-----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, Qe0imnRM+lDvbbeUFA7E4R3Ys887U/zy0azgCQAJHefkIXcbPXg1ejV210OrPoI8 XClOWYoAj1A6WNkTv5TJ+w== 0000912057-96-029194.txt : 19961216 0000912057-96-029194.hdr.sgml : 19961216 ACCESSION NUMBER: 0000912057-96-029194 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961102 FILED AS OF DATE: 19961213 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: 96680418 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 FORM 10Q 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 November 2, 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: 10,914,641 shares outstanding as of December 2, 1996 1 of 13 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 THIRTY-NINE WEEKS ENDED NOVEMBER 2, OCTOBER 28, NOVEMBER 2, OCTOBER 28, 1996 1995 1996 1995 ----------- ---------- ---------- ---------- TOTAL REVENUES $ 811,125 $ 844,619 $2,481,547 $2,588,876 COST AND OPERATING EXPENSES: Cost of sales (including buying and occupancy costs) 630,443 651,972 1,915,022 2,000,278 Selling and administrative expenses 169,877 163,010 514,050 492,012 Unusual item (Note 4) 65,237 ----------- ---------- ---------- ---------- OPERATING INCOME 10,805 29,637 52,475 31,349 Interest expense 36,591 33,406 107,309 99,434 ----------- ---------- ---------- ---------- (LOSS) BEFORE INCOME TAXES (25,786) (3,769) (54,834) (68,085) Benefit for income taxes 9,862 3,419 19,732 16,160 ----------- ---------- ---------- ---------- NET (LOSS) $ (15,924) $ (350) $ (35,102) $ (51,925) ----------- ---------- ---------- ---------- ----------- ---------- ---------- ---------- PER SHARE DATA: Net (loss) $ (1.46) $ (.03) $ (3.23) $ (4.78) ----------- ---------- ---------- ---------- ----------- ---------- ---------- ---------- Average number of common shares outstanding 10,869,441 10,867,977 10,863,407 10,861,394
See Notes to Interim Consolidated Financial Statements. -2- THE PENN TRAFFIC COMPANY CONSOLIDATED BALANCE SHEET (All dollar amounts in thousands) UNAUDITED NOVEMBER 2, 1996 FEBRUARY 3, 1996 ---------------- ---------------- ASSETS CURRENT ASSETS: Cash and short-term investments $ 51,022 $ 58,585 Accounts and notes receivable (less allowance for doubtful accounts of $3,456 and $1,483, respectively) 75,133 83,519 Inventories (Note 3) 376,531 356,309 Prepaid expenses and other current assets 18,143 15,717 ---------- ---------- Total Current Assets 520,829 514,130 NONCURRENT ASSETS: Capital leases - net 133,617 122,529 Property, plant and equipment - net 583,863 602,440 Intangible assets - net 424,812 431,394 Other assets and deferred charges - net 95,095 89,653 ---------- ---------- $1,758,216 $1,760,146 ---------- ---------- ---------- ---------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 3,345 $ 2,728 Current portion of obligations under capital leases 14,019 11,735 Trade accounts and drafts payable 191,933 208,880 Payroll and other accrued liabilities 78,126 82,154 Accrued interest expense 16,049 33,812 Payroll taxes and other taxes payable 9,769 16,880 Deferred income taxes 30,385 30,385 ---------- ---------- Total Current Liabilities 343,626 386,574 NONCURRENT LIABILITIES: Long-term debt 1,284,263 1,200,997 Obligations under capital leases 136,189 126,197 Deferred income taxes 29,178 38,789 Other noncurrent liabilities 53,263 60,860 ---------- ---------- Total Liabilities 1,846,519 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, respectively 13,613 13,606 Capital in excess of par value 180,092 180,029 Retained deficit (273,277) (235,223) Minimum pension liability adjustment (6,606) (6,606) Unearned compensation (1,500) (4,452) Treasury stock, at cost (625) (625) ---------- ---------- Total Shareholders' Equity (88,303) (53,271) ---------- ---------- $1,758,216 $1,760,146 ---------- ---------- ---------- ---------- See Notes to Interim Consolidated Financial Statements. -3- THE PENN TRAFFIC COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED (All dollar amounts in thousands) THIRTY-NINE THIRTY-NINE WEEKS ENDED WEEKS ENDED NOVEMBER 2, 1996 OCTOBER 28, 1995 ---------------- ---------------- OPERATING ACTIVITIES: Net (loss) $ (35,102) $ (51,925) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 56,914 55,610 Amortization of intangibles 12,285 12,489 Write-off of fixed assets 16,416 Write-off of intangible assets 32,809 Deferred tax benefit (13,313) Other - net (16,004) (14,148) Net change in assets and liabilities: Accounts receivable and prepaid expenses 4,234 2,847 Inventories (20,222) (3,823) Accounts payable and accrued expenses (45,851) (12,784) Deferred charges and other assets (4,420) 1,052 ---------- ---------- NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (48,166) 25,230 ---------- ---------- INVESTING ACTIVITIES: Capital expenditures (53,477) (102,004) Proceeds from sale-and-leaseback transactions 19,879 Proceeds from sale of assets 3,439 1,512 Other - net (115) (1,010) ---------- ---------- NET CASH (USED IN) INVESTING ACTIVITIES (30,274) (101,502) ---------- ---------- FINANCING ACTIVITIES: Increase in long-term debt 106,840 Payments to settle long-term debt (2,756) (2,462) Borrowings of revolver debt 357,400 452,200 Payment of revolver debt (377,600) (371,400) Reduction of capital lease obligations (9,560) (6,972) Payment of debt issuance costs (3,517) (168) Purchase of treasury stock (474) Other - net 70 347 ---------- ---------- NET CASH PROVIDED BY FINANCING ACTIVITIES 70,877 71,071 ---------- ---------- (DECREASE) IN CASH AND CASH EQUIVALENTS (7,563) (5,201) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 58,585 46,519 ---------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 51,022 $ 41,318 ---------- ---------- ---------- ---------- See Notes to Interim Consolidated Financial Statements. -4- 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, as applicable, of common stock outstanding during each period. Fully diluted (loss) income 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 (loss) income per share is less than three percent. -5- NOTE 2 - SUPPLEMENTAL FINANCIAL INFORMATION (In thousands of dollars) Third Quarter Thirty-nine Weeks ------------- ----------------- Fiscal 1997 - ----------- Operating Income $ 10,805 $ 52,475 Depreciation and Amortization 23,397 69,199 LIFO Provision 825 2,650 Cash Interest Expense 35,440 103,943 Fiscal 1996 - ----------- Operating Income $ 29,637 $ 96,586 * Unusual Item 0 65,237 Depreciation and Amortization 22,347 68,099 LIFO Provision 859 1,717 * Cash Interest Expense 32,334 96,219 * 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 $20,498,000 and $17,848,000 higher than reported at November 2, 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 utilize in its business, costs incurred in connection with the Company's expense reduction program and an increase in the Company's closed store reserve. -6- Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS THIRTEEN WEEKS ("THIRD QUARTER FISCAL 1997") AND THIRTY-NINE WEEKS ENDED NOVEMBER 2, 1996 COMPARED TO THIRTEEN WEEKS ("THIRD QUARTER FISCAL 1996") AND THIRTY-NINE WEEKS ENDED OCTOBER 28, 1995 The following table sets forth statement of operations components expressed as a percentage of total revenues for Third Quarter Fiscal 1997 and Third Quarter Fiscal 1996 and for the thirty-nine weeks ended November 2, 1996 and October 28, 1995, respectively: Third Quarter Ended Thirty-nine Weeks Ended NOVEMBER 2, October 28, NOVEMBER 2, October 28, 1996 1995 1996 1995 -------- -------- -------- -------- Total revenues 100.0% 100.0% 100.0% 100.0% Gross profit (1) 22.3 22.8 22.8 22.7 Selling and administrative expenses 21.0 19.3 20.7 19.0 Unusual item 2.5 Operating income 1.3 3.5 2.1 1.2 Interest expense 4.5 4.0 4.3 3.8 (Loss) before income taxes (3.2) (0.5) (2.2) (2.6) Net (loss) (2.0) 0.0 (1.4) (2.0) (1) Total revenues less cost of sales. Total revenues for Third Quarter Fiscal 1997 decreased to $811.1 million from $844.6 million in Third Quarter Fiscal 1996. Total revenues for the thirty-nine week period ended November 2, 1996 decreased to $2.48 billion from $2.59 billion for the thirty-nine week period ended October 28, 1995. Same store sales for Third Quarter Fiscal 1997 declined 1.9%. The decrease in total revenues is primarily the result of the Harts closure and a decline in same store sales. Third Quarter Fiscal 1996 revenues and revenues for the thirty-nine week period ended October 28, 1995 included $12.5 million and $43.2 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 Third Quarter Fiscal 1997 and for the thirty-nine week period ended November 2, 1996 decreased 2.5%. Wholesale supermarket revenues decreased in Third Quarter Fiscal 1997 to $98.2 million from Third Quarter Fiscal 1996 revenues of $102.9 million and decreased to $304.2 million for the thirty-nine weeks ended November 2, 1996 from $310.5 million for the thirty-nine weeks ended October 28, 1995. -7- RESULTS OF OPERATIONS (CONTINUED) The Company experienced a work stoppage at its Sani-Dairy division from August 1, 1996 through September 22, 1996. Operating income was reduced by approximately $2.5 million during Third Quarter Fiscal 1997 as the result of the work stoppage. In Third Quarter Fiscal 1997, gross profit was $180.7 million compared to Third Quarter Fiscal 1996 gross profit of $192.6 million, representing 22.3% and 22.8% of total revenues, respectively. Gross profit as a percentage of total revenues increased to 22.8% for the thirty-nine week period ended November 2, 1996 from 22.7% for the thirty-nine weeks ended October 28, 1995. The decrease in gross profit as a percentage of total revenues for Third Quarter Fiscal 1997 was primarily the result of (1) an increase in certain occupancy costs as a percentage of revenues during a period of low price inflation and a decline in same store sales, (2) increased product costs associated with the procurement of dairy products during the work stoppage at the Company's Sani-Dairy division and (3) a reduction in certain perishable product margins in the early portion of the quarter. These factors were partially offset by the classification of certain expenses (approximately $2.9 million for Third Quarter Fiscal 1997 and approximately $6.6 million for the thirty-nine week period ended November 2, 1996) as selling and administrative expenses in Fiscal 1997 which had been recorded in cost of goods sold in Fiscal 1996. Selling and administrative expenses for Third Quarter Fiscal 1997 were $169.9 million compared with $163.0 million in Third Quarter Fiscal 1996. Selling and administrative expenses as a percentage of total revenues increased to 21.0% for Third Quarter Fiscal 1997 from 19.3% in Third Quarter Fiscal 1996. Selling and administrative expenses for the thirty-nine week period ended November 2, 1996 were $514.1 million compared to $492.0 million for the thirty- nine week period ended October 28, 1995. Selling and administrative expenses as a percentage of total revenues increased to 20.7% for the thirty-nine week period ended November 2, 1996 from 19.0% for the thirty-nine week period ended October 28, 1995. The increase in selling and administrative expenses as a percentage of total revenues in Third Quarter Fiscal 1997 and for the thirty-nine week period ended November 2, 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 $2.9 million for Third Quarter Fiscal 1997 and approximately $6.6 million for the thirty-nine week period ended November 2, 1996) as selling and administrative expenses in Fiscal 1997 which had been recorded in cost of goods sold in Fiscal 1996. Depreciation and amortization of $23.4 million in Third Quarter Fiscal 1997 and $22.3 million in Third Quarter Fiscal 1996 represented 2.9% and 2.6% of total revenues, respectively. Depreciation and amortization of $69.2 million for the thirty-nine weeks ended November 2, 1996 and $68.1 million for the thirty-nine weeks ended October 28, 1995 represented 2.8% and 2.6% of total revenues, respectively. -8- RESULTS OF OPERATIONS (CONTINUED) 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 utilize 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 Third Quarter Fiscal 1997 was $10.8 million or 1.3% of total revenues compared to $29.6 million or 3.5% of total revenues in Third Quarter Fiscal 1996. Operating income for the thirty-nine week period ended November 2, 1996 was $52.5 million or 2.1% of total revenues compared to $96.6 million (excluding the unusual item) or 3.7% of total revenues for the thirty- nine week period ended October 28, 1995. The decline in operating income as a percentage of total revenues for Third Quarter Fiscal 1997 was the result of a decrease in gross margin as a percentage of total revenues combined with increased selling and administrative expenses as a percentage of total revenues. The decline in operating income (excluding the unusual item) as a percentage of total revenues for the thirty-nine week period ended November 2, 1996 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. Operating income was reduced by approximately $2.5 million during Third Quarter Fiscal 1997 as a result of the work stoppage at the Company's Sani-Dairy division. Interest expense for Third Quarter Fiscal 1997 and Third Quarter Fiscal 1996 was $36.6 million and $33.4 million, respectively. Interest expense for the thirty-nine week periods ended November 2, 1996 and October 28, 1995 was $107.3 million and $99.4 million, respectively. The increase in interest expense was due to the higher debt levels outstanding during the first three quarters of Fiscal 1997. Loss before income taxes for Third Quarter Fiscal 1997 and Third Quarter Fiscal 1996 was $25.8 million and $3.8 million, respectively. Loss before income taxes for the thirty-nine week periods ended November 2, 1996 and October 28, 1995 was $54.8 million and $2.8 million (excluding the unusual item), respectively. The increase in the loss before income taxes in Third Quarter Fiscal 1997 and for the thirty-nine week period ended November 2, 1996 resulted from the decrease in operating income and the increase in interest expense. The income tax benefit was $9.9 million for Third Quarter Fiscal 1997 compared to a benefit of $3.4 million in Third Quarter Fiscal 1996. The income tax benefit was $19.7 million for the thirty-nine week period ended November 2, 1996 compared to a benefit of $16.2 million in the prior year. Excluding the unusual item, the income tax benefit was $2.9 million for the thirty-nine week period ended October 28, 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 $15.9 million in Third Quarter Fiscal 1997 compared to net loss of $0.4 million in Third Quarter Fiscal 1996. Net loss was $35.1 million for the thirty-nine week period ended November 2, 1996 compared to net income of $0.0 million (excluding the unusual item) for the thirty-nine week period ended October 28, 1995. -9- LIQUIDITY AND CAPITAL RESOURCES During Third Quarter Fiscal 1997, operating income decreased to $10.8 million from $29.6 million for Third Quarter Fiscal 1996. Interest expense for Third Quarter Fiscal 1997 was $36.6 million as compared to $33.4 million during Third Quarter Fiscal 1996. Payments of principal and interest on the Company's $1.28 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 $0.6 million, $3.1 million and $3.0 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. At November 2, 1996, additional availability under the Revolving Credit Facility was $98.6 million. During Third 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 the first quarter of 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 two interest rate swap agreements, each of which expires within the next two years, that effectively convert $75 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 three quarters 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 Third Quarter Fiscal 1997 are reported in the Consolidated Statement of Cash Flows. For the thirty-nine week period ended November 2, 1996, the Company experienced a negative cash flow from operating activities of $48.2 million. -10- LIQUIDITY AND CAPITAL RESOURCES (CONTINUED) Working capital increased by $49.6 million from February 3, 1996 to November 2, 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, mortgages and new capital leases. Capital expenditures will be principally for new stores, replacement stores and remodeled/expanded store facilities. In Third Quarter Fiscal 1997, the Company opened one new store and completed one expansion. -11- PART II. OTHER INFORMATION All items which are not applicable or to which the answer is negative have been omitted from this report. Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit Number Description -------------- ----------- 10.50 Amendment No. 14, dated as of October 16, to the Loan and Security Agreement, incorporated by reference to Exhibit No. 10.50 to Penn Traffic's Report on Form 8-K dated October 16, 1996. 27.1 Financial Data Schedule. (b) Reports on Form 8-K On October 16, 1996, the Company filed a report on Form 8-K relating to Amendment No. 14 to its Revolving Credit Facility. -12- 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 December 13, 1996 /s/- Eugene R. Sunderhaft ---------------------------- By: Eugene R. Sunderhaft (Senior Vice President and Secretary, Principal Financial Officer and Principal Accounting Officer) -13- EX-27 2 EX-27
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 9-MOS FEB-01-1997 FEB-04-1996 NOV-02-1996 51,022 0 78,589 3,456 376,531 520,829 940,546 356,683 1,758,216 343,626 1,437,816 13,613 0 0 (101,916) 1,758,216 2,442,373 2,481,547 1,915,022 1,915,022 514,050 1,973 107,309 (54,834) 19,732 (35,102) 0 0 0 (35,102) (3.23) 0
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