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GIANT FOOD ANNOUNCES SALES, EARNINGS

 WASHINGTON, March 30 /PRNewswire/ -- Giant Food Inc. (AMEX: GFS.A), a Washington-based food-drug chain of 155 units, today announced sales and earnings for the 16-week and 52-week periods ended Feb. 27, 1993. Since the previous year was a 53-week year, comparisons are also provided for the same number of weeks.
 GIANT FOOD, INC.
 For the Fiscal Year
 -- SALES
 Current Year Prior Year
 52 Weeks 52 Weeks
 $3.473 billion $3.424 billion
 Increase 52 vs. 52 weeks 1.43 pct. 53 Weeks
 $3.490 billion
 -- NET INCOME
 Current Year Prior Year 53 Weeks
 $81,506,000 $87,180,000
 Pct. of sales -- 2.35 pct. 2.50 pct.
 Per share $1.37 $ 1.47
 4TH FISCAL PERIOD
 -- SALES
 Current Year Prior Year
 16 Weeks 16 Weeks
 $1.112 billion $1.086 billion
 Increase 16 vs. 16 weeks 2.39 pct. 17 Weeks
 $1.152 billion
 -- NET INCOME
 Current Year Prior Year
 16 Weeks 17 Weeks
 $36,688,000 $24,659,000
 Pct. of sales -- 3.30 pct. 2.14 pct.
 Per share $0.62 $ 0.42
 The company estimates that the 53rd week added 4 to 5 cents per share to the prior year's earnings per share, for both the fiscal year and the fourth fiscal period.
 During the fourth quarter of Giant's fiscal year, improvements in sales volume, product mix and expense reductions resulted in earnings of 3.30 percent of sales. The strong fourth quarter raised earnings for the fiscal year to 2.35 percent of sales. Prior to the final 16 weeks, earnings had been trending approximately one-third lower than the previous year.
 Giant's strong sales performance in the most recent fiscal quarter resulted in an increase of 2.39 percent over the comparable 16 weeks the year before. For the previous 36 weeks of the 1993 fiscal year, sales had been growing at a rate of 0.94 percent. Also, during the final 16 weeks, sales for stores in operation both years and for a comparable number of weeks increased 1.52 percent. The company believes that the success of its merchandising programs such as SuperDeals, Everyday Discount Prices on health and beauty aids, double coupons, weekly one-half price, one-third off specials, along with superior service and cleanliness, have been instrumental in holding and building business during the past few recessionary years.
 One of Giant's key areas of focus during the past year has been cost containment, expense reduction and increased operational efficiencies. Selling, general and administrative expense during the final 16 weeks was 24.1 percent of sales, one of the lowest levels in several years.
 Transfer sales to support its retail operations by Giant's manufacturing, processing, wholesaling and distribution activities were about $470 million. Of the 2.35 percent after-tax net income for the current year, nearly one percent was derived from these operations, consistent with results for the prior year.
 Giant opened three food-drug stores during the 1993 fiscal year, and added a drug store to an existing food store. Two of the new food-drug stores replaced smaller food-only stores.
 Giant will open two food-drugs stores within the next month, and will begin construction on four additional food-drug stores by summer, including the
company's first store in Delaware. Opening soon will be a 68,500 square-foot replacement food-drug store in Beltway Plaza Shopping Center, Greenbelt, Md., and a 61,500 square- foot food-drug store in Upper Marlboro, Md.
 The Delaware store will be a 64,000 square-foot food-drug store in the Eden Square Shopping Center at U.S. 40 and Delaware Route 1 in Bear, a suburb of Wilmington. Also scheduled for construction are a 61,000 square-foot food-drug store in the Kentlands Shopping Center in Gaithersburg, Md.; a 58,300 square-foot food-drug store in the North Point Village Center in Reston, Va.; and a 61,000 square-foot food-drug store in the Cascades Town Center in Loudon County, Va. The company will also be adding 25,500 square feet to four existing food-drug stores as a part of major remodelings.
 Of Giant's current 155 supermarkets, 109 are food-drug stores. The company also operates three free-standing drug stores. A year earlier, Giant operated 154 supermarkets, 105 food-drug stores, and three free-standing drug stores.
 GIANT FOOD INC. FINANCIAL HIGHLIGHTS
 CONSOLIDATED SALES AND EARNINGS
 (Amounts in thousands except for per share data)
 52 Weeks 53 Weeks 16 Weeks 17 Weeks
 Ended Ended Ended Ended
 2/27/93 2/29/92 2/27/93 2/29/92
 Sales $3,472,581 $3,489,762 $1,112,428 $1,151,651
 Income before
 income taxes 132,260 142,076 59,385 40,416
 Income taxes 50,754 54,896 22,697 15,757
 Net income 81,506 87,180 36,688 24,659
 Net income per share $1.37 $1.47 $0.62 $0.42
 Supplemental Data:
 Effective tax rate 38.4 pct. 38.6 pct. 38.2 pct. 39.0 pct.
 Pre-tax LIFO
 charge (credit) 3,918 5,488 1,128 988
 Net income per
 share without
 LIFO charge $1.41 $1.53 $0.63 $0.43
 Average number
 of shares 59,648 59,447 59,648 59,447
 Net Net Income
 Sales Income Per Share
 FISCAL YEAR 1993
 First 12 weeks $ 803,020 $ 19,102 $ 0.32
 Second 12 weeks 778,586 11,958 0.20
 Third 12 weeks 778,547 13,758 0.23
 Fourth 16 weeks 1,112,428 36,688 0.62
 Total $3,472,581 $ 81,506 $ 1.37
 FISCAL YEAR 1992
 First 12 weeks $ 783,876 $ 29,250 $ 0.50
 Second 12 weeks 780,392 19,070 0.31
 Third 12 weeks 773,843 14,201 0.24
 Fourth 17 weeks 1,151,651 24,659 0.42
 Total $3,489,762 $ 87,180 $ 1.47
 -0- 3/30/93
 /CONTACT: David B. Sykes of Giant Food, 301-341-8480/
 (GFS)


CO: Giant Food Inc. ST: District of Columbia IN: REA SU: ERN

DC-IH -- DC041 -- 1242 03/30/93 17:24 EST
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Date:Mar 30, 1993
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