UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
THIS DOCUMENT IS A COPY OF THE FORM 10-Q FOR THE QUARTERLY PERIOD ENDED
MAY 4, 1996 FILED ON JUNE 18, 1996 PURSUANT TO A RULE 201 TEMPORARY HARDSHIP
EXEMPTION.
(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 4, 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 1-1394
Edison Brothers Stores, Inc.
(Exact name of registrant as specified in its charter)
Delaware 43-0254900
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
501 N. Broadway, St. Louis, Missouri 63102
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 331-6000
Not applicable
Former name, former address and former fiscal year,
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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report:
Common Stock, $1 par value - 22,201,778
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
INDEX
Part I. Financial Information
Condensed Consolidated Balance Sheets as of
May 4, 1996; February 3, 1996; and
April 29, 1995
Condensed Consolidated Statements of Income for
the 13 weeks ended May 4, 1996, and
for the 13 weeks ended April 29, 1995
Condensed Consolidated Statements of Cash Flows
for the 13 weeks ended May 4, 1996, and for the
13 weeks ended April 29, 1995
Notes to Condensed Consolidated
Financial Statements
Management's Discussion and Analysis of Operating
Results and Financial Condition
Part II. Other Information
Signatures
<TABLE>
PART I FINANCIAL INFORMATION
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
May 4, February 3, April 29,
1996 1996 1995
(In Millions)
<S> <C> <C> <C>
ASSETS
Current Assets:
Cash and short-term investments $164.8 $139.6 $53.4
Merchandise inventories 252.1 250.5 351.3
Income tax refund receivable 1.2 42.8 13.7
Deferred income taxes 8.0
Prepaid expenses 7.6 10.2 9.0
Other current assets 8.7 9.4 6.1
Total Current Assets 434.4 452.5 441.5
Property and Equipment, net 198.4 209.0 344.5
Intangible Assets, net 48.0 50.3 92.0
Prepaid Pension Expense 39.1 38.4 39.6
Other Assets 14.3 11.3 17.0
Total Assets $734.2 $761.5 $934.6
LIABILITIES AND COMMON
STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable $ $ .2 $113.4
Current portion of long-term debt 9.0
Accounts payable, trade 56.6 64.8 73.8
Payroll and vacations 12.3 13.4 24.8
Other taxes 6.9 6.9 11.6
Other current liabilities 17.5 25.8 26.4
Total Current Liabilities 93.3 111.1 259.0
Liabilities Subject to Settlement under
Reorganization Proceedings 497.5 489.8
Long-Term Debt 224.4
Postretirement Benefits 40.3
Other Liabilities 20.4 20.2 32.3
Deferred Income Taxes 4.9
Common Stockholders' Equity:
Common stock, par value $1 per share 22.2 22.1 22.0
Capital in excess of par value 76.8 76.7 76.7
Retained earnings 24.0 41.6 290.6
Foreign currency translation
adjustment and other (15.6)
Total Common Stockholders' Equity 123.0 140.4 373.7
Total Liabilities and Equity $734.2 $761.5 $934.6
<FN>
See notes to condensed consolidated financial statements.
</FN>
</TABLE>
<TABLE>
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>
13 Weeks Ended 13 Weeks Ended
May 4, April 29,
1996 1995
(In millions, except per share data)
<S> <C> <C>
Net Sales $258.1 $318.1
Cost of goods sold, occupancy,
and buying expenses 183.7 218.9
Store operating and
administrative expenses 69.3 87.2
Depreciation and amortization 10.4 17.0
Interest expense, net .4 5.5
Restructuring and reorganization
expenses 11.6
Total Costs and Expenses 275.4 328.6
Income (Loss) before Income Taxes (17.3) (10.5)
Income tax provision (benefit) .4 (4.1)
Net Income (Loss) $(17.7) $(6.4)
Per Common Share:
Net Income (Loss) $ (.80) $ (.29)
Cash dividends declared $ $ .31
Weighted average common shares
outstanding (in thousands) 22,135 22,028
<FN>
See notes to condensed consolidated financial statements.
</FN>
</TABLE>
<TABLE>
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
13 Weeks Ended
May 4, April 29,
1996 1995
(In Millions)
<S> <C> <C>
Cash Flows from Operating Activities:
Net loss $ (17.7) $ (6.4)
Adjustments to reconcile net loss
to net cash provided by
operating activities:
Depreciation and amortization 10.4 17.0
Deferred income taxes, net of valuation
allowance 2.1
Restructuring and reorganization expenses 4.7
Changes in assets and liabilities,
net of effects from acquisitions and
dispositions:
Merchandise inventories (1.5) (31.7)
Other assets 41.9 10.0
Accounts payable, accrued
expenses, and other liabilities (7.4) (3.2)
Other (.5) 1.7
Total Operating Activities 29.9 (10.5)
Cash Flows from Investing Activities:
Capital expenditures (4.6) (13.8)
Other .1
Total Investing Activities (4.6) (13.7)
Cash Flows from Financing Activities:
Proceeds from prepetition debt issuance 60.0
Prepetition long-term debt payments (.1)
Net prepetition short-term debt payments (2.5)
Net postpetition borrowings under short-term credit
facility (.2)
Dividends on common stock (6.8)
Other .4 .2
Total Financing Activities .2 50.8
Effect of exchange rate changes on cash (.3) (.2)
Cash Provided 25.2 26.4
Beginning cash and short-term investments 139.6 27.0
Ending Cash and Short-Term Investments $164.8 $53.4
<F1>
See notes to condensed consolidated financial statements.
</fn1>
</TABLE>
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. On November 3, 1995, (the Petition Date) Edison Brothers Stores, Inc. and
65 of its subsidiaries and affiliates (the Debtors) filed petitions for
relief under Chapter 11 of the United States Bankruptcy Code (Chapter 11)
in the United States Bankruptcy Court in Wilmington, Delaware. The Debtors
are presently operating their respective businesses as
debtors-in-possession. A statutory Creditors' Committee has been
appointed in the Chapter 11 cases. The Chapter 11 cases of the Debtors are
being jointly administered for procedural purposes only.
Certain foreign subsidiaries were not included in the Chapter 11 filing.
The results of their operations and financial position are not material
to the condensed consolidated financial statements.
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles applicable to a
going concern, which principles, except as otherwise disclosed, assume that
assets will be realized and liabilities will be discharged in the normal
course of business. As a result of the Chapter 11 cases and circumstances
relating to this event, including the company's debt structure, its
recurring losses, and current economic conditions, such realization of
assets and liquidation of liabilitites are subject to significant
uncertainty. Additionally, the amounts reported on the condensed
consolidated balance sheet could materially change because of a plan of
reorganization, since such reported amounts do not give effect to
adjustments to the carrying value of the underlying assets or amounts of
liabilities that may ultimately result.
The accompanying unaudited financial statements and notes have been
condensed and, therefore, do not contain all disclosures required by
generally accepted accounting principles. Reference should be made to the
annual financial statements, including the notes thereto, included in the
company's Annual Report to Stockholders for the year ended February 3,
1996. Interim operating results are not necessarily indicative of those
for a full fiscal year because of the seasonal nature of the business.
With respect to the accompanying unaudited financial statements for the 13
weeks ended May 4, 1996, it is the company's opinion that all necessary
adjustments (consisting of normal and recurring adjustments) have been
included to present a fair statement of results for the interim period.
Certain prior-year items have been reclassified to conform to the
current-year presentation.
2. In the Chapter 11 cases, substantially all liabilities as of the Petition
Date are subject to compromise or other treatment under a plan of
reorganization. For financial reporting purposes, those liabilities and
obligations whose disposition is dependent on the outcome of the Chapter 11
cases have been segregated and classified as liabilties subject to
settlement under reorganization proceedings in the condensed consolidated
balance sheet. Generally, actions to enforce or otherwise effect repayment
of all pre-Chapter 11 liabilities as well as all pending litigation against
the Debtors are stayed while the Debtors continue their business operations
as debtors-in-possession. Schedules have been filed by the Debtors with
the Bankruptcy Court setting forth the assets and liabilities of the
Debtors as of the Petition Date as reflected in the Debtors' accounting
records. The Bankruptcy Court has established a bar date of August 1,
1996, for all prepetition claims against the company. A bar date is the
date by which claims against the company must be filed if the claimants
wish to receive any distribution in the Chapter 11 cases. The company has
notified all known or potential claimants subject to the August 1, 1996,
bar date of their need to file a proof of claim with the Bankruptcy Court.
Differences between amounts shown by the Debtors and claims filed by
creditors will be investigated and either amicably resolved or adjudicated
before the Bankruptcy Court. The ultimate amount of and settlement terms
for such liabilities are subject to a plan of reorganization and
accordingly are not presently determinable.
Under the Bankruptcy Code, the company may elect to assume or reject real
estate leases, employment contracts, personal property leases, service
contracts and other prepetition executory contracts, subject to Bankruptcy
Court approval. The liabilities subject to settlement under reorganization
proceedings include a provision for the estimated amount that may be
claimed by lessors and allowed in connection with the rejection of
unexpired real estate leases. The company will continue to analyze its
executory contracts and may assume or reject additional contracts.
The principal categories of claims classified as liabilities subject to
settlement under reorganization proceedings are identified below. All
amounts below may be subject to future adjustment depending on Bankruptcy
Court action, further developments with respect to disputed claims,
determination as to the value of any collateral securing claims, or other
events. Additional claims may arise resulting from rejection of additional
executory contracts by the company.
<TABLE>
<CAPTION>
May 4,
1996
(In Millions)
<S> <C>
Notes payable - banks $205.9
Long-term senior notes payable 150.0
Capital leases 8.4
Accrued interest payable 3.5
Cash set-off applied to debt (3.6)
Deferred debt costs (6.5)
Postretirement benefit accrual 41.5
Accounts payable 37.6
Lease termination claims 40.7
Taxes 3.8
Other 16.2
Total liabilities subject to settlement under
reorganization proceedings $497.5
</TABLE>
As a result of the Chapter 11 filing, no principal or interest payments
will be made on any prepetition debt without Bankruptcy Court approval or
until a reorganization plan defining the repayment terms has been approved.
Interest on prepetition obligations has not been accrued after the
Petition Date. Contractual interest expense not recorded on certain
prepetition debt totaled $8.8 million for the 13 weeks ended May 4, 1996.
Prior to the Chapter 11 filing and certain agreements discussed below, the
company's debt consisted of senior notes held by various institutional
lenders amounting to $150.0 million. The unsecured senior notes, having
maturities from 7 to 15 years, were to bear interest at rates of 7.09% to
8.04%. The company also had outstanding borrowings under a $125.0
million revolving credit facility as well as short-term and demand notes
under uncommitted bank lines with varying interest rates and maturity
dates. In addition, the company had $8.4 million in capital lease
obligations relating to its Washington, Missouri, distribution center.
As a result of its operating loss for second quarter 1995, the company was
in violation of certain financial covenants under its bank and senior note
agreements. During the third quarter 1995, the company and its subsidiary,
Edison Brothers Apparel Stores, Inc., entered into an agreement for a $75.0
million secured revolving line of credit facility with BankAmerica
Business Credit, Inc. extending through February 29, 1996. In addition,
the company entered into override agreements with its existing lenders
through February 29, 1996. The override agreements covered existing 1995
financial covenants and deferred principal repayments otherwise due
December 1, 1995. Furthermore, the company's primary existing letter of
credit bank agreed to continue to provide international letters of credit
through the override period. In exchange for these concessions, the
company paid a one-time forbearance fee of $3.6 million and agreed to
increase the interest rate on the outstanding debt to 9.75%.
As of the date of the Chapter 11 filing, the company had outstanding
$150.0 million of senior notes, $125.0 million under its $125.0 million
revolving credit facility, $80.9 million of short-term and demand notes
under its uncommitted bank lines, $8.4 million of capital lease
obligations, and $21.6 million under its $75.0 million secured revolving
line of credit facility. The company received authorization from the
Bankruptcy Court to make a $21.6 million payment on the secured revolving
line of credit facility. In addition, $3.6 million of cash was set-off by
the banks against outstanding principal and accrued interest balances. No
further principal or interest payments will be made on any prepetition
debt without Bankruptcy Court approval or until a reorganization plan
defining the repayment terms has been approved.
3. The company and Edison Brothers Apparel Stores, Inc., as
debtors-in-possession, are parties to a Loan Agreement dated effective
November 9, 1995, (the DIP facility) with BankAmerica Business Credit,
Inc., as Agent and Lender, under which the company may borrow up to
$200.0 million to fund ongoing working capital needs. The DIP facility,
which has been approved by the Bankruptcy Court, has a sublimit of $150.0
million, subject to collateral restrictions, for the issuance of letters
of credit. The DIP facility is intended to provide the company with the
cash and liquidity to conduct its operations and pay for merchandise
shipments at normal levels while it prepares a reorganization plan.
At the company's option, the company may borrow under the DIP facility at
the Reference Rate (as defined) plus .25% or at the Eurodollar Rate (as
defined) plus 1.5%. The current borrowing rate is 8.5%. The maximum
borrowing, up to $200.0 million, is limited to 50% of the value of eligible
inventory (as defined) plus 95% of the amount of cash deposited with the
Agent. The company is required to pay a commitment fee of .375% per
annum on the unused portion of the DIP facility. The DIP facility contains
restrictive covenants including, among other things, a limitation on store
closings of 850, limitations on the incurrence of additional liens and
indebtedness, limitations on capital expenditures and the sale of assets,
the maintenance of minimum operating earnings (EBITDA) and inventory
levels, and a prohibition on paying dividends. At May 4, 1996, the company
was in compliance with the DIP facility covenants.
The lenders under the DIP facility have a "super-priority" administrative
expense claim against the estate of the company. The DIP facility expires
on the earlier of November 9, 1997, or the effective date of a
reorganization plan that is confirmed by the Bankruptcy Court.
As of May 4, 1996, the balance outstanding under the DIP facility was zero.
Outstanding letters of credit were $113.1 million and available borrowings
under the DIP facility were $87.7 million.
4. Restructuring and reorganization expenses for the 13 weeks ended May 4,
1996, were as follows:
<TABLE>
<CAPTION>
May 4,
1996
(In Millions)
<S> <C>
Estimated costs for store closings $ 8.7
Reorganization expenses 2.9
Total restructuring and reorganization expenses $ 11.6
</TABLE>
In the first quarter of 1996, the company developed a plan to sell or close
its Zeidler & Zeidler menswear division. Store closing costs of $8.7
million associated with this plan were recorded in first quarter and
represent a provision to cover early lease termination claims and the
write-off of fixtures and equipment, leasehold improvements, and related
intangible assets. Of the reserve, $2.2 million, related to lease
termination claims, has been reclassified to liabilities subject to
settlement under reorganization proceedings.
Other reorganization expenses of $2.9 million relate primarily to
professional fees incurred as a result of the Chapter 11 filing. These
professional fees include accounting, legal and consulting services
provided to the company and the Creditors' Committee (which are required
to be paid by the company while in Chapter 11.)
5. Net income per common share is based on the weighted average common
shares outstanding during the period. Shares issuable under the stock
option plans would have no material dilutive effect on earnings per
common share.
6. Common stock shares authorized total 100,000,000; at May 4, 1996,
27,554,232 shares were issued of which 5,352,454 shares were being held
in the company's treasury and 22,201,778 shares were outstanding.
7. Property and equipment, net is composed of the following:
<TABLE>
<CAPTION>
May 4, February 3, April 29,
1996 1996 1995
(In Millions)
<S> <C> <C> <C>
Cost $414.5 $422.3 $638.5
Accumulated depreciation and
amortization (216.1) (213.3) (294.0)
Net book value $198.4 $209.0 $344.5
</TABLE>
8. Intangible assets, net is composed of the following:
<TABLE>
<CAPTION>
May 4, February 3, April 29,
1996 1996 1995
(In Millions)
<S> <C> <C> <C>
Cost $ 69.5 $ 71.4 $139.7
Accumulated amortization (21.5) (21.1) (47.7)
Net book value $ 48.0 $ 50.3 $ 92.0
</TABLE>
9. The provision for income taxes consists of:
<TABLE>
<CAPTION>
13 weeks
ended
May 4,
1996
(In Millions)
<S> <C>
Current expense
Federal $ .2
State .1
Deferred benefit (1.0)
Deferred tax valuation allowance 1.1
Total provision $ .4
</TABLE>
The effective tax rate of (2.3%) of pretax loss for the 13 weeks ended
May 4, 1996, is less than the company's customary relationship between the
income tax provision and pretax accounting income (loss). Due to the
uncertainty of the company producing future income which will be available
to absorb net operating loss carryforwards, no tax benefit relative to
current operating results has been recorded. In addition, the company
has concluded that it is likely it will not be able to realize its
deferred tax assets. Accordingly, an allowance against the net deferred
tax asset balance of $1.1 million and a charge to income tax expense are
reflected in the condensed consolidated financial statements as of May 4,
1996.
The federal tax charge of $.2 million is related primarily to the
company's operations in Puerto Rico. The state tax charge of $.1 million
represents minimum taxes for which the company is liable.
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OPERATING RESULTS
Net sales for first quarter 1996 were $258.1 million, a decrease of $60.0
million from first quarter 1995. The majority of the decline was attributable
to the 24.1% decrease in the number of stores between the end of first quarter
1995 and the end of first quarter 1996. Same-store sales decreased 4.6%. All
chains reported decreases in same-store sales except Size 5-7-9 which reported
an increase of 17.0%.
Cost of goods sold, including occupancy and buying expenses, was 71.2% of sales
in 1996 compared to 68.8% in 1995. Merchandise costs decreased 13.2% between
years but increased as a percentage of sales to 51.3% in 1996 compared to
48.0% in 1995. Occupancy and buying costs decreased 22.7% between years to
19.9% of sales in 1996 compared to 20.9% in 1995. The increase in merchandise
costs primarily was a result of more domestic sourcing in Size 5-7-9. An
increase in merchandise costs in the footwear segment was attributable to a
change in product mix, focused more on footwear than accessories. Markdowns
increased slightly to 17.2% of sales in 1996 compared to 16.3% in 1995. The
increases occurred in JW/Jeans West, Coda, Oaktree and Repp Ltd. primarily due
to promotional markdowns being recognized earlier in the season to help
liquidate the seasonal inventory. Alternatively, improvements were seen in
markdowns as a percentage of sales in J. Riggings and Zeidler & Zeidler.
Lower retails and lower, fresher inventory levels contributed to the
improvement between years. Shrinkage remained relatively stable as a
percentage of sales, decreasing to 1.2% in 1996 compared to 1.3% in 1995.
Occupancy and buying costs decreased with the closing of numerous
under-performing stores.
Store operating and administrative expenses decreased 20.5% to 26.9% of sales
in 1996 compared to 27.4% in 1995. Store expenses decreased $14.4 million to
20.0% of sales in 1996 compared to 20.8% in 1995. Again, the decrease was due
to the closing of under-performing stores. Administrative expenses decreased
$3.5 million but increased slightly as a percentage of sales to 6.9% in 1996
compared to 6.7% in 1995. Depreciation and amortization expense decreased $6.6
million or 38.8% between 1996 and 1995 due to store closings and reduced capital
expenditures. Net interest expense decreased $5.1 million between first
quarter 1996 and 1995. Improved cash flow from operations reduced the
company's reliance on debt to fund working capital needs. In addition,
interest on prepetition liabilities of $8.8 million was not recorded in first
quarter 1996.
Restructuring and reorganization expenses of $11.6 million in first quarter
1996 consisted of $8.7 million for store closing costs associated with the
company's plan to sell or close its Zeidler & Zeidler division and $2.9 million
of reorganization expenses, primarily legal and consulting fees. The pretax
loss in first quarter 1996, excluding restructuring and reorganization
expenses, was $5.7 million compared to a loss of $10.5 million in first
quarter 1995.
FINANCIAL CONDITION
Cash and short-term investments were $111.4 million higher as of the end of
first quarter of 1996 compared to first quarter 1995 and increased $25.2
million since year-end 1995. Cash flow from operations increased $40.4 million
during the first quarter of 1996 compared to 1995. The increase was primarily
due to the receipt of an income tax refund of $37.9 million in first quarter
1996. The improvement was also attributable to a smaller increase in
inventories in first quarter 1996 compared to 1995 due to the decrease in
number of stores. The first quarter 1996 increase reflected the normal
restocking of inventory levels following Christmas and January clearance sales.
These improvements in cash flow from operations were offset by the continued
net loss in 1996, coupled with cash outlays for reorganization expenses.
Capital expenditures decreased $9.2 million in first quarter 1996 compared to
1995, consistent with the company's focus on routine maintenance within
existing stores rather than the opening of new stores. The decrease in
property and equipment, net between year-end 1995 and first quarter 1996
primarily was due to the write-off of fixed assets in the Zeidler & Zeidler
division.
As discussed in Note 3 of the Notes to Condensed Consolidated Financial
Statements, the company has available a $200.0 million DIP facility with
available borrowings of $87.7 million as of May 4, 1996. The DIP facility
contains a restrictive covenant on the payment of dividends. In first
quarter 1995, the company paid $6.8 million in dividends.
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
PART II OTHER INFORMATION
Item 1. Legal Proceedings
See Footnote 1 to the condensed consolidated financial statments.
Items 2 through 5 of Part II are not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Bylaws of the Company, as amended April 23, 1996, were filed as an
Exhibit to the company's annual report on Form 10-K for the year
ended February 3, 1996, and are incorporated herein by reference.
(b) The company's Certificate of Incorporation, as amended September 8,
1995, was filed as an Exhibit to the company's quarterly report on
Form 10-Q for the quarter ended July 29, 1995, and is incorporated
herein by reference.
(c) Exhibit 11, computation of per share earnings, is on page 12 of this
Form 10-Q.
(d) Exhibit 27, Financial Data Schedule, is on page 13 of this Form 10-Q.
(e) There were no reports on Form 8-K filed during the quarter ended
May 4, 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.
EDISON BROTHERS STORES, INC.
Date: June 18, 1996 By/s/David B. Cooper, Jr.
Executive Vice President and
Chief Financial Officer
<TABLE>
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
<CAPTION>
13 Weeks Ended 13 Weeks Ended
May 4, April 29,
1996 1995
(In thousands, except per share data)
<S> <C> <C>
Loss from continuing operations $(17,674) $(6,388)
Preferred stock dividends (1)
Net Loss applicable to common stock $(17,674) $(6,389)
SIMPLE AND PRIMARY
Weighted average shares outstanding 22,135 22,028
Net effect of dilutive stock options-
based on the treasury method
TOTAL 22,135 22,028
Per common share amounts: Simple
Net Loss applicable to common stock $ ( .80) $ ( .29)
Per common share amounts: Primary
Net Loss applicable to common stock $ ( .80) $ ( .29)
FULLY DILUTED
Weighted average shares outstanding 22,135 22,028
Net effect of dilutive stock options-
based on the treasury method 4
TOTAL 22,135 22,032
Per common share amounts: Fully diluted
Net Loss applicable to common stock $ ( .80) $ ( .29)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
condensed consolidated balance sheet as of May 4, 1996, and the condensed
consolidated statement of income for the 13 weeks ended May 4, 1996, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000031575
<NAME> EDISON BROTHERS STORES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> FEB-01-1997
<PERIOD-END> MAY-04-1996
<CASH> 164,800
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 252,100
<CURRENT-ASSETS> 434,400
<PP&E> 414,500
<DEPRECIATION> 216,100
<TOTAL-ASSETS> 734,200
<CURRENT-LIABILITIES> 93,300
<BONDS> 0
0
0
<COMMON> 22,200
<OTHER-SE> 100,800
<TOTAL-LIABILITY-AND-EQUITY> 734,200
<SALES> 258,100
<TOTAL-REVENUES> 258,100
<CGS> 183,700
<TOTAL-COSTS> 79,700
<OTHER-EXPENSES> 11,600
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 400
<INCOME-PRETAX> (17,300)
<INCOME-TAX> 400
<INCOME-CONTINUING> (17,700)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (17,700)
<EPS-PRIMARY> (.80)
<EPS-DILUTED> (.80)
</TABLE>
