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CONSOLIDATED STORES CORPORATION REPORTS RECORD SALES AND INCOME FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 1992

 Third Quarter Earnings up 182 Pct., Third Quarter Sales up 23 Pct.;
 Nine Months Earnings up 330 Pct., Sales up 20 Pct.
 COLUMBUS, Ohio, Nov. 17 ~PRNewswire~ -- Consolidated Stores Corporation (NYSE: CNS) today reported that for the third quarter ended Oct. 31, 1992, net sales totaled a record $228.6 million, a 22.8 percent increase above net sales of $186.2 million for the 1991 period. For the first nine months of fiscal 1992 net sales increased to a record $623.8 million, a 19.8 percent increase, compared to $520.7 million in the prior year. Consolidated Stores also reported that comparable store sales increased 5.6 percent and 3.7 percent for the respective third quarter and first nine months of fiscal 1992.
 Third quarter net income increased 181.7 percent to a record $5.2 million or $.11 per share compared with third quarter 1991 net income of $1.8 million and $.04 per share. Net income for the 39 week period was also a record of $13.7 million, or $.29 per share, a 330.5 percent increase above the $3.2 million, $.07 per share, reported in the same 1991 period.
 Commenting on the results, William G. Kelley, chairman, president and chief executive officer, stated, "We are pleased with the sales and earnings results we have achieved to date in fiscal 1992. The refocusing of our merchandise mix to de-emphasize low margin items and improved operational controls over inventories has significantly improved our year-to-date retail margins which have increased to 43.3 percent in comparison to 40.4 percent last year."
 Kelley continued, "The third quarter improvement of comparable store sales has confirmed that value-oriented customers are shopping our stores more than ever. We have entered the holiday shopping season with a very good mix of inventory and are optimistic that our customers will respond, continuing the record pace we have established thus far in 1992."
 Consolidated Stores Corporation is a leading retailer and wholesaler of close-out merchandise and operated 386 ODD LOTS and BIG LOTS specialty retail stores and 154 ALL FOR ONE single price point retail stores at Oct. 31, 1992.
 The following are condensed operating results of the company.
 13 weeks ended, 39 weeks ended
 Oct. 31, Nov. 2, Oct. 31, Nov. 2,
 1992 1991 1992 1991
 (in millions, except earnings per share data)
 Net Sales:
 Retail $224.4 $181.9 $608.9 $506.3
 Wholesale 4.2 4.3 14.9 14.4
 Total $228.6 $186.2 $623.8 $520.7
 Operating profit $ 9.7 $ 4.8 $ 25.5 $ 9.7
 Net income $ 5.2 $ 1.8 $ 13.7 $ 3.2
 Earnings per common
 and common
 equivalent share $ 0.11 $ 0.04 $ 0.29 $ 0.07
 Weighted average
 number of common
 and common
 equivalent shares 47.6 45.8 47.6 45.8
 -0- 11~17~92
 ~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 -- CL002 -- 1676 11~17~92 08:32 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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