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HARRY'S DROPS WAL-MART TEST

ATLANTA -- Harry's Farmers Market here said last week it will not go forward with previously reported plans to test its Harry's in a Hurry concept in selected Wal-Mart stores.Instead, the company said it will refocus its resources on perfecting the stand-alone Harry's in a Hurry model, improving internal operations and expanding its megastore format.The announcement was part of a fourth-quarter/year-end

ATLANTA -- Harry's Farmers Market here said last week it will not go forward with previously reported plans to test its Harry's in a Hurry concept in selected Wal-Mart stores.

Instead, the company said it will refocus its resources on perfecting the stand-alone Harry's in a Hurry model, improving internal operations and expanding its megastore format.

The announcement was part of a fourth-quarter/year-end report that included a decrease in sales for the quarter and losses for both the quarter and fiscal year ended Feb. 1.

Harry Blazer, president and chief executive officer of Harry's, said the decision to drop plans to test the Harry's in-store fresh food units in four Wal-Mart discount stores this summer is part of a larger effort to improve the company's performance.

"We feel confident that we are in a better position now than in any other time during the previous five quarters to leverage the

customer demand for our concepts and achieve the desired improvement in our operating results," he said.

Those results included a net fourth-quarter loss of $1.6 million, or 26 cents per share. This compares with a net loss of $5 million, or 81 cents per share, for the same period of the prior year.

4th-QUARTER RESULTS

Qtr Ended 2/1/95 2/2/94

Sales $36.1 million $38.7 million

Change -6.8%

Same-store -3.7%

Net Income ($1.6 million) ($5 million)

Inc/Share (26 cents) (81 cents)

52 Weeks 1995 1994

Sales $143.8 million $116.7 million

Change +23.2%

Same-store -7.6%

Net Income ($6.7 million) ($4.8 million)

Inc/Share ($1.09) (86 cents)

TAGS: Walmart