GENOVESE DRUG STORES REPORTS RESULTS
GENOVESE DRUG STORES REPORTS RESULTS MELVILLE, N.Y., Nov. 19 /PRNewswire/ -- Leonard Genovese, chairman
of the board and president of Genovese Drug Stores, Inc. (AMEX: GDXA), a chain of 96 super drug stores with locations in New York, New Jersey and Connecticut, today reported that the company achieved record sales and net income in the third quarter (12 weeks) and 40 weeks of fiscal 1992, which ended Nov. 8, 1991.
For the quarter, sales increased 4.3 percent to $97,493,000 from $93,461,000 a year ago. Net income increased 33.3 percent to $1,310,000 vs. $983,000 last year. Earnings per common share were 18 cents as compared to 13 cents last year. For the 40 weeks, sales were $330,955,000, 3.8 percent ahead of the 318,905,000 in the corresponding period a year ago. Net income was $3,986,000 or 54 cents per share vs. $2,832,000 or 38 cents per share last year. This represents an increase of 40.7 percent. During the current year, two new stores were opened under the Genovese name and an existing store was converted to a Great American Drug Store (the company's deep discount store format). Genovese will be opening its fourth Great American Drug Store during the last quarter of this year, which will bring our store count to 93 super drug stores under the Genovese name and four Great American Drug Stores by year end. GENOVESE DRUG STORES INC. Third Quarter 40 Weeks 11/8/91 11/9/90 11/8/91 11/9/90 Sales $97,493,000 $93,461,000 $330,955,000 $318,905,000 Net income 1,310,000 983,000 3,986,000 2,832,000(B) Net income per share $.18 $.13(A) $.54(A) $.38(A)(B) Average number of common shares outstanding 7,450,000 7,359,000(A) 7,407,000(A) 7,377,000(A) (A) -- Adjusted, where appropriate, to retroactively reflect the effect of a 10 percent stock dividend distributed on July 8, 1991. (B) -- Includes $238,000 or 3 cents per common share from a gain on the sale of two stores. -0- 11/19/91 /CONTACT: Jerome Stengel, VP and treasurer of Genovese Drug Stores, 516-420-1900/ (GDXA) CO: Genovese Drug Stores Inc. ST: New York IN: REA SU: ERN TS-SK -- NY041 -- 4949 11/19/91 12:20 EST
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|Date:||Nov 19, 1991|
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