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GENOVESE DRUG STORES REPORTS RESULTS

 MELVILLE, N.Y., June 3 /PRNewswire/ -- Genovese Drug Stores, Inc. (AMEX: GDXA), a chain of 101 super drug stores located in New York, New Jersey and Connecticut, today reported record sales and net income for its first quarter (16 weeks) ended May 21, 1993.
 Sales for the first quarter increased by 3.3 percent to $142,642,000 compared to $138,102,000 a year earlier. Net income for the same period increased 18.3 percent to $1,482,000 from $1,253,000. Earnings per share were reported at $.18 per share compared to $.15 per share for the quarter a year earlier.
 The results continue a trend of marginal sales increases and strong improvement in net income. Sales have been adversely affected by the weak economy in the New York metropolitan area. The company has opened only three new stores in the last 18 months and that plus the weak economy has limited sales increases. Net income, however, has been improved upon because of the company's strict cost-cutting measures. In addition, the company's program to equip all its stores with point-of- sale scanner registers and to computerize its purchasing and distribution has had a positive effect on inventory costs and efficiency of operation.
 In announcing the results, Leonard Genovese, chairman of the board and president, stated, "The company continues to experience success in its efforts to become as cost-efficient as possible. These efforts will enable us to offer our customers the finest values in health care products and at the same time give an improved return on investment to our shareholders." He continued, "We are now confident in our ability to grow and have scheduled six new stores for the balance of this fiscal year including our first venture into Manhattan." The company has already opened one new store this year.
 GENOVESE DRUG STORES, INC.
 Sixteen weeks ended 5/21/93 5/22/92
 Sales $142,642,000 $138,102,000
 Net income 1,482,000 1,253,000
 Net income per common share $.18 $.15(A)
 Average number of common
 shares outstanding 8,299,000 8,268,000(A)
 (A) -- Adjusted retroactively, to reflect the effect of a 10 percent stock dividend distributed on Jan. 5, 1993.
 -0- 6/3/93
 /CONTACT: Donald W. Gross, vice president and secretary of Genovese Drug Stores, Inc., 516-420-1900/
 (GDXA)


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

OS -- NY036 -- 4904 06/03/93 10:49 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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