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GIANT FOOD INC. ANNOUNCES SALES AND EARNINGS FOR PERIOD

 WASHINGTON, June 8 /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 period ended May 22, 1993, compared with the same period ended May 23, 1992.
 For the 12 weeks ended May 22, 1993:
 -- Sales were $813,466,000, compared with $803,020,000, an increase
 of 1.30 percent.
 -- Net income before the cumulative effect of accounting change, for
 income taxes, was $22,674,000, 2.79 percent of sales, compared
 with $19,102,000, 2.38 percent of sales.
 -- Earnings per share before the cumulative effect of accounting
 change, for income taxes, were 38 cents, compared with earnings
 of 32 cents.
 For the current fiscal period net earnings as a percentage of sales increased to 2.79 percent from 2.38 percent for the same 12 weeks of the prior year. The nearly 19 percent increase in net earnings was driven in large part by improved product mix and was the company's strongest 12 week results since its fiscal period ended May 18, 1991. The current performance follows directly the excellent results reported for the 16 weeks ended Feb. 27, 1993.
 The current earning results exclude $3,934,000, 7 cents earnings per share related to the cumulative effect of the accounting change under FASB 109 "Accounting for Income Taxes."
 Giant opened its largest Maryland store on April 7, 1993, a 65,500-square-foot replacement food-drug store in Greenbelt, Md. On Wednesday, June 9, Giant will open its 156th store, a 61,500-square-foot food-drug unit in Upper Marlboro, Md. Three additional food-drug stores are under construction and groundbreaking on Giant's first Delaware store will take place in July. The Delaware store will be located at the Eden Square Shopping Center in Bear, a Wilmington suburb.
 Of Giant's 155 supermarkets, 109 are food-drug stores. The company also operates three free-standing drug stores. A year earlier, Giant operated 154 supermarkets, 106 of which were food-drug stores and three free-standing drug stores.
 -0- 6/8/93
 /CONTACT: David B. Sykes of Giant Food Inc., 301-341-8480/
 (GFS)


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

KD-IH -- DC029 -- 6694 06/08/93 16:27 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
Words:369
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