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CONSOLIDATED STORES CORPORATION REPORTS RECORD SALES AND INCOME FOR SECOND QUARTER & SIX MONTHS ENDED AUG. 1, 1992; NEW EXECUTIVES ADDED

 CONSOLIDATED STORES CORPORATION REPORTS RECORD SALES AND INCOME FOR
 SECOND QUARTER & SIX MONTHS ENDED AUG. 1, 1992; NEW EXECUTIVES ADDED
 Six Month Earnings up 533 Percent; Sales up 18 Percent; Second
 Quarter Earnings Up 136 Percent; Second Quarter Sales up 15 Percent
 COLUMBUS, Ohio, Aug. 18 /PRNewswire/ -- Consolidated Stores Corporation (NYSE: CNS) today reported that for the second quarter ended Aug. 1, 1992, net sales increased 15.0 percent to a record $203.2 million from $176.7 million in the 1991 period. The company reported record earnings per share of $.11 in the second quarter of 1992 compared to $.05 in the same period a year ago. During the second quarter, comparable sales in stores open for more than two years declined one percent from a year ago.
 For the 26 weeks ended Aug. 1, 1992, net sales increased 18.1 percent to a record $395.2 million from $334.5 million in 1991, and 1992 net income was a record $8.5 million, or $.18 per share, compared to net income of $1.3 million or $.03 per share in 1991. Comparable sales for the first half were up 3.0 percent from a year earlier.
 Commenting on the results, William G. Kelley, chairman and chief executive officer, stated, "We are very pleased with the continuation of record sales and earnings over the last three quarters. The improved earnings are in part due to the successful refocusing of our merchandise mix begun late last year and which significantly strengthened retail gross margins. Our efforts have been directed at the elimination or de- emphasis of selected low margin items, mostly food products, that were prone to high markdowns. This change in our sales mix, coupled with stronger operational controls over inventories, have resulted in the retail gross margin rate rising to 43 percent, from 39 percent last year."
 Kelley continued, "The impact of our efforts to improve sales mix and margin will be greatest during the summer months. The reward of higher margins cost us some sales growth as comparable store sales declined one percent in the second quarter. In addition, sales were also impacted by record cold and wet weather in May and June. We are confident that we will report positive comparable store sales gains during the second half and will also meet or exceed our expectations of growth and profitability for 1992 and beyond," Kelley concluded.
 Consolidated Stores also announced today that two new executives have joined the company. Ron Tuchman, formerly president of Child World and previously a senior merchandising executive at Toys R Us, will serve in various capacities including buying and merchandising. Tony Grzan, formerly with MacFrugal's, will be responsible for children's apparel and related products. Both executives will be based in Consolidated's New York office.
 At the end of the half year, Consolidated Stores Corporation operated 368 BIG LOTS and ODD LOTS specialty retail stores, selling close-out merchandise at substantial discounts, and 115 ALL FOR ONE single price point retail stores. The company is one of the leading retailers and wholesalers of close-out merchandise in 18 states.
 The following are the condensed operating results of the company, (reported in thousands, except per share data).
 Thirteen weeks ended
 August 1, August 3,
 1992 1991
 Net Sales:
 Retail $198,320 $171,232
 Wholesale 4,849 5,460
 Total $203,169 $176,692
 Operating profit $ 9,309 $ 4,681
 Net income $ 5,135 $ 2,177
 Earnings per common and
 common equivalent share $ 0.11 $ 0.05
 Weighted average
 number of common and
 common equivalent shares 47,551 45,768
 Twenty-six weeks ended
 August 1, August 3,
 1992 1991
 Net Sales:
 Retail $384,558 $324,390
 Wholesale 10,643 10,110
 Total $395,201 $334,500
 Operating profit $ 15,784 $ 4,884
 Net income $ 8,503 $ 1,343
 Earnings per common and
 common equivalent share $ 0.18 $ 0.03
 Weighted average
 number of common and
 common equivalent shares 47,599 45,736
 -0- 8/18/92
 /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 -- CL006 -- 0864 08/18/92 10:14 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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