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CONSOLIDATED STORES CORPORATION REPORTS RECORD NET INCOME AND SALES FOR FISCAL 1992 AND THE FOURTH QUARTER

 ANNUAL EARNINGS UP 84.6 PERCENT, ANNUAL SALES UP 20.5 PERCENT,
 FOURTH QUARTER EARNINGS UP 38.6 PERCENT
 FOURTH QUARTER SALES UP 21.8 PERCENT
 COLUMBUS, Ohio, Feb. 23 /PRNewswire/ -- Consolidated Stores Corporation (NYSE: CNS) today reported that for the fiscal year ended Jan. 30, 1993, net income was a record $37.1 million ($.78 per share), an 84.6 percent increase above net income in fiscal 1991. Net sales in fiscal 1992 increased to a record $929.3 million, a 20.5 percent increase, compared to $771.5 million in the prior year. Comparable store sales for stores open two full years at the beginning of the year increased 4.3 percent.
 Fourth quarter net income increased 38.6 percent to a record $23.4 million ($.49 per share) compared to net income of $16.9 million ($.37 per share) in the fourth quarter of 1991. Sales for the quarter increased 21.8 percent to a record of $305.4 million compared to $250.8 million in the comparable 1991 quarter. Comparable store sales increased 5.4 percent in the quarter.
 Commenting on the results, William G. Kelley, chairman, president and chief executive officer, stated, "We finished fiscal 1992 with the anticipated momentum to cap the company's most successful year. Our fourth quarter record net income of $.49 per share exceeded the earnings of the entire preceding fiscal year."
 Kelley added, "Our customers also fully supported the change in our merchandise mix this year which de-emphasized certain basic low margin items. This program, when combined with improved operational controls over inventories, significantly improved our retail margins which increased to 43.3 percent in comparison to 40.8 percent last year. Our solid growth has demonstrated our organization's ability to perform consistently. We have built the foundation from which we anticipate continued success."
 Consolidated Stores Corporation is a leading retailer and wholesaler of close-out merchandise and operated 381 ODD LOTS and BIG LOTS specialty retail stores and 160 ALL FOR ONE single price point retail stores at Jan. 30, 1993.
 The following are condensed operating results of the company.
 13 Weeks Ended Fiscal Year Ended
 Jan. 30, Feb. 1, Jan. 30, Feb. 1,
 1993 1992 1993 1992
 (in millions, except earnings per share data)
 Net Sales:
 Retail $301.8 $246.3 $910.8 $752.6
 Wholesale 3.6 4.5 18.5 18.9
 Total $305.4 $250.8 $929.3 $771.5
 Operating profit $ 38.9 $ 28.6 $ 64.4 $ 38.3
 Net income $ 23.4 $ 16.9 $ 37.1 $ 20.1
 Earnings per common
 and common
 equivalent share $ 0.49 $ 0.37 $ 0.78 $ 0.44
 Weighted average
 number of common
 and common
 equivalent shares 47.9 45.9 47.7 45.8
 -0- 2/23/93
 /CONTACT: William B. Snow, executive vice president and chief financial officer of Consolidated Stores Corporation, 614-278-6810/
 (CNS)


CO: Consolidated Stores Corporation ST: Ohio IN: REA SU: ERN

KK -- CL004 -- 9289 02/23/93 09:36 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 23, 1993
Words:496
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