a revolving credit facility (the "Revolving Credit Facility") which provides for borrowings of up to $250 million, subject to a borrowing base limitation measured by eligible inventory and accounts receivable of the Company. The Revolving Credit Facility matures in April 2000 and is secured by a pledge of the Company's inventory, accounts receivable and related assets. Additional availability under the Revolving Credit Facility was $154.6 million at August 3, 1996. During Second Quarter Fiscal 1997, the Company's internally generated funds from operations and amounts available under the Revolving Credit Facility provided sufficient liquidity to meet the Company's operating, capital expenditure and debt service needs. In April 1996, the Company issued $100 million of 11.50% Senior Notes due April 15, 2006 (the "11.50% Senior Notes") in an underwritten public offering. During First Quarter Fiscal 1997, proceeds of the issuance of the 11.50% Senior Notes were used to repay indebtedness outstanding under the Revolving Credit Facility. The Company has entered into three interest rate swap agreements, each of which expires within the next two years, that effectively convert $125 million of its fixed rate borrowings into variable rate obligations. Under the terms of these agreements, the Company makes payments at variable rates which are based on LIBOR and receives payments at fixed interest rates. The net amount paid or received is included in interest expense. In October 1995, Penn Traffic's Board of Directors authorized the repurchase by the Company of up to 500,000 shares of its outstanding common stock, of which 45,200 shares have been repurchased. No shares of common stock were repurchased during the first half of Fiscal 1997. Penn Traffic's debt agreements contain limitations on the Company's ability to repurchase its common stock which currently prohibit it from repurchasing any additional shares of its common stock. Cash flows to meet the Company's requirements for operating, investing and financing activities in Second Quarter Fiscal 1997 are reported in the Consolidated Statement of Cash Flows. For the twenty-six week period ended August 3, 1996, the Company experienced a positive cash flow from operating activities of $15.0 million. LIQUIDITY AND CAPITAL RESOURCES (CONTINUED) Working capital increased by $0.5 million from February 3, 1996 to August 3, 1996. The Company is in compliance with all terms and restrictive covenants of its long-term debt agreements. The Company expects to spend approximately $75 million on capital expenditures, including capital leases, during Fiscal 1997. The Company expects to finance such capital expenditures through internally generated cash flow, borrowings under the Revolving Credit Facility, new capital leases and mortgages. Capital expenditures will be principally for new stores, replacement stores and remodeled store facilities. During Second Quarter Fiscal 1997, the Company acquired one store, opened one new store and completed one store expansion. PART II. OTHER INFORMATION All items which are not applicable or to which the answer is negative have been omitted from this report. ITEM 5. OTHER INFORMATION On August 30, 1996, the Company announced that John T. Dixon is retiring as its President and Chief Executive Officer for personal and health reasons effective September 30, 1996. Mr. Dixon has also resigned from the Company's Board of Directors. The Company has commenced a search for a new President and Chief Executive Officer. In the interim, the presidents of the Company's divisions will report directly to Gary D. Hirsch, Chairman of the Board of Directors of the Company. At a meeting held on September 10, 1996, the Board of Directors of the Company elected James A. Lash to fill the vacancy on the Board of Directors created by Mr. Dixon's resignation. Mr Lash's term will expire in June 1998. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits EXHIBIT NUMBER DESCRIPTION 27.1 Financial Data Schedule (b) Reports on Form 8-K No reports on Form 8-K were filed during the fiscal quarter ended August 3, 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE PENN TRAFFIC COMPANY September 12, 1996 /s/- Eugene R. Sunderhaft ------------------------------ By: Eugene R. Sunderhaft (Senior Vice President and Secretary, Principal Financial Officer and Principal Accounting Officer) EX-27 2 EXHIBIT 27 FDS
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS FEB-01-1997 FEB-04-1996 AUG-03-1996 58,023 0 81,680 1,988 345,411 500,744 928,956 341,169 1,743,964 372,471 1,366,533 0 0 13,613 (85,992) 1,743,964 1,644,519 1,670,422 1,284,579 1,284,579 344,173 505 70,718 (29,048) 9,870 (19,178) 0 0 0 (19,178) (1.77) 0 TAX BENEFIT
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