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CONSOLIDATED STORES CORPORATION REPORTS RECORD FOURTH QUARTER SALES AND NET EARNINGS, AND FISCAL 1991 RESULTS

 CONSOLIDATED STORES CORPORATION REPORTS RECORD
 FOURTH QUARTER SALES AND NET EARNINGS, AND FISCAL 1991 RESULTS
 ANNUAL EARNINGS UP 340 PERCENT, ANNUAL SALES UP 13.7 PERCENT, FOURTH
 QUARTER EARNINGS UP 147 PERCENT, FOURTH QUARTER SALES UP 17.7 PERCENT
 COLUMBUS, Ohio, Feb. 25 /PRNewswire/ -- Consolidated Stores Corporation (NYSE: CNS) today reported record fourth quarter 1991 earnings of $16.9 million or $.37 per share compared to $7.0 million or $.15 per share in 1990. Retail sales for the quarter ended Feb. 1, 1992, increased 17.7 percent to a record $246.3 million compared to $209.1 million in the fourth quarter of 1990. Sales for comparable stores open at least two years rose 4.7 percent for the quarter.
 Fiscal 1991 net earnings increased 342.2 percent to $20.1 million or $.44 per share compared with 1990 net earnings of $4.5 million or $.10 per share. Retail sales for fiscal 1991 were $752.6 million compared to $662.1 million in 1990, an increase of 13.7 percent, and comparable stores sales increased 5.6 percent.
 William G. Kelley, chairman, president and chief executive officer, stated, "What a difference a year makes. Our principal objective for 1991 was to build upon the turnaround of 1990 that re-established Consolidated Stores as the premier 'close-out' specialty retailer in the United States."
 Kelley added, "A few highlights from 1991 will show the magnitude of our improvement; sales up 13.7 percent, margin up 19.9 percent, selling and administrative expenses lower by .4 percent, and finally, net earnings were up 342 percent. Inventory turns increased from 2.1x to 2.6x, interest expense was reduced by 35 percent, and the combined inventory investment in the Retail and Wholesale divisions decreased from 1990 levels in spite of a net increase of 21 new stores opened. The decrease funded most of the inventory required to support our new retail concept."
 Kelley continued, "My second objective of 1991 was to seek out new selling opportunities to leverage off our unique strengths on the buy side of the business. As a result, we entered a new and exciting one dollar business and opened 40 upscale stores named All For One which target a more trendy and affluent customer who shops malls and upscale strip centers. We were very pleased with the early results and plan to open at least 100 more A.F.O. stores next year, in addition to 40 Odd Lot and Big Lot stores."
 Kelley concluded, "We are off to a strong start in our new fiscal year and are expecting gains in both sales and earnings. We have worked very hard to re-focus our business, and just now feel that we have successfully repositioned ourselves for 1992 and beyond. I feel we are ready to begin building upon very unique strengths we bring to the close-out, liquidation, and value driven specialty retail business. It took us two years to get to this new beginning, and we are committed to creating our own future; one which is filled with multiple opportunities in our industry and that will enhance shareholder value going forward."
 At the end of fiscal 1991 Consolidated Stores operated 358 ODD LOT/BIG LOT specialty retail stores and 40 single price ALL FOR ONE stores selling close-out merchandise at substantial discounts. The company is a leading retailer and wholesaler of close-out merchandise in 15 states.
 Thirteen Weeks Ended Fiscal Year Ended
 Feb. 1 Feb. 2 Feb. 1 Feb. 2
 1992 1991 1992 1991
 Retail Sales $246,284 $209,168 $752,581 $662,050
 Operating Profit $ 28,641 $ 12,070 $ 38,311 $ 15,239
 Net Income $ 16,924 $ 6,994 $ 20,098 $ 4,545
 Earnings Per Share $ .37 $ .15 $ .44 $ .10
 Weighted average
 number of shares
 outstanding 45,886 45,688 45,797 45,615
 -0- 2/25/92
 /CONTACT: William B. Snow, executive vice president, chief financial officer of Consolidated Stores Corporation, 614-278-6810/
 (CNS) CO: Consolidated Stores Corporation ST: Ohio IN: REA SU: ERN


KK -- CL007 -- 2173 02/25/92 07:52 EST
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Date:Feb 25, 1992
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