Printer Friendly

GENOVESE DRUG STORES, INC. ANNOUNCES RESULTS

 MELVILLE, N.Y., Nov. 19 ~PRNewswire~ -- Genovese Drug Stores, Inc. (AMEX: GDXA), a chain of 98 super drug stores located in New York, New Jersey and Connecticut, today reported sales and net income for its third quarter (12 weeks), and forty weeks of fiscal 1993, which ended Nov. 6, 1992.
 In the quarter, sales increased 4.2 percent to $101,626,000 from $97,493,000 a year earlier. Sales for the forty weeks of the fiscal year were $344,737,000, a 4.2 percent improvement over the corresponding period a year ago.
 Net income for the quarter increased 15 percent to $1,507,000. Earnings per common share were $.20 compared to $.18 for the same quarter last year. For the forty weeks, net income was $3,955,000, or $.53 per share versus $3,986,000, or $.54 per share last year.
 Commenting on the above, Leonard Genovese, chairman of the board and president stated, "These results position the company to at least match last fiscal year's record net income." Mr. Genovese further noted "Our efforts to effectively control costs, and the decision in the last two years to concentrate our capital expenditures on making Genovese a leader in retail technology, are beginning to pay off." Mr. Genovese added, "It is especially gratifying to see results like these in a market area that is only now beginning to emerge from a severe economic recession." Mr. Genovese also stated that all indications are for improved sales in the upcoming holiday season compared to last year's weak sales performance. He added that next year would see Genovese Drug Stores return to their previous pattern of opening 6 to 8 stores each year.
 GENOVESE DRUG STORES, INC.
 Third quarter ended 11~6~92 11~8~91
 Sales $101,626,000 $97,493,000
 Net income 1,507,000 1,310,000
 Net income per common share .20 .18
 Average number of common
 shares outstanding 7,521,000 7,450,000
 Forty weeks ended 11~6~92 11~8~91
 Sales 344,737,000 330,955,000
 Net income 3,955,000 3,986,000
 Net income per common share .53 .54(A)
 Average number of common
 shares outstanding 7,519,000 7,407,000(A)
 (A) Adjusted retroactively to reflect the effect of a 10 percent stock dividend distributed July 8, 1991.
 -0- 11~19~92
 ~CONTACT: Jerome Stengel, vice president and treasurer of Genovese Drug Stores, Inc., 516-420-1900~
 (GDXA)


CO: Genovese Drug Stores, Inc. ST: New York IN: REA SU: ERN

AH-OS -- NY034 -- 2799 11~19~92 10:45 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 19, 1992
Words:431
Previous Article:FORMER SENATOR CHARLES H. PERCY AND BANK OF NEW YORK EXECUTIVE THOMAS W. ARCHIBALD TO JOIN HEARx BOARD
Next Article:MORGAN STANLEY REPORTS RESULTS
Topics:


Related Articles
GENOVESE DRUG STORES REPORTS EARNINGS
GENOVESE DRUG STORES REPORTS RESULTS
GENOVESE DRUG STORES, INC. REPORTS RESULTS
GENOVESE DRUG STORES REPORTS RESULTS
GENOVESE DRUG STORES REPORTS RESULTS
SECOND QUARTER AND FIRST HALF SALES AND NET INCOME CONTINUE AT RECORD PACE AT GENOVESE DRUG STORES, INC.
GENOVESE DRUG STORES POSTS RECORD SALES AND EARNINGS FOR FISCAL 1995
Genovese Drug Stores Posts Record Sales and Record Net Income in the First Quarter
Genovese Drug Stores, Inc. Reports Results For Its Fourth Quarter And Fiscal Year
Genovese Drug Stores, Inc. Reports Record Sales and Net Income for the Second Quarter and First Half

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters