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GENOVESE DRUG STORES ANNOUNCES RECORD SALES AND NET INCOME FOR THE THIRD QUARTER AND FORTY WEEKS

 MELVILLE, N.Y., Nov. 18 /PRNewswire/ -- Genovese Drug Stores, Inc. (AMEX: GDXA), a chain of 105 super drug stores located in New York, New Jersey and Connecticut, today reported record sales and net income for the third quarter (12 weeks) and forty weeks ending Nov. 5, 1993. This was the fifth consecutive quarter of record sales and net income.
 Sales for the quarter increased 7.1 percent to $108,838,000 from $101,626,000 in the corresponding quarter a year earlier. Sales for the forty weeks of the fiscal year were $362,913,000, a 5.3 percent improvement over the prior year.
 Net income for the quarter increased 26.8 percent to $1,911,000 compared to $1,507,000. Net income per common share rose to $.23 from $.18. For the forty weeks, net income was $4,775,000 or $.58 per share, 20.7 percent ahead of the $3,955,000, or $.48 per share last year.
 Leonard Genovese, Chairman of the Board and President, stated, "We are very pleased with the results so far this year. We anticipate that with a continuance of improved sales and a rise in the retail consumer's overall confidence, our all important fourth quarter will continue the record results we have been experiencing." He continued, "During the third quarter, Genovese opened three new stores including the chain's first in Manhattan."
 The Company also revealed that current plans call for an additional eight to ten stores to be opened within the next year. The installation of point of sale scanner registers is scheduled to be completed chainwide within the next year. These scanner registers have enabled the Company to attain better in-stock conditions in the stores, improve inventory control and increase store efficiency.
 GENOVESE DRUG STORES, INC.
 Third Quarter (12 Weeks) 11/5/93 11/6/92
 Sales $ 108,838,000 $ 101,626,000
 Net income $ 1,911,000 $ 1,507,000
 Net income per common share $ .23 $ .18(A)
 Average number of common shares
 outstanding 8,304,000 8,273,000(A)
 Year to Date (40 Weeks)
 Sales $ 362,913,000 $ 344,737,000
 Net income $ 4,775,000 $ 3,955,000
 Net income per common share $ .58 $ .48(A)
 Average number of common shares
 outstanding 8,302,000 8,271,000(A)
 (A) Adjusted retroactively to reflect the effect of a 10 percent stock dividend distributed on Jan. 5, 1993
 -0- 11/18/93
 /CONTACT: Jerome Stengel, vice president and treasurer of Genovese, 516-420-1900/
 (GDX) CO: Genovese Drug Stores, Inc. ST: New York IN: REA SU: ERN


TW-MP -- NY031 -- 5963 11/18/93 11:03 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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