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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 8, 1996
PROFFITT'S, INC.
(Exact name of registrant as specified in its charter)
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<C> <C> <C>
TENNESSE 0-15907 62-0331040
(State or other (Commission File (IRS Employer
jursidiction of Number) Identification
incorporation) No.)
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<C> <C>
P.O. Box 9388, Alcoa, TN 37701
(Addresss of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (423) 983-7000
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Item 5. Other Events.
On August 8, 1996, the registrant issued a press release announcing
its sales for the four weeks ended August 3, 1996. A copy of the press
release is incorporated herein by reference and is attached as Exhibit 99
hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following exhibits are filed as a part of this report:
Exhibit
Number Description
99 Press release dated August 8, 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 hereunto duly authorized.
PROFFITT'S, INC.
Date: August 9, 1996 /s/ R. Brad Martin
R. Brad Martin
(Printed)
Chairman of the Board
and Chief Executive
Officer
(Title)
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EXHIBIT 99
PROFFITT'S, INC. ANNOUNCES PRELIMINARY JULY SALES
Contact: Julia Bentley
(423) 983-7000
Proffitt's, Inc. will release earnings for the second quarter ended August
3, 1996 at the close of business on August 22, 1996. Management has
scheduled a conference call at 10:00 a.m. Eastern Time on August 23, 1996
to discuss the second quarter results. To participate, please call (816)
650-0777 (10 minutes prior to the call).
Knoxville, Tennessee (August 8, 1996) -- Department store retailer
Proffitt's, Inc. (NASDAQ: PRFT) today announced sales for the four weeks
ended August 3, 1996.
Proffitt's, Inc. merged with Younkers, Inc. effective February 3, 1996,
immediately before the Company's fiscal year end. The combination has been
accounted for as a pooling of interests. Younkers operates as a separate
department store division of Proffitt's, Inc., with its divisional
headquarters in Des Moines, Iowa. Sales numbers below are consolidated and
include Younkers for both the current and prior year.
For the month, total Company sales were $74.6 million compared to $76.3
million last year, a 2% decrease. On a comparable stores basis, total
Company sales were flat with last year for the month. For the month,
revenues for the Younkers Division totaled $33.8 million, down 3% from
$34.8 million last year; revenues for the McRae's Division were $25.8
million, a 1% increase over $25.4 million in the prior year; and sales for
the Proffitt's Division totaled $15.0 million compared to $16.1 million
last year, a decrease of 6%. For the month, comparable store sales
increased 3% at the Younkers Division, were flat with last year at the
McRae's Division, and declined 4% at the Proffitt's Division.
For the quarter, total Company sales were $271.8 million, a 3% decrease
from $278.8 million in the prior year. On a comparable stores basis, total
Company sales increased 1% for the quarter. Revenues for the Younkers
Division were $123.8 million, down 5% from $130.1 million last year;
revenues for the McRae's Division totaled $92.8 million, a 3% increase over
$90.6 million in the prior year; and revenues for the Proffitt's Division
were $55.1 million compared to $58.1 million last year, a 5% decrease. For
the quarter, comparable store sales were flat with last year for the
Younkers Division, up 1% for the McRae's Division, and up 4% for the
Proffitt's Division.
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On a year-to-date basis, total Company sales were $568.3 million compared
to $565.9 million last year. On a comparable stores basis, total Company
sales increased 4% for the six months. Revenues for the Younkers Division
were $250.4 million, down 3% from $256.8 million in the prior year;
revenues for the McRae's Division totaled $202.3 million, a 4% increase
over $194.4 million last year; and revenues for the Proffitt's Division
were $115.7 million, a 1% increase over $114.8 million last year. For the
six months, comparable store sales increased 2%, 3%, and 10% for the
Younkers, McRae's, and Proffitt's Divisions, respectively.
The total store sales performance for the periods indicated was lower than
the comparable store sales performance primarily due to the recent closing
of four Younkers stores and one Proffitt's store.
The conversion of the Younkers shoe operation from leased to owned was
completed on August 3, 1996. Sales performance was negatively affected
during the transition period from the first six months of 1996. Excluding
Younkers' leased shoe sales, comparable store sales for the Younkers
Division increased 4%, 2%, and 3% for the month, quarter, and six months,
respectively. For the total Company, comparable store sales increased 1%,
2%, and 4% for the month, quarter, and six months, respectively, excluding
Younkers' leased shoe sales.
R. Brad Martin, Chairman and Chief Executive Officer of Proffitt's, Inc.
stated, "In spite of the relatively soft retail sales environment, we
expect to report second quarter fully diluted earnings per share (before
non-recurring items) in line with the previous guidance of $.19 per share.
We are well positioned to execute our business objectives for the remainder
of 1996."
Forward-looking guidance for the second quarter referenced above by Mr.
Martin is premised on several factors, such as gross margin and expense
performance. Actual consolidated results for the second quarter may differ
materially from the projected guidance should actual conditions differ
materially from management's assumptions.
Proffitt's, Inc. is a leading regional specialty department store company
which operates three department store divisions - the Proffitt's Division
with 25 stores in Tennessee, Virginia, Georgia, Kentucky, and North
Carolina; the McRae's Division with 29 stores in Alabama, Mississippi,
Florida, and Louisiana; and the Younkers Division with 49 stores in Iowa,
Wisconsin, Nebraska, Michigan, Illinois, Minnesota, and South Dakota. On a
combined basis, the Company operates 103 stores in sixteen states.
