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GIANT FOOD ANNOUNCES UNAUDITED SALES AND EARNINGS

 GIANT FOOD ANNOUNCES UNAUDITED SALES AND EARNINGS
 WASHINGTON, June 9 /PRNewswire/ -- Giant Food Inc. (AMEX: GFS.A),


a Washington-based food-drug chain of 154 units, today announced unaudited sales and earnings for the 12-week period ended May 23, 1992, compared with the same period ended May 18, 1991.
 For the 12 weeks ended May 23, 1992:
 -- Sales were $803,020,000, compared with $783,876,000, an
 increase of 2.44 percent.
 -- Net income was $19,102,000, 2.38 percent of sales, compared
 with $29,250,000, 3.73 percent of sales.
 -- Earnings per share were 32 cents, compared with earnings of
 50 cents.
 Total sales were up 2.44 percent while same store sales gained .49 percent, a better performance than for any reporting period of the prior year. Gross margins, as percent of sales, were down 2.25 percent from the prior year's first quarter, a reflection of the company's aggressive pricing programs. Gross margins were up .61 percent from the Feb. 29, 1992, 17-week reporting period. Strong and effective expense control resulted in selling general and administrative expenses, as percent of sales, declining .21 percent from the same quarter a year earlier; however increased .24 percent from the Feb. 29, 1992, reporting quarter.
 The first quarter of the prior fiscal year was an exceptionally good one and was the last fiscal quarter before the full impact of the recession made itself felt in the regional supermarket industry. So, while bottom line comparisons with the first quarter still fall short, the trend compared with subsequent quarterly results is positive.
 Giant believes that with all the total merchandising programs it offers -- Super Deals, Everyday Discount Prices on health and beauty aids, weekly half-price, one-third off specials, Super Specials, 15 percent off category sales and double coupons -- combined with a superior selection, cleanliness and service, it will continue to be in a strong position to deserve improved patronage.
 Giant will open a new food-drug store on June 17, a 58,000- square-foot store in the Hickory Ridge Village Center in Columbia, Md. Later in the month, the company will add a drug store to its supermarket at Springfield Plaza in Virginia. On March 4, a 62,300- square-foot store in the Greenbriar Shopping Center in Chantilly, Va., was opened, replacing a nearby smaller store. Construction is underway on food-drug stores in Upper Marlboro and Lanham, Md., the latter a replacement store for a food-only unit.
 At close of the fiscal period, Giant operated 154 supermarkets, 106 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- 6/9/92
 /CONTACT: David B. Sykes of Giant, 301-341-8480/
 (GFS) CO: Giant Food Inc. ST: Maryland IN: REA SU: ERN


IH-DC -- DC024 -- 8506 06/09/92 16:26 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
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