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QFC REPORTS RECORD FOURTH QUARTER AND YEAR-END RESULTS

 QFC REPORTS RECORD FOURTH QUARTER AND YEAR-END RESULTS
 BELLEVUE, Wash., Jan. 28 /PRNewswire/ -- Quality Food Centers Inc.


(QFC)(NASDAQ: QFCI) today reported record sales and earnings for the 16 and 52 weeks ended Dec. 28, 1991.
 FOURTH-QUARTER RESULTS
 Net earnings for the fourth quarter increased 28 percent to a record $6,785,000, compared with $5,299,000 for the corresponding 1990 quarter. Net earnings per share were 35 cents, compared with 28 cents per share for the fourth quarter of 1990, adjusted to reflect the two-for-one stock split effective May 17, 1991.
 Sales for the fourth quarter increased 11.7 percent to $126.8 million, compared with $113.5 million last year. Comparable store sales increased 3.2 percent.
 "Our higher sales reflect the two new stores we opened in June, the new store we opened in December and gains from our ongoing store remodeling program. Consistent with the first three quarters of 1991, fourth quarter sales reflect very modest inflation," said Marc Evanger, vice president and chief financial officer. "Operating income increased 29 percent for the quarter due to the sales increase, improved gross margins, economies of scale and continued control of operating expenses."
 YEAR-END RESULTS
 For the year ended Dec. 28, 1991, net earnings increased 30 percent to a record $20,647,000, or $1.06 per share, compared with net earnings of $15,937,000, or 83 cents per share, for 1990. Sales for 1991 increased 13.7 percent to $395.2 million, compared with $347.6 million in 1990. Comparable store sales were up 3.3 percent for the year.
 "We're pleased with QFC's performance in 1991, which was due to the outstanding efforts put forth by all of our people," said Dan Kourkoumelis, QFC president and chief operating officer. "1991 was a productive year on many fronts. We opened three new stores in 1991 and have announced plans for three other new store openings in 1992. We also moved forward with our remodeling efforts, completing two remodels in 1991, and we plan to remodel five stores in 1992 -- one of which we completed on Jan. 15, 1992, and three of which are currently under construction." Kourkoumelis added, "These activities increased our square footage by 19 percent in 1991 and will increase our square footage by a like amount in 1992. We are also actively pursuing other new store sites and acquisition opportunities."
 QFC is the largest independent supermarket chain in Seattle/King County. QFC has served this growing ay emphasizing superior service, high- quality perishables, competitive prices and convenient store locations.
 QUALITY FOOD CENTERS INC. FINANCIAL HIGHLIGHTS
 Fourth Quarter 1991
 (Dollars in thousands, except per-share amounts)
 16 Weeks Ended
 Dec. 28, Percent of Dec. 29, Percent of
 1991 sales 1990 sales
 Sales $126,755 100.0 $113,451 100.0
 Cost of sales and
 related occupancy
 expenses 94,942 74.9 85,851 75.7
 Operating expenses 21,937 17.3 19,955 17.6
 Operating income 9,876 7.8 7,645 6.7
 Interest income 304 0.2 393 0.4
 Earnings before taxes 10,180 8.0 8,038 7.1
 Income taxes 3,395 2.7 2,739 2.4
 Net earnings $ 6,785 5.3 $ 5,299 4.7
 Average shares
 outstanding 19,523 19,304
 Earnings per share $ 0.35 $ 0.28
 Cash and investments $ 22,838 $ 26,410
 Total assets 115,922 92,707
 Shareholders' equity 80,843 59,077
 52 Weeks Ended
 Dec. 28, Percent of Dec. 29, Percent of
 1991 sales 1990 sales
 Sales $395,151 100.0 $347,652 100.0
 Cost of sales and
 related occupancy
 expenses 296,088 74.9 263,550 75.8
 Operating expenses 69,076 17.5 61,022 17.6
 Operating income 29,987 7.6 23,080 6.6
 Interest income 1,217 0.3 1,112 0.3
 Earnings before taxes 31,204 7.9 24,192 6.9
 Income taxes 10,557 2.7 8,255 2.3
 Net earnings $ 20,647 5.2 $ 15,937 4.6
 Average shares
 outstanding 19,510 19,294
 Earnings per share $ 1.06 $ 0.83
 -0- 1/28/92
 /CONTACT: Marc Evanger of Quality Food Centers, 206-455-3761/
 (QFCI) CO: Quality Food Centers Inc. ST: Washington IN: REA SU: ERN


JH-LM -- SE006 -- 4072 01/28/92 09:07 EST
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Date:Jan 28, 1992
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