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ARBOR DRUGS, INC. REPORTS RECORD YEAR-END RESULTS; NET INCOME UP 20.8 PERCENT ON SALES INCREASE OF 17.5 PERCENT

 ARBOR DRUGS, INC. REPORTS RECORD YEAR-END RESULTS;
 NET INCOME UP 20.8 PERCENT ON SALES INCREASE OF 17.5 PERCENT
 TROY, Mich., Oct. 5 /PRNewswire/ -- Arbor Drugs, Inc. (NASDAQ: ARBR), which currently operates 128 drugstores in Michigan, today announced a 20.8-percent increase in net income and a 17.5-percent increase in net sales for the year ended July 31, 1992.
 Eugene Applebaum, chairman, president and chief executive officer, attributed the record performance to outstanding sales growth while maintaining expense discipline in store operations. This resulted in significant net income growth in a challenging economic climate for the retail industry.
 Arbor's fiscal 1992 net income was $15,774,000, or $0.98 per share, up from $13,053,000, or $0.88 per share, in fiscal 1991. Net sales for the year were $476,848,000 versus $405,899,000 last year. Comparable store sales increased 10.4 percent for the year.
 Net income in the fourth quarter of fiscal 1992 was $4,031,000, up 15.9 percent over last year's $3,477,000. Earnings per share for the three months increased to $0.25 from $0.22 in fiscal 1991. Sales for the quarter ended July 31, 1992, were $123,681,000, up 18.3 percent from $104,518,000 in the prior year. Comparable store sales were up 11.6 percent for the three-month period.
 Commenting on the results, Applebaum said: "Fiscal 1992 was another year of distinction and achievement for our company. This record- breaking performance again demonstrates our ability to achieve significant sales increases and one of the highest net profit percentages in the chain drugstore sector. We remain committed to focusing on what is important to our customers. These priorities include our outstanding pharmacy department, high service standards, customer convenience, everyday values and attention to detail."
 Applebaum also noted: "Our company's aggressive growth reflects the fundamental strength of our base business. In addition to being a drugstore industry leader in comparable store sales increases, we are very pleased with the performance of the 11 new stores opened during fiscal 1992. For the fiscal year ending July 31, 1992, we plan to open or acquire 15 additional stores."
 Applebaum continued: "Despite the sluggish economy, the drugstore segment of the retail industry continues to be fairly recession- resistant, as customers depend on the conventional drugstore for everyday items and health-care needs."
 Founded in 1963, Arbor Drugs is the nation's 21st-largest drugstore chain.
 ARBOR DRUGS, INC.
 FINANCIAL HIGHLIGHTS
 (Dollars and number of shares in 000s)
 Year Ended July 31,
 Percent
 1992 1991 Change
 Net sales $476,848 $405,899 +17.5
 Cost of sales 346,140 292,433 +18.4
 Selling, general &
 admin. expense 105,783 91,509 +15.6
 Income from operations 24,925 21,957 +13.5
 Income before income tax 23,561 19,884 +18.5
 Income tax provision 7,787 6,831 +14.0
 Net income 15,774 13,053 +20.8
 Earnings per common share(a) $.98 $.88 +11.4
 Weighted average number
 of common shares(a) 16,138 14,794 +9.1
 Number of stores 123 112 +9.8
 Three Months Ended July 31,
 Percent
 1992 1991 Change
 Net sales $123,681 $104,518 +18.3
 Cost of sales 90,030 75,394 +19.4
 Selling, general &
 admin. expense 27,275 23,457 +16.3
 Income from operations 6,377 5,667 +12.5
 Income before income tax 6,076 5,377 +13.0
 Income tax provision 2,045 1,900 +7.6
 Net income 4,031 3,477 +15.9
 Earnings per common share(a) $.25 $.22 +13.6
 Weighted average number
 of common shares(a) 16,177 16,063 +0.7
 (a) -- Adjusted for a 3-for-2 stock split effected in May 1991.
 -0- 10/5/92
 /CONTACT: Gilbert C. Gerhard of Arbor Drugs, Inc., 313-643-9420/
 (ARBR) CO: Arbor Drugs, Inc. ST: Michigan IN: REA SU: ERN


DH-SB -- DE004 -- 6444 10/05/92 09:12 EDT
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Date:Oct 5, 1992
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