-----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, ELlRS2csEPhl45kIkbJJtRuEsKvcTdC2NNA6uKUHNfWiVq5z0QFwf/vVHqPxX1hJ X1L3HpZ6izpHFRTfLCfFWg== 0000929624-97-000736.txt : 19970617 0000929624-97-000736.hdr.sgml : 19970617 ACCESSION NUMBER: 0000929624-97-000736 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970503 FILED AS OF DATE: 19970616 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COST PLUS INC/CA/ CENTRAL INDEX KEY: 0000798955 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 941067973 STATE OF INCORPORATION: CA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14970 FILM NUMBER: 97624624 BUSINESS ADDRESS: STREET 1: 201 CLAY ST STREET 2: P O BOX 23350 CITY: OAKLAND STATE: CA ZIP: 94607 BUSINESS PHONE: 4158937300 MAIL ADDRESS: STREET 1: P O BOX 23350 STREET 2: P O BOX 23350 CITY: OAKLAND STATE: CA ZIP: 94623 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE - ------ SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 3, 1997 OR _____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission file number 0-14970 COST PLUS, INC. (Exact name of registrant as specified in its charter) California 94-1067973 (State or other jurisdiction of incorporation or (I.R.S. Employer organization) Identification No.) 201 Clay Street, Oakland, California 94607 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (510) 893-7300 Former name, former address and former fiscal year, N/A if changed since last report. 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___ --- The number of shares of Common Stock, with $0.01 par value, outstanding on June 6, 1997 was 8,145,493. COST PLUS, INC. FORM 10-Q FOR THE QUARTER ENDED MAY 3, 1997 INDEX PAGE PART I. FINANCIAL INFORMATION ITEM 1. Condensed Consolidated Financial Statements Balance Sheets as of May 3, 1997 (unaudited), February 1, 1997 and May 4, 1996 (unaudited) 3 Statements of Operations (unaudited) for the three months ended May 3, 1997 and May 4, 1996 4 Statements of Cash Flows (unaudited) for the three months ended May 3, 1997 and May 4, 1996 5 Notes to Condensed Consolidated Financial Statements 6-7 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-9 PART II. OTHER INFORMATION ITEM 6. Exhibits and Reports on Form 8-K 10 SIGNATURE PAGE 11 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS COST PLUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)
MAY 3, February 1, May 4, 1997 1997 1996 (UNAUDITED) (See Note 1) (Unaudited) --------------- --------------- ---------------- ASSETS Current assets: Cash and cash equivalents $ 5,291 $ 14,398 $ 4,032 Merchandise inventories 40,611 42,605 34,436 Other current assets 2,406 2,413 2,179 --------------- ---------------- ---------------- Total current assets 48,308 59,416 40,647 Property and equipment, net 59,594 60,205 58,084 Other assets 8,542 8,577 8,240 --------------- ---------------- ---------------- Total assets $ 116,444 $ 128,198 $ 106,971 =============== ================ ================ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,373 $ 14,706 $ 8,182 Income taxes payable -- 6,095 763 Accrued compensation 5,847 6,607 5,315 Other current liabilities 7,397 7,201 6,490 --------------- ---------------- ---------------- Total current liabilities 22,617 34,609 20,750 Capital lease obligations 14,097 14,215 14,528 Deferred income taxes 3,548 3,548 4,455 Other long-term obligations 2,756 2,617 2,194 Shareholders' equity: Preferred stock, $.01 par value: 5,000,000 shares authorized; none issued and outstanding -- -- -- Common stock, $.01 par value: 30,000,000 shares authorized;issued and outstanding 8,111,307, 8,099,840 and 8,062.574 81 81 81 Additional paid-in capital 91,276 91,166 90,823 Deficit (17,931) (18,038) (25,860) --------------- ---------------- --------------- Total shareholders' equity 73,426 73,209 65,044 --------------- ---------------- ---------------- Total liabilities and shareholders' equity $ 116,444 $ 128,198 $ 106,971 =============== ================ ================
See notes to condensed consolidated financial statements. 3 COST PLUS, INC. STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (IN THOUSANDS EXCEPT PER SHARE AMOUNTS, UNAUDITED)
THREE MONTHS ENDED ----------------------------------- MAY 3, MAY 4, 1997 1996 ------------- --------------- Net sales $ 48,532 $ 39,127 Cost of sales and occupancy 31,806 25,552 -------------- --------------- Gross profit 16,726 13,575 Selling, general and administrative expenses 15,786 13,055 Preopening store expenses 440 284 -------------- --------------- Income from operations 500 236 Interest expense 321 905 -------------- --------------- Income (loss) before income taxes 179 (669) Provision for (benefit from) income taxes 72 (274) -------------- --------------- Net income (loss) $ 107 $ (395) ============== =============== Net income (loss) per common and common equivalent share $ .01 $ (.06) Weighted average common and common equivalent shares outstanding 8,419 6,978 ============== ===============
See notes to condensed consolidated financial statements. 4 COST PLUS, INC. STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (IN THOUSANDS, UNAUDITED)
THREE MONTHS ENDED ----------------------------------- May 3, May 4, 1997 1996 --------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 107 $ (395) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 1,896 1,604 Loss on disposal of property and equipment 10 -- Change in assets and liabilities: Merchandise inventories 1,994 777 Other assets (103) (259) Accounts payable (4,717) (906) Income taxes payable (6,095) (2,596) Other liabilities (439) (720) ---------------- ---------------- Net cash used in operating activities (7,347) (2,495) ---------------- ---------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (1,766) (1,590) ---------------- ---------------- Net cash used in investing activities (1,766) (1,590) ---------------- ---------------- CASH FLOWS FROM FINANCING ACTIVITIES: Net payments under revolving line of credit -- (3,165) Payment of note payable to related parties -- (19,895) Principal payments on capital lease obligations (104) (84) Proceeds from issuance of stock, net of related costs 110 29,080 Net cash provided by financing activities 6 5,936 ---------------- ---------------- Net increase (decrease) in cash and cash equivalents (9,107) 1,851 Cash and cash equivalents: Beginning of period 14,398 2,181 ---------------- ---------------- End of period $ 5,291 $ 4,032 ================ ================
See notes to condensed consolidated financial statements. 5 COST PLUS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MAY 3, 1997 AND MAY 4, 1996 (UNAUDITED) 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared from the records of the Company without audit and, in the opinion of management, include all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position at May 3, 1997 and May 4, 1996; the interim results of operations for the three months ended May 3, 1997 and May 4, 1996; and changes in cash flows for the three months then ended. The balance sheet at February 1, 1997, presented herein, has been derived from the audited financial statements of the Company for the fiscal year then ended. Accounting policies followed by the Company are described in Note 1 to the audited consolidated financial statements for the fiscal year ended February 1, 1997. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted for purposes of the condensed consolidated interim financial statements. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, for the fiscal year ended February 1, 1997. The results of operations for the three month period herein presented are not necessarily indicative of the results to be expected for the full year. Impact of New Accounting Standards --In February 1997, the Financial Accounting - ---------------------------------- Standards Board issued Statement of Financial Accounting Standards No. 128 ("SFAS 128"), Earnings per Share ("EPS"). SFAS 128 requires dual presentation of ------------------ basic EPS and diluted EPS on the face of all income statements issued after December 15, 1997 for all entities with complex capital structures. Basic EPS is computed as net income divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants and other convertible securities. The Company is required to adopt SFAS 128 in the fourth quarter of fiscal 1997 and will restate, at that time, EPS data for prior periods to conform with SFAS 128. Earlier application is not permitted. The pro forma effect assuming adoption of SFAS 128 at the beginning of each period is presented below: Three Months Ended ----------------------------------------- May 3, May 4, 1997 1996 ------------------ ----------------- Pro forma EPS: Basic and Diluted.............$0.01 $(0.06) 2. STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURES Total cash paid for interest and income taxes was as follows: Three Months Ended ----------------------------------------- May 3, May 4, 1997 1996 ------------------ ----------------- ($000, unaudited) Interest $ 329 $ 1,283 Income Taxes $ 6,238 $ 2,325 3. REVOLVING LINE OF CREDIT AGREEMENT On May 7, 1996, the Company entered into a revolving line of credit agreement with Bank of America which was amended on May 15, 1997 and expires June 1, 1999. The amended agreement allows for cash borrowings and letters of credit up to $20.0 million from January 1 through June 30 and up to $35.0 million from July 1 through December 31 of each year. The Company is required to have no 6 borrowings, excluding letters of credit, for a period of at least 30 consecutive days between December 1 and March 31 of the next year. Interest is paid monthly at the bank's reference rate (8.50% at May 3, 1997) or LIBOR+1.75%, depending on the nature of the borrowings. A facility fee on the unused portion is payable quarterly, in arrears, at .125% per year. The agreement is secured by the Company's inventory and receivables. The Company is required to maintain certain financial loan covenants including minimum tangible net worth and earnings coverage ratio. At May 3, 1997, the Company had no outstanding borrowings under the line of credit. Letters of credit totaling $2.2 million were outstanding leaving current availability of $17.8 million. 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS THE THREE MONTHS (FIRST QUARTER) ENDED MAY 3, 1997 AS COMPARED TO THE THREE MONTHS (FIRST QUARTER) ENDED MAY 4, 1996. NET SALES. Net sales increased $9.4 million, or 24.0%, to $48.5 million in the first quarter of 1997 from $39.1 million in the first quarter of 1996. This increase in net sales was attributable to new stores and increases in comparable and non-comparable store sales. As of May 3, 1997, the Company operated 60 stores compared to 50 stores a year ago. These 10 new stores contributed $6.5 million of the $9.4 million increase in net sales. Comparable store sales increased 7.9% for the period. GROSS PROFIT. As a percentage of net sales, first quarter gross profit was 34.5% in 1997 compared to 34.7% in 1996. This slight decrease resulted from higher occupancy costs in new stores, partially offset by a sales mix more heavily weighted to higher margin goods and lower inventory shrink. New stores generally have higher occupancy costs as a percentage of net sales until they reach maturity. SELLING, GENERAL AND ADMINISTRATIVE ("SG&A") EXPENSES. As a percentage of net sales, SG&A expenses decreased to 32.5% in the first quarter from 33.4% in the first quarter of the prior year. Advertising expenses, as a percentage of net sales, were increased to support an earlier Easter and a new spring merchandising event. Higher advertising costs were offset by lower store and corporate payroll as a percentage of net sales. PREOPENING STORE EXPENSES. Preopening expenses, which include grand opening advertising and preopening merchandising expenses, were higher in 1997 as a result of opening two stores in the first quarter compared to one store in the prior year. INTEREST EXPENSE. Interest expense for the first quarter of 1997 consisted of $456,000 in capital lease interest partially offset by $135,000 of interest income. The previous year included interest expense on outstanding debt which was repaid in April 1996 with the proceeds from the Company's initial public offering of its common stock. PROVISION FOR INCOME TAXES. The Company's effective tax rate was 40% in 1997 compared to 41% in 1996. FACTORS THAT MAY AFFECT FUTURE RESULTS The Company's business is highly seasonal, reflecting the general pattern associated with the retail industry of peak sales and earnings during the Christmas season. Due to the importance of the Christmas selling season, the fourth quarter of each fiscal year has historically contributed, and the Company expects it will continue to contribute, a disproportionate percentage of the Company's net sales and most of its net income for the entire fiscal year/1/. Any factors negatively affecting the Company during the Christmas selling season in any year, including unfavorable economic conditions, could have a material adverse effect on the Company's financial condition and results of operations. The Company generally experiences lower sales and earnings during the first three quarters of its fiscal year and, as is typical in the retail industry, has incurred and may continue to incur lower income or losses in these quarters. The results of operations for these interim periods are not necessarily indicative of the results for the full fiscal year. In addition, the Company makes decisions regarding merchandise well in advance of the season in which it will be sold, particularly for the Christmas selling season. Significant deviations from projected demand for products could have a material adverse effect on the Company's financial condition and results of operations, either by lost sales due to insufficient inventory or lost margin due to the need to mark down excess inventory. The Company's quarterly results of operations may fluctuate based upon such factors as the number and timing of store openings and related preopening store expenses, the amount of net sales contributed by new and existing stores, the mix of products sold, the timing and level of markdowns, store closings, refurbishments or relocations, competitive factors and general economic conditions. The Company has identified certain forward-looking statements in the Management's Discussion and Analysis of Financial Condition and Results of Operations by a footnote #1. The Company may also make oral forward-looking statements from time to time. Actual results may differ materially from those projected in any such forward-looking statements due to a number of factors including those set forth above. - -------- /1/forward looking statement 8 LIQUIDITY AND CAPITAL RESOURCES The Company's primary uses for cash, other than to fund operating expenses, are to support inventory requirements and for store expansion. Historically, the Company has financed its operations primarily with borrowing under the Company's credit facilities and internally generated funds. The Company believes that the available borrowings under its revolving line of credit and internally generated funds will be sufficient to finance its working capital and capital expenditure requirements for the next 12 months/1/. Net cash used in operating activities in the first quarter ended May 3, 1997, totaled $7.3 million, an increase of $4.8 million over the prior year. This increase resulted from income tax payments on the previous year's higher taxable income and the timing of payments for merchandise inventory. Net cash used in investing activities, primarily for new stores, totaled $1.8 million in the first quarter of 1997 compared to $1.6 million in the prior year. The Company estimates that capital expenditures will approximate $11.0 million in the 1997 fiscal year. Net cash provided by financing activities were minimal in the first quarter ending May 3, 1997 compared with $5.9 million in the first quarter of the prior year. Approximately $29.1 million was received in April 1996 as a result of the Company's initial public offering. These proceeds were used to retire a $19.9 million long-term note payable and pay down the $3.2 million balance then outstanding on the revolving credit line. Remaining unused proceeds were invested in short-term interest bearing instruments or used for working capital or general corporate purposes. On May 7, 1996, the Company entered into a revolving line of credit agreement with Bank of America which was amended on May 15, 1997 and expires June 1, 1999. The amended agreement allows for cash borrowings and letters of credit up to $20.0 million from January 1 through June 30 and up to $35.0 million from July 1 through December 31 of each year. The Company is required to have no borrowings, excluding letters of credit, for a period of at least 30 consecutive days between December 1 and March 31 of the next year. Interest is paid monthly at the bank's reference rate (8.50% at May 3, 1997) or LIBOR+1.75%, depending on the nature of the borrowings. A facility fee on the unused portion is payable quarterly, in arrears, at .125% per year. The agreement is secured by the Company's inventory and receivables. The Company is required to maintain certain financial loan covenants including minimum tangible net worth and earnings coverage ratio. At May 3, 1997, the Company had no outstanding borrowings under the line of credit. Letters of credit totaling $2.2 million were outstanding leaving current availability of $17.8 million. IMPACT OF NEW ACCOUNTING STANDARD In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 ("SFAS 128"), Earnings per Share ("EPS"). ------------------ SFAS 128 requires dual presentation of basic EPS and diluted EPS on the face of all income statements issued after December 15, 1997 for all entities with complex capital structures. Basic EPS is computed as net income divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants and other convertible securities. The Company is required to adopt SFAS 128 in the fourth quarter of fiscal 1997 and will restate, at that time, EPS data for prior periods to conform with SFAS 128. Earlier application is not permitted. - ---------- /1/ forward looking statement 9 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8K (a) Exhibits 10.1 Amendment No. 2 to Business Loan Agreement dated May 15, 1997, between the Company and Bank of America National Trust and Savings Association. 11 Statement re: Computation of Per Share Earnings. 27 Financial Data Schedule (submitted for SEC use only). (b) Reports on Form 8-K No reports on Form 8-K were filed by the Company during the three month period ended May 3, 1997. 10 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. COST PLUS, INC. ---------------------------- Registrant /s/ Alan E. Zimtbaum -------------------------------------------- Date: June 16, 1997 By: Alan E. Zimtbaum President, Chief Operating Officer and Chief Financial Officer 11 EX-10.1 2 AMEND. NO. 2 TO BUSINESS LOAN AGREEMENT Exhibit 10.1 [Bank of America Logo] Amendment to Documents AMENDMENT NO.2 TO BUSINESS LOAN AGREEMENT This Amendment No. 2 (the "Amendment") dated as of May 15, 1997, is between Bank of America National Trust and Savings Association (the "Bank") and Cost Plus, Inc. (the "Borrower"). RECITALS -------- A. The Bank and the Borrower entered into a certain Business Loan Agreement dated as of May 7, 1996, as previously amended (the "Agreement"). B. The Bank and the Borrower desire to further amend the Agreement. AGREEMENT --------- 1. Definitions. Capitalized terms used but not defined in this Amendment ----------- shall have the meaning given to them in the Agreement. 2. Amendments. The Agreement is hereby amended as follows: ---------- 2.1 In Paragraph 1.2, the date "June 1, 1999" is substituted for the date "May 31, 1998." 2.2 In Paragraph 1.6, the number "1.75" is substituted for the number "2.0." 2.3 Paragraph 7.3 is amended to read in its entirety as follows: 7.3 TANGIBLE NET WORTH. To maintain tangible net worth equal to at least the amounts indicated for each period specified below: Period Amount ------ ------ From the date of this $65,000,000 Amendment through January 31, 1998 On February 1, 1998 and $65,000,000 plus the sum of 90% thereafter of net income after income taxes (without subtracting losses) earned in the fiscal year ending January 31, 1998 "Tangible net worth" means the gross book value of the Borrower's assets (excluding goodwill, patents, trademarks, trade names, organization expense, treasury stock, unamortized debt discount and expense, deferred research and development costs, deferred marketing expenses, and other like intangibles, and the amount (if any) of monies due from officers, directors or shareholders of the Borrower that exceeds Five Hundred Thousand Dollars ($500,000) provided that such monies were used for the purchase of capital stock of the Borrower) plus debt subordinated to the Bank in a manner acceptable to the Bank (using the Bank's standard form) less total liabilities, including but not limited to accrued and deferred income taxes, and any reserves against assets. 2.4 Paragraph 7.6 is deleted in its entirety. 2.5 A new Subparagraph 7.8(j) is added and shall read in its entirety as follows: (j) Additional debts arising from the financing of insurance premiums. 2.6 Subparagraph 7.9(i) is amended to read in its entirety as follows: (i) Liens on insurance policies and the proceeds thereof solely securing debts permitted by subparagraph (j) of the preceding paragraph. 2.7 The first sentence of Paragraph 7.10 is amended to read in its entirety as follows: Not to spend or incur obligations (including the total amount of capital leases of equipment but excluding capital leases of the Borrower's stores and warehouses) for more than Thirteen Million Dollars ($13,000,000) in the fiscal year ending January 31, 1998, and Sixteen Million Dollars ($16,000,000) for the fiscal year ending January 30, 1999, to acquire fixed or capital assets . 2.8 Paragraph 7.11 is amended to read in its entirety as follows: 7.11 OUT OF DEBT. To repay any advances in full, and not to draw any additional advances on its revolving line of credit, for a period of at least 30 consecutive days between December 1 of each year and March 31 of the next year. For the purposes of this paragraph, "advances" does not include undrawn amounts of outstanding letters of credit. 3. Effect of Amendment. Except as provided in this Amendment, all of the ------------------- terms and conditions of the Agreement shall remain in full force and effect. This Amendment is executed as of the date stated at the beginning of this Amendment. BANK OF AMERICA National Trust and Savings Association COST PLUS, INC. /s/ Alan Zimtbaum - --------------------- ----------------- By: Florence Gong, Vice President By: Alan E. Zimtbaum President and Chief Financial Officer EX-11 3 COMPUTATION OF NET INCOME (LOSS) PER SHARE (Exhibit 11) COST PLUS, INC. COMPUTATION OF NET INCOME (LOSS) PER SHARE (IN THOUSANDS EXCEPT PER SHARE AMOUNTS, UNAUDITED)
THREE MONTHS ENDED ------------------------------ MAY 3, MAY 4, 1997 1996 ------------ ------------ NET INCOME (LOSS) $ 107 $ (395) ============ ============ Weighted average shares outstanding during the period: Common Stock 8,106 6,640 Add incremental shares from assumed exercise of stock options 313 338 ------------ ------------ Weighted average common and common equivalent shares outstanding 8,419 6,978 ============ ============ PRIMARY NET INCOME (LOSS) PER SHARE $ .01 $ (.06) ============ ============ Weighted average shares outstanding during the period: Common Stock 8,106 6,640 Add incremental shares from assumed exercise of stock options 313 426 ------------ ------------ Weighted average common and common equivalent shares outstanding 8,419 7,066 ============ ============ FULLY DILUTED NET INCOME (LOSS) PER SHARE $ .01 $ (.06) ============ ============
EX-27 4 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF COST PLUS, INC. FOR THE THREE MONTHS ENDED MAY 3, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS JAN-31-1998 FEB-02-1997 MAY-03-1997 5,291 0 0 0 40,611 48,308 91,948 32,354 116,444 22,617 0 81 0 0 73,345 116,444 48,532 48,532 31,806 48,032 0 0 321 179 72 107 0 0 0 107 .01 .01
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