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DRUG EMPORIUM REPORTS RESULTS FOR FISCAL YEAR, FOURTH QUARTER

 DRUG EMPORIUM REPORTS RESULTS FOR FISCAL YEAR, FOURTH QUARTER
 COLUMBUS, Ohio, April 22 /PRNewswire/ -- Drug Emporium, Inc. (NASDAQ: DEMP) today reported record sales for the 1992 fiscal year and fourth fiscal quarter ended Feb. 29, 1992. As expected, the company reported a net loss for the year.
 Net sales increased 20 percent to $746 million in fiscal 1992 compared to sales of $624 million in the previous year. The net loss amounted to $4,670,000 or 36 cents per share vs. net income of $6,591,000 or 50 cents per share last year. In addition to the reserves set aside in the second quarter, the amount reported includes a $4.8 million restructuring charge and a $2.4 million increase in fourth-quarter selling, administrative and occupancy expenses related to reserves for stores scheduled to be closed and relocated.
 For the fourth quarter, net sales were up 12 percent to $204.8 million vs. $182.4 million a year ago. The net loss was $3,575,000 or 27 cents per share compared with net income of $1,149,000 or nine cents per share earned in the corresponding three months last year.
 Gary Wilber, Drug Emporium chief executive officer, noted that fiscal 1992 was a year of reassessment and restructuring. He said, "Management has devoted a great deal of effort over recent months to refocusing the business on serving the customer and on serving the customer very efficiently."
 He pointed out that as Drug Emporium was entering a period of significant organizational change, the company achieved a successful Christmas selling period which boosted fourth-quarter comparable-store sales to an increase of two percent over the year-ago level.
 Wilber added, "Our restructuring process continued into the first quarter of the new year, but we do expect to benefit in subsequent quarters as our stronger organization begins to strengthen margins and profitability."
 Drug Emporium is a growing national chain of 129 company-owned stores specializing in competitively priced health and beauty aids, cosmetics and prescription drugs. The company's financial statements also reflect franchise revenue from an additional 96 Drug Emporium stores.
 DRUG EMPORIUM, INC.
 Ended Fiscal Year Ended
 Feb. 29(28), Feb. 29(28),
 1992 1991 1992 1991
 Net sales $204,759 $182,426 $746,241 $624,021
 Cost of sales 165,395 146,157 599,939 496,343
 Selling, administrative
 and occupancy expenses 39,200 32,907 143,114 112,149
 Other expense 5,894 1,368 10,441 4,249
 Total cost and expenses 210,489 180,432 753,494 612,741
 Income (loss) before
 income taxes (5,730) 1,994 (7,253) 11,280
 Provision (credit) for
 income taxes (2,155) 845 (2,583) 4,689
 Net income (loss) $ (3,575) $ 1,149 $ (4,670) $ 6,591
 Net income (loss)
 per share $(.27) $ .09 $(.36) $ .50
 Weighted average number
 of common and common
 equivalent shares
 (if dilutive) 13,047 13,105 12,971 13,182
 -0-
 /CONTACT: Gary Wilber, CEO, or Steve Pohlit, CFO of Drug Emporium, Inc., 614-548-7080; or Investor Relations Consultants 614-436-5592, for Drug Emporium, Inc./
 (DEMP) CO: Drug Emporium, Inc. ST: Ohio IN: REA SU: ERN


SS-AW -- FL004 -- 1114 04/22/92 09:35 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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