Merry-Go-Round Enterprises Inc. is reporting record sales and earnings for its fourth quarter and fiscal year.
The company's stock was unusually active in New York Stock Exchange trading yesterday, prompting the exchange to ask the retailer to issue a statement. The stock closed at 22 1/2 , down 1 5/8 on composite volume of 506,800 shares.
However, the Joppa-based company had no comment.
Michael D. Sullivan, president and chief executive officer, did say he was pleased with Merry-Go-Round's results. "The record sales and earnings for the fourth quarter and for the fiscal year were the highest ever achieved in the company's history," said ++ Sullivan.
For the fiscal year that ended Feb. 2, net earnings increased 68.6 percent to $37 million or $1.10 a share from $22 million or 69 cents a share last year. Sales increased 31.2 percent to $628 million compared with almost $479 million a year ago.
Per-share data reflect the 3-for-2 stock split paid on Jan. 4, 1991.
For the fourth quarter, net earnings rose 26.8 percent to nearly $14 million or 41 cents a share up from $11 million or 33 cents a share in the fourth quarter a year ago. Sales increased 19.6 percent to $220.8 million compared with $184.6 million for the same quarter last year.
Sullivan said this is the second year in a row that Merry-Go-Round's results set records.
Merry-Go-Round is a specialty clothing chain selling contemporary fashions for young men and women in over 700 retail locations in 38 states.