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FOOD LION REPORTS RECORD FIRST QUARTER PROFITS; NET INCOME UP 13.1 PERCENT

 FOOD LION REPORTS RECORD FIRST QUARTER PROFITS;
 NET INCOME UP 13.1 PERCENT
 SALISBURY, N.C., April 2 /PRNewswire/ -- For the first quarter of 1992, Food Lion, Inc. (NASDAQ-NMS: FDLN) reported that net income increased 13.1 percent over the first quarter of 1991, outpacing the sales gain of 12.7 percent during the quarter.
 Food Lion, Inc. operates supermarkets in twelve states located primarily in the Southeast. During the quarter the Company opened 12 new stores and closed one older store, giving Food Lion 892 stores opened as of March 21, 1992.
 The company posted a 5.16 percent income before LIFO and income tax margin and 3.11 percent net income margin, as compared to 5.48 percent and 3.10 percent, respectively, for the first quarter of 1991. The same store sales growth was 2.1 percent for the quarter.
 Company trends continue to be impacted by the condition of the economy. Changes in customer purchasing habits from high margin items (frozen foods, meats, etc.) to lower margin items (canned goods, etc.) adversely impact gross margin comparisons.
 The company plans to open as many as 125 stores in 1992, with continued growth in existing markets and expansion into three new markets -- Oklahoma, Louisiana, and Houston, Texas.
 STATEMENTS OF INCOME (UNAUDITED)
 12 Weeks 12 Weeks
 Ended Ended Percent
 3/21/92 3/23/91 Increase
 Net Sales $1,596,491,332 $1,417,188,432 12.7
 Income Before LIFO and
 Income Taxes 82,415,670 77,679,856 6.1
 LIFO (1,000,000) (5,300,000) -81.1
 Income Before Income Taxes 81,415,670 72,379,856 12.5
 Income Taxes 31,771,640 28,466,998 11.6
 Net Income 49,644,030 43,912,858 13.1
 Earnings Per Share 0.1540 0.1363 13.0
 Weighted Average Number
 of Shares Outstanding 322,419,834 322,271,081
 Statistical Information
 Number of Stores at end
 of the period: 892 792
 FOOD LION, INC.
 BALANCE SHEETS
 (Dollars in thousands)
 (Unaudited)
 Assets 3/21/92 12/28/91 3/23/91
 Current assets:
 Cash and cash equivalents $11,993 $4,345 $11,442
 Receivables 103,977 97,106 72,071
 Inventories 780,176 844,539 668,608
 Prepaid expenses 14,856 9,401 10,396
 Total current assets 911,002 955,391 762,517
 Property, at cost,
 less accumulated depreciation
 and amortization 1,082,373 1,036,796 824,887
 Total assets $1,993,375 $1,992,187 $1,587,404
 Liabilities and
 Shareholders' equity
 Current Liabilities:
 Notes payable $80,700 $122,500 $103,200
 Accounts payable, trade 299,943 343,163 266,170
 Accrued expenses 208,983 184,017 172,733
 Long-term debt - current 823 1,067 3,115
 Capital lease
 obligations - current 4,213 4,061 3,276
 Income taxes payable 49,765 33,329 40,285
 Total current liabilities 644,427 688,137 588,779
 Long-term debt 246,418 247,155 97,451
 Capital lease obligations 203,554 195,220 163,257
 Deferred income taxes 34,380 33,433 35,482
 Deferred compensation 1,694 1,687 1,711
 Total liabilities 1,130,473 1,165,632 886,680
 Shareholders' Equity:
 Class A non-voting common
 stock, $.50 par value 81,355 81,346 81,294
 Class B voting common
 stock, $.50 par value 79,857 79,857 79,857
 Additional capital 2,091 1,952 1,405
 Retained earnings 699,599 663,400 538,168
 Total shareholders' equity 862,902 826,555 700,724
 Total liabilities and
 shareholders' equity $1,993,375 $1,992,187 $1,587,404
 STATEMENTS OF INCOME
 (Unaudited)
 For the 12 Weeks ended March 21, 1992 and March 23, 1991
 (Dollars in thousands except per share data)
 3/21/92 3/23/91 12 Weeks
 (A) (B) (A) (B)
 Net sales $1,596,491 $1,417,188 100.00 100.00
 Cost of goods sold 1,270,253 1,126,596 79.57 79.50
 Gross Profit 326,238 290,592 20.43 20.50
 Selling and
 administrative
 expenses 207,908 188,640 13.02 13.31
 Interest expense 9,894 8,076 0.62 0.57
 Depreciation and
 amortization 27,020 21,496 1.69 1.51
 244,822 218,212 15.33 15.39
 Income before
 income taxes 81,416 72,380 5.10 5.11
 Provision for
 income taxes 31,772 28,467 1.99 2.01
 Net income $49,644 $43,913 3.11 3.10
 Earnings per share $ .1540 $ .1363
 Dividends per share $ .0417 $ .0373
 Weighted average
 number of shares
 outstanding
 Class A 162,705,290 162,556,537
 Class B 159,714.544 159,714,544
 Total 322,419,834 322,271,081
 -0- 4/2/92
 /CONTACT: Mike Mozingo, Corporate Communications Manager, Food Lion, Inc., 704-633-8250, ext. 2575/
 (FDLN) CO: Food Lion, Inc. ST: North Carolina IN: REA SU: ERN


DF -- CH007 -- 4526 04/02/92 16:04 EST
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Date:Apr 2, 1992
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