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GENOVESE DRUG STORES REPORTS RESULTS

 MELVILLE, N.Y., March 3 /PRNewswire/ -- Genovese Drug Stores, Inc. (AMEX: GDXA), a chain of 100 super drug stores located in New York, New Jersey and Connecticut, today reported record sales and net income for its fourth quarter and fiscal year ended Jan. 29, 1993.
 Sales for the fourth quarter increased by 1.9 percent to $118,369,000 compared to $116,204,000 a year ago. For the fiscal year, sales of $463,106,000 were 3.6 percent over the $447,159,000 of a year ago.
 Net income for the fourth quarter was $3,306,000, or 40 cents per share compared to $2,672,000, or 32 cents per share a year ago, an increase of 23.7 percent. For the year, net income of $7,261,000, or 88 cents per share was 9 percent over the $6,658,000, or 82 cents per share a year ago. Net income for the fiscal year and fourth quarter ended Jan. 31, 1992, were reduced by a charge of $615,000, or 7 cents per share, from a settlement of litigation.
 The record sales and earnings results continue the trend established in the last two years during which time the company has made concerted efforts to control expenditures, while at the same time, emphasizing the latest retail technology to increase efficiency and productivity.
 Announcing the results, Leonard Genovese, chairman of the of the board and president, stated, "I am particularly pleased to see that our efforts of the last several years are continuing to pay off in increased earnings." Continuing, he stated, "These results were obtained in a highly competitive and still somewhat depressed market. We are only just now beginning to see an increase in sales activity. Genovese plans to open six to eight new stores in the next fiscal year. One new store was already opened in February 1993."
 GENOVESE DRUG STORES, INC.
 Fiscal year ended 1/29/93 1/31/92
 Sales $463,106,000 $447,159,000
 Net income 7,261,000 6,658,000(C)
 Net income per common share $.88(A) $.82(A, B, C)
 Avg. no. of com. shares outstdg. 8,272,000(A) 8,168,000(A, B)
 Fourth quarter ended 1/29/93 1/31/92
 Sales $118,369,000 $116,204,000
 Net income 3,306,000 2,672,000(C)
 Net income per common share $.40(A) $.32(A, C)
 Avg. no. of com. shares outstdg. 8,278,000(A) 8,235,000(A)
 (A) -- Adjusted retroactively to reflect the effect of a 10 percent stock dividend distributed on Jan. 5, 1993.
 (B) -- Adjusted retroactively to reflect the effect of a 10 percent stock dividend distributed on July 8, 1991.
 (C) -- Includes a charge of $615,000, net of income tax benefit, or 7 cents per common share, from the settlement of litigation.
 -0- 3/3/93
 /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

AH-CK -- NY038 -- 2448 03/03/93 12:11 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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