SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): March 28, 1996
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(March 28, 1996)
Ames Department Stores, Inc.
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(Exact Name of Registrant As Specified In Charter)
Delaware
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(State Or Other Jurisdiction Of Incorporation)
1-5380 04-2269444
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(Commission File Number) (IRS Employer Identification No.)
2418 Main Street; Rocky Hill, Connecticut 06067-0801
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(Address Of Principal Executive Offices) (Zip Code)
(860) 257-2000
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name Or Former Address, If Changed Since Last Report)
Exhibit Index on Page 4
Page 1 of 9 (Including Exhibits)
Item 5: OTHER EVENTS
On March 14, 1996, Ames Department Stores, Inc. (the
"Company") publicly released its audited results of operations and
balance sheet for the fiscal year ended January 27, 1996 ("fiscal
1995"). Beginning on March 28, 1996, the Company will
distribute, to certain of its banks and other lenders, principal trade
vendors and factors, summaries of its financial results for the four
(unaudited) and fifty-two weeks ended January 27, 1996 and for
the four weeks ended February 24, 1996 (unaudited). These
monthly and year-to-date results (collectively, the "monthly
results") are attached hereto as Exhibits 20-A and 20-B and are
incorporated by reference herein.
Sales for the four weeks ended February 24, 1996 were $4.1
million below the projections contained in the Form 8-K dated
February 21, 1996 (the "FY 1996 Plan") primarily due to lower-
than-planned sales in apparel and domestics. EBITDA was $0.4
million better than FY 1996 Plan and $2.0 million better than last
year. The EBITDA results for the four weeks reflected the
favorable impact of lower-than-planned expenses, partially offset
by lower-than-planned gross margin and lower-than-planned other
income. Gross margin was negatively impacted by the below FY
1996 Plan sales.
As of February 24, 1996, merchandise inventories were
$41.9 million below FY 1996 Plan due primarily to lower-than-
planned merchandise purchases during February. Trade payables
and borrowings under the Company's revolving line of credit were
$30.5 million and $4.7 million below FY 1996 Plan, respectively,
primarily due to the lower-than-planned inventory position.
The Company is distributing the monthly results to its banks
and other lenders, principal trade vendors and factors to facilitate
their credit analyses. The summary results should not be relied
upon for any other purpose and should be read in conjunction with
the Company's Form 10-K for the fiscal year ended January 27,
1996 to be filed in April, 1996, the Company's Form 10-Q for the
first, second and third quarters ended April 29, 1995, July 29,
1995, and October 28, 1995, respectively, and the Company's
Form 8-K dated August 18, 1995 and the Company's Form 8-K
dated February 21, 1996. The monthly results are being reported
publicly solely because they are being distributed to a large
number of the Company's vendors for purposes of their credit
analyses.
Although the Company has continued to make its monthly
results public, the Company does not believe it is obligated to
provide such information indefinitely, other than as required by
applicable regulations, and the Company may cease making such
disclosures and updates at any time. The monthly results were
not examined, reviewed or compiled by the Company's
independent public accountants. Moreover, the Company does
not believe that it is obligated to update the monthly results to
reflect subsequent events or developments. The reported monthly
results are subject to future adjustments, if any, that could
materially affect such results. However, in the opinion of the
Company, the monthly results contain all adjustments (consisting
of normal recurring adjustments) necessary for a fair statement of
the results for the periods presented.
Item 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
Exhibit: 20-A Financial Summary Results for the Four Weeks
(Unaudited) and Fifty-two Weeks Ended
January 27, 1996
Exhibit: 20-B Unaudited Financial Summary Results for the
Four Weeks Ended February 24, 1996
INDEX TO EXHIBITS
Exhibit No. Exhibit Page No.
20-A Financial Summary Results 6
for the Four Weeks (Unaudited)
and Fifty-two Weeks
Ended January 27, 1996.
20-B Unaudited Financial Summary 8
Results for the Four Weeks
Ended February 24, 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.
AMES DEPARTMENT STORES, INC.
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Registrant
Dated: March 28, 1996 By: /s/ Joseph R. Ettore
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Joseph R. Ettore
President, Director, and
Chief Executive Officer
Dated: March 28, 1996 By: /s/ John F. Burtelow
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John F. Burtelow
Executive Vice President,
Chief Financial Officer
Dated: March 28, 1996 By: /s/ William C. Najdecki
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William C. Najdecki
Senior Vice President,
Finance