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QFC REPORTS RECORD FIRST-QUARTER RESULTS

 BELLEVUE, Wash., April 6 /PRNewswire/ -- Quality Food Centers Inc. (QFC) (NASDAQ: QFCI) today reported record sales and earnings for the 12 weeks ended March 20, 1993.
 Net earnings for the first quarter of 1993 increased 23 percent to a record $6,240,000, or 32 cents per share, compared with net earnings of $5,055,000, or 26 cents per share, in the corresponding 1992 quarter.
 First-quarter sales increased 18 percent to $116 million, compared with $98 million last year. Comparable store sales increased 6.5 percent during the quarter.
 According to Marc Evanger, vice president and chief financial officer, "Our sales increase is due to our strong comparable store sales, the three stores we added in 1992, the two stores we acquired at the beginning of the quarter, our new Midway store opened in February, and additional sales from the expansion and remodeling of six stores in 1992. Food price deflation continued during the quarter, averaging slightly more than 0.5 percent." Evanger added, "While we are not able to quantify the effect, we believe the health concerns at fast food restaurants in our market area resulting from the E. Coli bacteria outbreak and a regional power outage caused by a wind storm both had a positive impact on first-quarter sales. Our strong sales enabled us to achieve substantial operating efficiencies, which along with improved buying and merchandising and cost controls produced an operating margin of 7.9 percent for the quarter, compared with 7.6 percent for the same period last year."
 Dan Kourkoumelis, QFC president and chief operating officer, said, "We're very pleased with our outstanding start for 1993, which reflects the efforts and commitment of our people. Their efforts on a daily basis, as well as during challenging times such as during our power outage in January, are second to none. The two stores we acquired and our new Midway store are off to strong starts, and we are very impressed with our new employees."
 Stuart Sloan, chairman and chief executive officer, stated, "In addition to our strong financial results, our expansion plans are on track for a 19-percent increase in store square footage for 1993. Our 1993 plans call for the addition of five stores, three of which are already open -- our Inglewood and Wilderness Village stores, which were acquired at the beginning of the quarter, and our Midway store, which opened in February. The construction of our Fairwood store is on schedule for a June opening, and we expect to begin construction of our Federal Way store later this month. We have begun site work for the construction of a replacement facility for the Wilderness Village store we acquired, the expansion and remodeling of our Bothell store will be complete next week, and we plan to begin remodeling our Inglewood store later this year." Sloan continued, "We are also continuing to actively pursue other new store sites and acquisition opportunities."
 QFC is the largest independent supermarket chain in the Seattle/Puget Sound area. QFC has served this area for 38 years and today operates 36 stores. QFC's first priority is satisfying the needs of customers by providing superior service, high-quality perishables and competitive prices at convenient store locations.
 QUALITY FOOD CENTERS INC.
 FINANCIAL HIGHLIGHTS
 FIRST QUARTER - 1993
 (In thousands except per-share amounts)
 March 20, PERCENT March 21, PERCENT
 Twelve Weeks Ended: 1993 OF SALES 1992 OF SALES
 Sales $116,043 100.0 $98,232 100.0
 Cost of sales and related
 occupancy expenses 86,577 74.6 73,495 74.8
 Marketing, general and
 administrative expenses 20,283 17.5 17,318 17.6
 Operating income 9,183 7.9 7,419 7.6
 Interest income 187 0.2 188 0.2
 Earnings before taxes 9,370 8.1 7,607 7.8
 Income taxes 3,130 2.7 2,552 2.6
 Net earnings $ 6,240 5.4 $ 5,055 5.2
 Earnings per share $ 0.32 -- $ 0.26 --
 Average shares
 outstanding 19,580,000 -- 19,553,000 --
 Cash & cash equivalents $ 33,440 -- $ 19,466 --
 Total assets 154,640 -- 120,193 --
 Shareholders' equity 114,612 -- 86,250 --
 Depreciation and amortization 2,000 -- 1,820 --
 -0- 4/5/93
 /CONTACT: Marc Evanger, vice president, chief financial officer, 206-455-3761/
 (QFCI)


CO: Quality Food Centers Inc. ST: Washington IN: REA SU: ERN

LM -- SE003 -- 3309 04/06/93 07:50 EDT
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Date:Apr 6, 1993
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