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HI/LO AUTOMOTIVE ANNOUNCES STRONG SALES AND EARNINGS INCREASES

 HI/LO AUTOMOTIVE ANNOUNCES STRONG SALES AND EARNINGS INCREASES
 HOUSTON, Oct. 22 /PRNewswire/ -- Hi-Lo Automotive, Inc. (NYSE: HLO) today reported the Company's third quarter and year to date earnings for the period ended Sept. 30, 1992.
 Sales for the third quarter increased 20.7 percent to $51.3 million compared to $42.5 million for the same quarter last year. Same store sales increased 11.3 percent. Net income was $2.6 million, up 21.2 percent compared to income of $2.2 million for the third quarter 1991. Earnings per share for the quarter were $.27, a 17 percent increase over the $.23 reported for the same period last year.
 Sales for the nine months ended Sept. 30, 1992, increased 19.6 percent to $142.3 million compared to $118.9 million for the prior year. Same store sales for the nine months increased 12.6 percent. Net income for the nine month period was $6.8 million, up 26.3 percent compared to income of $5.4 million, before an extraordinary charge of $1.2 million in the nine month period of 1991. Earnings per share for the nine months were $.70, an 8 percent increase over the $.65 earned before the $.15 extraordinary charge in 1991. During the first nine months of the year, Hi/LO opened twelve stores in Texas, bringing the total store count to 126. The Company plans to open three additional stores by year-end 1992.
 T. Michael Young, President and Chief Executive Officer, stated, "We are pleased with our sales and operating results for the third quarter and our customers acceptance of our new low price strategy." Young also said that Hi/LO would open three new stores in the fourth quarter, bringing the total new stores in 1992 to 15.
 Hi-Lo Automotive, Inc. sells automotive aftermarket parts and accessories to retail and commercial customers through its 126 stores in Texas and Louisiana.
 -0- 10/22/92
 /CONTACT: Gary D. Walther, Chief Financial Officer, Hi-Lo Automotive, 713-991-6052/
 (HLO) CO: Hi-Lo Automotive, Inc. ST: Texas IN: AUT SU: ERN


CM -- CH003 -- 3357 10/22/92 09:24 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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