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Sales Rise, But Comp-Store Sales Lag at Crown
-- 11/17/97
Crown Books reported that sales for the third quarter that ended Nov. 1, 1997, rose 3.8%, to $65.7 million. Despite the increase in revenues, however, the quarterly statement contained generally bad news. Comparable-store sales fell 6.1%-news that was made worse by the fact that the largest decline, 7.3%, came from Crown's new superstores, which the company has been counting on to revive the chain. Comparable-store sales at its mall stores were off 4%.
For the nine-month period, sales increased 3.6%, to $199 million, with same-store sales down 5.7%. At the end of the third quarter, Crown had 174 bookstores, including 123 Super Crown outlets, compared to 164 stores, which includes 98 Super Crowns, one year ago.
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