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GIANT FOOD REPORTS UNAUDITED SALES AND EARNINGS

 WASHINGTON, Nov. 24 ~PRNewswire~ -- Giant Food Inc. (AMEX: GFS.A), a Washington-based food-drug chain of 155 units, today announced unaudited sales and earnings for the 12-week and 36-week period ended Nov. 7, 1992, compared with the same period ended Nov. 2, 1991.
 For the 12 weeks ended Nov. 7, 1992:
 -- Sales were $778,547,000, compared with $773,843,000, an
 increase of .61 percent.
 -- Net income declined 3 percent to $13,758,000, 1.77 percent of
 sales, from $14,201,000, 1.84 percent of sales.
 -- Earnings per share were 23 cents, compared with earnings of 24
 cents, a decline of 4 percent.
 For the 36 weeks ended Nov. 7, 1992:
 -- Sales were $2,360,153,000, compared with $2,338,111,000, an
 increase of .94 percent.
 -- Net income declined 28 percent to $44,818,000, 1.90 percent of
 sales, from $62,521,000, 2.67 percent of sales.
 -- Earnings per share were 75 cents compared with earnings of
 $1.05, a decline of 29 percent.
 Giant's sales increased .6 percent and earnings of $13,758,000 for the current 12-week period reflect improvement over the most recent prior period, which ended Aug. 15, 1992. Earnings, as a percent of sales were 1.77 percent compared with 1.54 percent. Improved merchandise mix, particularly in the sale of Giant and Super G private label product, contributed to an improvement in earnings, which had been trending approximately one-third lower than the prior year.
 The recessionary economy continues to impact the Baltimore- Washington area, and Giant, like the supermarket industry as a whole, has had its sales and earnings affected by recession, actual price deflation, particularly in perishables, as well as volume. In contrast to many regional supermarket chains that have experienced volume declines, Giant's increase -- albeit modest -- demonstrates the success of such programs as Super Deals, Everyday Discount Prices on health and beauty aids, double coupons, weekly 1~2 price, 1~3 off specials, along with the superior service levels found at Giant. Customers also recognize, and have confidence in, the commitment Giant has made to quality assurance and cleanliness in its stores.
 On Nov. 15, 1992, Giant opened a 49,000-square-foot food-drug replacement for an existing food store at the Glenridge Shopping Center in Lanham, Md. Construction continues on a 68,000-square-foot replacement store in Greenbelt, Md., and a 61,000-square-foot food- drug store in Upper Marlboro, Md. They will open in the spring and summer, respectively, of 1993. Construction is also underway on a remodel and addition to the food-drug store in Lutherville, Md., in Baltimore County.
 During 1993, the company plans to begin construction of food-drug stores in Reston, Va.; Kentlands in Montgomery County, Md.; and Cascades in Loudoun County, Va. Plans have been made and drawings have begun for remodeling, upgrading and~or enlargement of five units, some of which will be completed in 1993.
 At the close of the fiscal period, Giant operated 155 supermarkets, 108 of which are food-drug stores, plus three freestanding drug stores. This compares with 154 supermarkets, 105 food-drug stores and two freestanding drug stores at the same time last year.
 -0- 11~24~92
 ~CONTACT: David B. Sykes of Giant, 301-341-8480~
 (GFS)


CO: Giant ST: District of Columbia IN: REA SU: ERN

IH -- DC018 -- 1253 11~24~92 16:40 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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