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CONSOLIDATED STORES CORPORATION REPORTS RECORD SECOND QUARTER RETAIL SALES OF $231.3 MILLION AND RECORD NET INCOME OF $.14 PER SHARE

 COLUMBUS, Ohio, Aug. 16 /PRNewswire/ -- Consolidated Stores Corporation (NYSE: CNS) today reported that for the second quarter ended July 31, 1993, net retail sales increased 16.6 percent to a record $231.3 million compared with 1992 second quarter retail sales of $198.3 million. Net income for the quarter was $6.6 million, $.14 per share, compared with $5.1 million, $.11 per share, in the 1992 period. Net retail sales for the first six months of 1993 were a record $436.7 million up 13.6 percent from $384.6 million in 1992. Net income for the first half of 1993 was $7.9 million or $.17 per share compared to the same 1992 period of $8.5 million or $.18 per share. Comparable store sales for stores open two full years increased 5.0 percent in the quarter and 1.4 percent for the year to date period.
 Commenting on the results, William G. Kelley, chairman, president, and chief executive officer stated, "We are very pleased with the continuation of record sales and earnings for the second quarter. The improved earnings reflect the results of upgrading our merchandise mix and the continued improvement in the rate of reductions from initial markups. We anticipate these trends to continue in the third quarter, and, that the Company will achieve Wall Street's earnings expectations for fiscal 1993 and beyond."
 Consolidated Stores Corporation, a leading retailer and wholesaler of close-out merchandise, operated 402 ODD LOTS and BIG LOTS specialty retail stores and 170 ALL FOR ONE single price point retail stores at July 31, 1993.
 The following are condensed operating results for the company.
 Thirteen Weeks Ended Fiscal Year Ended
 July 31, Aug. 1, July 31, Aug. 1,
 1993 1992 1993 1992
 (in millions, except per share data)
 Net Sales:
 Retail $ 231.3 $ 198.3 $ 436.7 $ 384.6
 Wholesale 3.1 4.9 7.9 10.6
 Total $ 234.4 $ 203.2 $ 444.6 $ 395.2
 Operating profit $ 12.4 $ 9.3 $ 15.1 $ 15.8
 Net income $ 6.6 $ 5.1 $ 7.9 $ 8.5
 Earnings per common
 and common equivalent
 share $ 0.14 $ 0.11 $ 0.17 $ 0.18
 Weighted average number
 of common and common
 equivalent shares 47.9 47.6 47.9 47.6
 -0- 8/16/93
 /CONTACT: William B. Snow, executive vice president and chief financial officer, Consolidated Stores Corporation, 614-278-6810/
 (CNS)


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

BM -- CL007 -- 2989 08/16/93 10:32 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
Words:417
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