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GRUPO GIGANTE ANNOUNCES FIRST QUARTER RESULTS; QUARTERLY RESULTS CONSOLIDATE BLANES ACQUISITION

 MEXICO CITY, May 3 /PRNewswire/ -- Grupo Gigante S.A. de C.V., one of Mexico's largest nationwide retailers, today announced that total sales for the first quarter of 1993 (January-March) were N$1,506,621,000 new pesos, an 18 percent increase in real terms over the N$1,278,260,000 new pesos reported in the same period one year ago.
 For the quarter, operating expenses increased 23.4 percent, amounting to 20.6 percent of sales compared to 19.6 percent of sales in the first quarter of 1992. This increase was mainly due to expenses incurred in the final stages of incorporating the remaining Blanco stores into Grupo Gigante's operations. These expenses included remodeling, maintenance, and advertising, as well as several campaigns to support our new merchandising strategy.
 Operating earnings for the quarter were N$20,658,000 new pesos compared to N$49,717,000 new pesos reported in same period last year. Net earnings for the first quarter of 1993 amounted to N$27,114,000 new pesos compared to the N$59,272,000 new pesos reported in the first quarter of 1992.
 The results for the quarter include the consolidation of Blanes S.A. de C.V., owner of 30 Bodega Gigante stores. For consolidation purposes, Blanes' sales and earnings were included to reflect Grupo Gigante majority ownership of the company as of March 12, 1993, a total of 19 days for the quarter.
 With the opening on March 17 of a Bodega Gigante in Tulancingo, Hidalgo (with a sales area of 56,000 square feet), Grupo Gigante reached a total of 237 units in operation at the end of the first quarter of 1993: 148 Gigante stores, 1 SuperMart, 30 Bodegas Gigante, 28 Radio Shacks, 25 Toks coffee shops and 5 specialty restaurants.
 In order to support the consolidation of our growth in 1992, N$22.1 million new pesos were allocated to the remodelling of existing stores and other investments in the first quarter.
 GRUPO GIGANTE, S.A. DE C.V. AND SUBSIDIARIES
 (Thousands of new pesos)(B)
 March 31 1993 1992 Percent
 Accrued Results Change
 Net sales 1,506,621 1,278,260 17.9
 Operating earnings 20,658 49,717 (58.4)
 Integral result of financing 14,204 23,265 (38.9)
 Tax and employee profit
 sharing provision 10,048 13,710 (26.7)
 Consolidated net earnings 27,114 59,272 (54.3)
 Financial Position
 Total assets 4,474,439 2,846,972 57.2
 Current assets 1,528,318 996,723 53.3
 Inventories 760,828 572,904 32.8
 Others 767,490 423,819 81.1
 Non-current assets 2,946,121 1,850,249 59.2
 Total liabilities 2,332,248 628,567 271.0
 Current liabilities 2,332,248 628,567 271.0
 Trade accounts payable 1,107,014 468,035 136.5
 Bank loans 890,274 47,472 1,775.4
 Other liabilities 334,960 113,060 196.3
 Long-term liabilities -- -- --
 Shareholders' equity 2,142,191 2,218,405 (3.4)
 Financial Ratios
 Inventory turnover (days) 56 47
 Trade accounts payable turnover (days) 81 38
 Net earnings per share (new pesos)(A) 0.03 0.13
 Operating earnings/sales (percent) 1.4 3.9
 IRF/sales (percent) 0.9 1.8
 Total liabilities/stockholders'
 equity (percent) 108.9 28.3
 Current assets/current liabilities
 (times) 0.66 1.59
 (A) -- Earnings for last 12 months. Basis 1,969,641,481 shares.
 (B) -- New Mexican pesos of purchasing power at March 31, 1993.
 -0- 5/3/93
 /CONTACT: Juan Carlos Mateos of Grupo Gigante, 52-5-531-3260, or John McInerney of Dewe Rogerson, 212-688-6840, for Grupo Gigante/


CO: Grupo Gigante S.A. de C.V. ST: IN: REA SU: ERN

TS-PS -- NY021 -- 3646 05/03/93 09:55 EDT
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Date:May 3, 1993
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