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DRUG EMPORIUM REPORTS RESULTS FOR FIRST FISCAL QUARTER

 DRUG EMPORIUM REPORTS RESULTS FOR FIRST FISCAL QUARTER
 COLUMBUS, Ohio, June 26 /PRNewswire/ -- Drug Emporium, Inc. (NASDAQ: DEMP) today reported record sales for the first fiscal quarter ended May 30, 1992. Comparable-store sales were down 2 percent. As expected, the first quarter resulted in a net loss.
 Net sales increased 5 percent to $187.8 million compared to sales of $178.7 million in the corresponding three months a year ago. The net loss amounted to $710,000 or 5 cents per share vs. net income of $995,000 or 8 cents per share earned in the first fiscal quarter last year.
 Gary Wilber, Drug Emporium chief executive officer, said, "These results are in line with our expectations." Much of the previously announced restructuring was executed during the first quarter. Centralized buying programs have been instituted in three of the company's five regions with programs for the remaining two regions scheduled in July. "Further," Wilber said, "we have begun to centralize accounting and administrative functions which we expect to complete in July."
 Wilber added, "We expect our stronger, restructured organization to strengthen margins and profitability during the second half."
 Drug Emporium is a national chain of 132 company-owned stores specializing in competitively priced health and beauty aids, cosmetics and prescription drugs. The company also franchises an additional 97 Drug Emporium stores.
 DRUG EMPORIUM, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
 (In thousands except per-share amounts)
 Three Months Ended
 May 30, May 31,
 1992 1991
 Net sales $187,762 $178,743
 Cost of sales 150,431 142,372
 Selling, administrative and
 occupancy expenses 37,084 33,168
 Other expense 1,392 1,424
 Total cost and expenses 188,907 176,964
 Income (loss) before income taxes (1,145) 1,779
 Provision (credit) for income taxes (435) 784
 Net income (loss) $(710) $995
 Net income (loss) per share $(.05) $.08
 Weighted average number of common
 and common equivalent shares
 (if dilutive) 13,112 13,168
 -0- 6/26/92
 /CONTACT: Gary Wilber, CEO or Steve Pohlit, CFO of Drug Emporium, Inc., 614-548-7080; or Investor Relations Consultants, Inc., 614-/436-5592/
 (DEMP) CO: Drug Emporium, Inc. ST: Ohio IN: REA SU: ERN


SS-XX -- FL003 -- 4083 06/26/92 08:37 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
Words:366
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