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GIANT FOOD ANNOUNCES UNAUDITED SALES AND EARNINGS

 WASHINGTON, Nov. 23 /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 36-week period ended Nov. 6, 1993, compared with the same periods ended Nov. 7, 1992.
 For the 12 Weeks Ended Nov. 6, 1993:
 -- Sales were $799,056,000, compared with $778,547,000, an increase of 2.6 percent
 -- Income before income taxes was $29,210,000, 3.66 percent of sales, compared to $22,370,000, 2.87 percent of sales, an increase of 30.6 percent.
 -- Net income was $17,722,000, 2.22 percent of sales, compared with $13,758,000, 1.77 percent of sales, an increase of 28.8 percent.
 -- Earnings per share were 30 cents, compared with 23 cents, an increase of 30.4 percent.
 For the 36 Weeks Ended Nov. 6, 1993:
 -- Sales were $2,408,363,000, compared with $2,360,153,000, an increase of 2.0 percent.
 -- Income before income taxes was $92,270,000, 3.83 percent of sales, compared to $72,875,000, 3.09 percent of sales, an increase of 26.6 percent.
 -- Income before the cumulative effect of accounting change for income taxes, was $55,000,000, 2.28 percent of sales, compared with $44,818,000, 1.90 percent of sales, an increase of 22.7 percent.
 -- Earnings per share before the cumulative effect of accounting change, for income taxes, were 92 cents, compared with 75 cents, an increase of 22.7 percent.
 -- Earnings per share in the current period including a 7 cent credit for the cumulative effect of accounting change for income taxes were 99 cents.
 Giant's sales for the third fiscal period of the 1994 fiscal year continue to show growth over the prior year. Sales increased 2.6 percent for the 12 weeks, including 1.9 percent for stores in operation both years.
 During the period, Giant made payment by credit card and debit card available to all stores. Maryland customers had this option from early 1993. With Virginia and the District of Columbia stores now offering these payment choices, Giant has gained additional sales volume.
 Giant opened two new food-drug stores after the close of the 36-week period. The new stores are a 61,00 square foot unit in the Kentlands Shopping Center, Gaithersburg, Md.; and a 58,300 square foot unit in the North Point Village Center in Reston, Va. With these new stores, the company has opened four units during the current fiscal year while closing two stores, including a 26,500 square foot store in Rockville on Aug. 31. Construction is continuing on three additional food-drug stores which will open during the 1995 fiscal year.
 During the most recent 12-weeks, Giant completed the expansion and remodeling of two stores. In Giant's White Oak, Md. store, a 3,400 square food addition was completed, and 12,900 square feet was added to the Lutherville, Md. store. Construction is continuing on the remodeling and enlargement of three additional stores.
 Of the 155 supermarkets in operation at the end of the 36 weeks, 110 are food-drug stores. The company also operates three free-drug stores. A year ago, Giant operated 155 supermarkets, 108 food-drug stores, and three free-standing drug stores.
 -0- 11/23/93
 /CONTACT: David Sykes of Giant Food, Inc., 301-341-8480/
 (GFS.A)


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

DT-KD -- DC037 -- 7419 11/23/93 16:54 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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