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VALUE MERCHANTS, INC. ANNOUNCES DECEMBER SALES RESULTS AND COMMENTS ON FISCAL 1991 EARNINGS EXPECTATIONS

 VALUE MERCHANTS, INC. ANNOUNCES DECEMBER SALES RESULTS
 AND COMMENTS ON FISCAL 1991 EARNINGS EXPECTATIONS
 MILWAUKEE, Jan. 3 /PRNewswire/ -- Value Merchants, Inc. (NASDAQ: VLMR) reported a 73.9 percent increase in sales for the four weeks ended Dec. 28, 1991 and a 68.0 percent increase in year-to-date sales results (47 weeks).
 Net sales for all operations, including 207 Everything's A $1.00 stores and 115 Toy Liquidators stores and Wisconsin Toy Company, the nation's largest wholesaler of close-out toys, for December and the year-to-date totaled $53.8 million and $218.9 million respectively, compared with $30.9 million and $130.3 million for the same periods a year ago.
 The following table summarizes the sales performance for December 1991 and year-to-date for Value Merchants and its retailing units:
 Net Sales - Total Operations
 (in Millions)
 Four Weeks Ended
 Dec. 28, 1991 Dec. 29, 1990 Pct. Increase
 $53.8 $30.9 73.9
 Forty Seven Weeks Ended
 Dec. 28, 1991 Dec. 29, 1990 Pct. Increase
 $218.9 $130.3 68.0
 Net Sales - Retail Operations
 Percentage Increase from Prior Year
 Everything's A $1.00
 No. of Stores Pct. Increase
 1991 1990 December 47 Weeks
 Comparable Stores 60 60 0.7 3.7
 Total Stores 207 105 115.5 113.8
 Avg. Daily Sales -
 Noncomp vs Comp 147 27.3 34.0
 Toy Liquidators
 No. of Stores Pct. Increase
 1991 1990 December 47 Weeks
 Comparable Stores 70 70 10.7 15.2
 Total Stores 115 102 20.7 35.6
 Avg. Daily Sales -
 Noncomp vs Comp 45 5.7 10.0
 (A) -- Comparable stores are all stores opened prior to February 1990.
 "Our December sales reflect consumer preference for value in an anemic retailing environment which especially had an adverse impact on regional shopping malls," stated Steven J. Appel, president and chief executive officer. "With five weeks remaining in our fiscal year," he added, "and until a final physical inventory is completed we cannot predict our annual earnings results with certainty; however, we believe we will achieve the lower end of the range of investor and analyst earnings expectations between $1.30 and $1.50 per share."
 According to Appel, the company did not incur any unplanned markdowns for the Christmas season nor will it for the remainder of the fiscal year. "Our inventory levels are in balance and we believe the quality and mix of merchandise has never been better," he said.
 Appel indicated Value Merchants successfully completed its new store development program for fiscal 1991 by Dec. 1, and currently operates 207 Everything's A $1.00 stores primarily in regional malls and 111 Toy Liquidators stores in manufacturer's outlet malls, compared with 104 and 96 stores respectively a year ago.
 "We are excited about our business strategy, including our focus on the value segment of retailing," Appel said. "We will continue to build our infrastructure and intend to implement a more expansive growth plan in fiscal 1992 than this past year when we opened a total of 119 new permanent stores and 39 temporary Christmas season stores."
 -0- 1/3/92
 /CONTACT: Gary I. Kastel, director, corporate communications of Value Merchants, Inc., 414-274-2976/
 (VLMR) CO: Value Merchants, Inc. ST: Wisconsin IN: REA SU:


LC -- CL005 -- 6406 01/03/92 09:35 EST
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Date:Jan 3, 1992
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