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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): May 25, 1995
Edison Brothers Stores, Inc.
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(Exact Name of Registrant as specified in Charter)
Delaware 1-1394 43-0254900
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(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
501 North Broadway
St. Louis, Missouri 63102
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(Address of principal executive offices including zip code)
(314) 331-6000
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On May 25, 1995, the Registrant issued a press release, a copy of
which is attached as Exhibit 99.5 to this Form 8-K and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No. Description
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Exhibit 99.5 Press Release dated May 25, 1995 issued by Registrant.
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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 hereunto duly authorized.
EDISON BROTHERS STORES, INC.
Date: May 26, 1995 By: /S/ DAVID B. COOPER, JR.
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David B. Cooper, Jr.
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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Exhibit 99.5 Press Release dated May 25, 1995 issued by Registrant.
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EXHIBIT 99.5
EDISON BROTHERS STORES INC.
Executive Offices 501 North Broadway Post Office Box 14020,
St. Louis, MO 63178-4020 U.S.A.
For further information:
David B. Cooper, Jr., CFO
314/331-6531
Judy Smith, Dir. Comm.
314/331-7504
EDISON BROTHERS STORES REPORTS
NET LOSS IN FIRST QUARTER
ST. LOUIS, May 25, 1995 -- Edison Brothers Stores, Inc., reported a
net loss of $6.4 million, or 29 cents per share, for the fiscal first quarter
ended April 29. In the year-earlier quarter, the company earned $1.9 million,
or 9 cents per share.
As previously reported, first-quarter sales declined 2.6 percent to
$318.1 million from $326.7 million the year before. Same-store sales decreased
2.0 percent. "The quarter was marked by highly promotional activity,
especially in our apparel businesses, which put pressure on margins," explained
Alan Miller, chairman.
"The retail environment continues to suffer from a lack of fashion
excitement and cautious consumer spending on soft goods," Miller said.
"Nonetheless, we are confident that our strategy of concentrating on improving
our core apparel and footwear businesses will produce positive results in the
future.
"We continue to aggressively close unprofitable stores, while
expanding chains with the greatest sales and profit potential," Miller pointed
out. During the first quarter Edison closed 35 stores, including 12 Oaktree
stores, and opened 16, ending the period with 2,742 units in operation. Costs
incurred to close these underperforming stores during the first quarter were
less than $1.0 million.
-more-
J.RIGGINGS * JEANS WEST * OAKTREE * ZEIDLER & ZEIDLER * WEBSTER * CODA
REPP LTD. * BAKERS * LEEDS * THE WILD PAIR * PRECIS * SACHA LONDON
5-7-9- SHOPS * SPIRALE * DAVE & BUSTER'S * SPACE PORT
TIME-OUT * EXHILARAMA
The company also continues to develop promising new retail concepts,
Miller said. For instance, the Precis footwear stores are being expanded
rapidly, and are scheduled to increase from 30 to about 50 during 1995.
During the first quarter the company initiated its previously
announced plan to refinance a portion of its outstanding debt. The company
amended its principal loan agreements to provide for greater operating
flexibility. Total debt increased from $289.4 million at year-end 1994 to
$346.8 million at the end of the first quarter. In the same period, cash
increased from $27.0 million to $53.4 million. The first-quarter increase in
debt, net of cash, of $31.0 million was used primarily to build seasonal
inventories, to pay dividends, and for capital expenditures.
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As previously announced, the company expects to spin off its Dave &
Buster's operations during the second quarter of 1995. For the first quarter
of 1995, Dave & Buster's reported net income of $.9 million, and as of
April 29, 1995, had total assets of $51.3 million and a net book value of $27.9
million. For fiscal years 1994 and 1993 Dave & Buster's reported net income of
$2.4 million and $1.2 million, respectively. At the end of 1994 and 1993 Dave
& Buster's had total assets of $49.0 million and $43.4 million, respectively,
and a net book value of $27.7 million and $25.0 million, respectively. The
total assets and net book value of Edison Brothers at the end of the first
quarter were $934.6 million and $373.7 million, respectively.
-more-
Edison Brothers Stores, Inc., operates JW/Jeans West, Oaktree, J.
Riggings, Zeidler & Zeidler/Webster, and Repp Ltd. men's apparel stores;
Phoenix men's catalog; 5-7-9 Shops junior apparel stores and Spirale girls'
apparel stores; Bakers, Leeds, Precis, and Wild Pair footwear stores; Dave &
Buster's restaurant/entertainment complexes; and Time-Out, Space Port, and
Exhilarama family entertainment centers.
- tables attached -
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EDISON BROTHERS STORES, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
13 Weeks Ended 13 Weeks Ended
April 29, April 30,
1995 1994
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(In millions, except per share data)
<S> <C> <C>
Net Sales $ 318.1 $ 326.7
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Cost of goods sold, occupancy and buying
expenses 218.9 212.9
Store operating and administrative
expenses 87.2 88.2
Depreciation and amortization 17.0 17.6
Interest expense, net 5.5 4.9
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328.6 323.6
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Income (Loss) before income taxes (10.5) 3.1
Provision for income taxes (4.1) 1.2
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Net Income (Loss) $ (6.4) $ 1.9
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Per Common Share:
Net Income (Loss) $ (.29) $ .09
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Cash dividends paid $ .31 $ .31
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Weighted average common shares
outstanding (in thousands) 22,028 21,987
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