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GENOVESE DRUG STORES ANNOUNCES RECORD SALES AND NET INCOME FOR THE SECOND QUARTER AND FIRST HALF

 MELVILLE, N.Y., Aug. 26 /PRNewswire/ -- Genovese Drug Stores, Inc. (AMEX: GDXA), a chain of 102 super drug stores located in New York, New Jersey and Connecticut, today reported record sales and net income for the second quarter (12 weeks) and for the first half (28 weeks) ended Aug. 13, 1993.
 Sales for the second quarter increased 6.1 percent to $111,433,000 from $105,009,000 for the same period last year. For the half, sales increased 4.5 percent to $254,075,000 from $243,111,000. Net income for the second quarter increased 15.6 percent to $1,382,000 or $.17 per share vs. $1,195,000 or $.14 per share last year. Net income for the first half was up 17.0 percent to $2,864,000 or $.35 per share vs. $2,448,000 or $.30 per share last year.
 Commenting on these results, Leonard Genovese, chairman of the board and president, stated, "It is encouraging to see the improvement in sales during the second quarter where we posted a 6.1 percent increase compared to a 3.3 percent increase in first quarter sales. We are hopeful that this trend will continue through the second half and into our peak holiday season. Our trading market is highly competitive and is only slowly emerging from an extremely soft economy. We will continue our program of cost containment and productivity improvement to maximize earnings during this difficult period."
 Genovese has opened two new stores during the first half. In the second half an additional four to six new stores will be opened including the chain's first store in Manhattan.
 GENOVESE DRUG STORES, INC.
 Second quarter ended (12 weeks) 8/13/93 8/14/92
 Sales $111,433,000 $105,009,000
 Net income 1,382,000 1,195,000
 Net income per common share $.17 $.14(A)
 Avg. no. of common shares outstg. 8,303,000 8,273,000(A)
 First half ended (28 weeks) 8/13/93 8/14/92
 Sales $254,075,000 $243,111,000
 Net income 2,864,000 2,448,000
 Net income per common share $.35 $.30(A)
 Avg. no. of common shares outstg. 8,301,000 8,270,000(A)
 (A) -- Adjusted retroactively to reflect the effect of a 10 percent stock dividend distributed on Jan. 5, 1993.
 -0- 8/26/93
 /CONTACT: Jerome Stengel, vice president and treasurer of Genovese Drug Stores, 516-420-1900/
 (GDXA)


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

CK-SH -- NY018 -- 9059 08/26/93 10:38 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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