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ARBOR DRUGS, INC. REPORTS RECORD THIRD-QUARTER RESULTS; NET INCOME UP 19.8 PERCENT ON SALES INCREASE OF 19.5 PERCENT

 ARBOR DRUGS, INC. REPORTS RECORD THIRD-QUARTER RESULTS;
 NET INCOME UP 19.8 PERCENT ON SALES INCREASE OF 19.5 PERCENT
 TROY, Mich., May 27 /PRNewswire/ -- Arbor Drugs, Inc. (NASDAQ: ARBR), which currently operates 122 drugstores in Michigan, today announced a 19.8-percent increase in net income and a 19.5-percent increase in net sales for its third quarter ended April 30, 1992.
 Eugene Applebaum, chairman, president and chief executive officer, attributed the record third-quarter performance to outstanding sales results and disciplined expense control.
 Arbor's fiscal 1992 third-quarter net income was $3,333,000, or $.21 per share, up from $2,782,000, or $.19 per share, in fiscal 1991.
 Net sales were $120,928,000 this quarter vs. $101,209,000 for the quarter ended April 30, 1991. Comparable store sales increased by an impressive 13.3 percent for the three-month period.
 Net income in the first nine months of the year was $11,743,000, up 22.6 percent over last year's $9,576,000. Earnings per share advanced to $.73 from $.67.
 Sales for the first nine months of the year were $353,166,000, up 17.2 percent from $301,381,000 in the prior year. Comparable store sales this year increased by 10.0 percent in the nine-month period.
 The board of directors of the Troy-based retailer today also declared a regular quarterly cash dividend of $.035 per share, payable July 1, 1992, to holders of record as of June 17, 1992.
 Commenting on the company's financial performance, Applebaum said, "We are very pleased with our record results for the first nine months of fiscal 1992. We are particularly gratified to announce that our double-digit comparable store increase of 13.3 percent in the third quarter represents one of the highest store-to-store sales percentage gains in our history. Our strategic focus on health care and everyday convenience, combined with the operational excellence of our organization, continues to generate record sales and profits.
 "Arbor's excellent sales momentum reflects the fundamental strength of our traditional drugstore format with its core pharmacy operation," Applebaum continued. "Our third-quarter results represent the company's 19th consecutive record quarter. Importantly, we remain confident that fiscal 1992 will be another outstanding year for the company."
 Arbor Drugs, the nation's 21st-largest drugstore chain, ranks among the top performers nationally in the chain drugstore industry in several key categories, including: sales per store, sales per square foot, and net profit percentage.
 ARBOR DRUGS, INC.
 FINANCIAL HIGHLIGHTS
 (Dollars and number of shares in 000s)
 Three Months Ended April 30,
 1992 1991 Percent Change
 Net sales $120,928 $101,209 + 19.5
 Cost of sales 87,808 72,753 + 20.7
 Selling, general and
 admin. expense 27,710 23,636 + 17.2
 Income from operations 5,410 4,820 + 12.2
 Income before income tax 5,004 4,170 + 20.0
 Income tax provision 1,671 1,388 + 20.4
 Net income 3,333 2,782 + 19.8
 Earnings per common share $.21 $.19 + 10.5
 Weighted average no. of
 common shares 16,166 14,466 + 11.8
 No. of stores (at end
 of period) 122 112 + 8.9
 Nine Months Ended April 30,
 1992 1991 Percent Change
 Net sales $353,166 $301,381 + 17.2
 Cost of sales 256,110 217,039 + 18.0
 Selling, general and
 admin. expense 78,508 68,052 + 15.4
 Income from operations 18,548 16,290 + 13.9
 Income before income tax 17,485 14,507 + 20.5
 Income tax provision 5,742 4,931 + 16.4
 Net income 11,743 9,576 + 22.6
 Earnings per common share $.73 $.67 + 9.0
 Weighted average no. of
 common shares 16,125 14,365 + 12.3
 -0- 5/27/92
 /CONTACT: Gilbert C. Gerhard of Arbor Drugs, Inc., 313-643-9420/
 (ARBR) CO: Arbor Drugs, Inc. ST: Michigan IN: REA SU: ERN


ML -- DE004 -- 4091 05/27/92 08:54 EDT
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Date:May 27, 1992
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