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CONSOLIDATED STORES CORPORATION REPORTED RECORD SALES AND NET EARNINGS FOR FIRST QUARTER 1992

 CONSOLIDATED STORES CORPORATION REPORTED RECORD SALES
 AND NET EARNINGS FOR FIRST QUARTER 1992
 First Quarter Earnings Up 450.0 Percent
 First Quarter Sales up 21.7 Percent
 COLUMBUS, Ohio, May 18 /PRNewswire/ -- Consolidated Stores Corporation (NYSE: CNS) today reported that for the first quarter ended May 2, 1992, net sales increased 21.7 percent to a record $192.0 million from $157.8 million in the comparable 1991 period. The company reported net earnings of $3.4 million, or $.07 per share, compared to a first quarter 1991 net loss of $.8 million or ($.02) per share. During the first quarter, comparable retail sales in stores open for more than two year were up 7.2 percent from a year earlier.
 Commenting on the results, William G. Kelley, chairman and chief executive officer stated, "We are very pleased with our record first quarter sales and earnings results, as one of our goals has been to restore profitably to all four quarters. Frankly, not only did we achieve record results, but we beat our internal plan significantly for the quarter. We remain intensely focused on our objective to grow the business profitably for the balance of the year and beyond."
 Kelley continued, "In the first quarter we opened 7 Odd Lots/Big Lots Stores and our store opening schedule includes plans for opening 12 more new stores in the second quarter, for a total of at least 44 stores in 1992. All For One (AFO) opened 35 stores in the first quarter, and we plan to open 50 more AFO's in the second quarter. We now estimate that we will open at least 115 new AFO stores this fiscal year."
 At the end of the first quarter, Consolidated Stores Corporation operated 363 BIG LOTS and ODD LOTS specialty retail stores, selling close-out merchandise at substantial discounts, and 75 ALL FOR ONE single price point retail stores. The company is one of the leading retailers and wholesalers of close-out merchandise in 15 states in the Midwest and Southeast.
 The following are the condensed operating results of the company, (reported in thousands, except per share data).
 Thirteen weeks Thirteen weeks
 ended May 2, ended May 4,
 1992 1991
 Net Sales:
 Retail $ 186,238 $ 153,158
 Wholesale 5,794 4,650
 Total $ 192,032 $ 157,808
 Operating profit (loss) $ 6,475 $ 203
 Net income (loss) $ 3,368 $ (834)
 Earnings (loss) per common
 and common equivalent share $ .07 $ (.02)
 Weighted average number of
 shares and common equivalent
 shares 47,649 45,704
 -0- 5/18/92
 /CONTACT: William B. Snow, executive vice president and chief financial officer of Consolidated Stores, 614-278-6810/
 (CNS) CO: Consolidated Stores ST: Ohio IN: REA SU: ERN


CG -- CL0018 -- 1497 05/18/92 16:39 EDT
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Publication:PR Newswire
Date:May 18, 1992
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