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MEGAFOODS STORES INC. ANNOUNCES FIRST QUARTER EARNINGS

 MESA, Ariz., May 5 /PRNewswire/ -- Megafoods Stores Inc. (NASDAQ: MEGF) today reported increased net income and sales for the first quarter 1993.
 Net income for the first quarter was $1,149,000, or $0.14 per share compared to a loss of $580,000 or ($0.15) per share, for the same quarter last year. A 1.4 percent increase in the company's gross margin percentage contributed significantly to this increase. Chief Executive Officer Dean Miller attributes this to the results from an increased number of non-Phoenix stores where margins are higher, together with a slight easing of the price wars in the Phoenix area.
 Sales during the first quarter ended April 3, 1993, totaled $91.4 million compared to $61.2 million during the same quarter last year, an increase of 49.4 percent. Same-store sales for the first quarter were up 2.3 percent.
 The company opened its 23rd store in January 1993. Heavy rains in Arizona and California have delayed construction of certain planned stores into the third and fourth quarters of 1993. Miller stated, "The company anticipates opening another 12 stores in 1993. Five will be in the third quarter and seven in the fourth. This `bunching' of store openings will impact those quarters' operating results because of the heavy pre-opening costs, which are immediately expensed."
 The proposed acquisition of Furr's Supermarkets Inc. is proceeding through the due diligence process.
 The company's annual meeting will be held on June 10, 1993, at the Mesa Hilton at 10 a.m.
 MEGAFOODS STORES INC.
 Financial Summary
 (In thousands, except per share amounts)
 13 Weeks Ended
 April 3, March 28,
 1993 1992
 Sales $91,401 $61,164
 Gross profit 15,296 9,383
 Net income (loss) 1,149 (580)
 Net income per share:
 Primary and fully
 dilutive 0.14 (0.15)
 Weighted average number
 of shares outstanding 8,447 4,000
 -0- 5/5/93
 /CONTACT: Dean Miller, CEO, 619-431-7213 or Jack Walker, 602-957-3152, both of Megafoods Stores/
 (MEGF)


CO: Megafoods Stores Inc. ST: Arizona IN: REA SU: ERN

EH-LS -- LA025 -- 4933 05/05/93 14:11 EDT
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Publication:PR Newswire
Date:May 5, 1993
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