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GIANT FOOD ANNOUNCES SALES AND EARNINGS FOR PERIOD

 GIANT FOOD ANNOUNCES SALES AND EARNINGS FOR PERIOD
 WASHINGTON, Sept. 1 /PRNewswire/ -- Giant Food Inc.,


(AMEX: GFS.A) a Washington-based food-drug chain of 155 units, today announced unaudited sales and earnings for the 12-week and 24-week period ended Aug. 15, 1992, compared with the same periods ended Aug. 10, 1991.
 For the 12 weeks ended Aug. 15, 1992:
 -- Sales were $778,586,000, compared with $780,392,000, a decrease of .23 percent.
 -- Net income was $11,959,000, 1.54 percent of sales, compared with $19,070,000, 2.44 percent of sales.
 -- Earnings per share were 20 cents, compared with 31 cents, a decline of 35 percent.
 For the 24 weeks ended Aug. 15, 1992:
 -- Sales were $1,581,606,000, compared with $1,564,268,000, an increase of 1.11 percent.
 -- Net income was $31,060,000, 1.96 percent of sales, compared with $48,320,000, 3.09 percent of sales.
 -- Earnings per share were 52 cents, compared with 81 cents, a decline of 36 percent.
 Giant's earnings continue the trend of being approximately one- third lower than the results for the prior year. Margins for both the 24 weeks and the 12 remain at reduced levels compared with last year.
 During the 12 weeks, Giant opened a new 58,000-square-foot food- drug store in the Hickory Ridge Village Center in Columbia, Md. The company also opened a drug store addition in its supermarket at Springfield Plaza in Virginia.
 Giant began construction on a 68,000-square-foot food-drug store in Greenbelt, Md., a replacement for a smaller existing store. Construction continues on food-drug stores in Upper Marlboro and Lanham, Md. The Lanham store, which will replace a food-only unit, is planned to open in December 1992.
 At the close of the fiscal period, Giant operated 155 supermarkets, 108 of which are food-drug stores, plus three freestanding drug stores. This compares with 153 supermarkets, 104 food-drug stores and two freestanding drug stores a year ago.
 -0- 9/1/92
 /CONTACT: David B. Sykes of Giant Food, 301-341-8480/
 (GFS) CO: Giant Food ST: Maryland IN: RET SU: ERN


KD -- DC016 -- 5592 09/01/92 16:28 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
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Publication:PR Newswire
Date:Sep 1, 1992
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