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GRUPO GIGANTE ANNOUNCES THIRD QUARTER RESULTS

 GRUPO GIGANTE ANNOUNCES THIRD QUARTER RESULTS
 MEXICO CITY, Oct. 30 /PRNewswire/ -- During the third quarter of


1992 (July-September), Grupo Gigante, S.A. de C.V.'s sales amounted to 1,375,034 million pesos, the company announced today. This figure represents a 3.9 percent increase in real terms over the same period a year ago.
 Operating expenses increased from 18 percent of sales in the same quarter last year to 22 percent of sales in the current quarter mainly due to the one-time, non-recurring expenses incurred for the incorporation of 33 Blanco stores into Gigante's operations. These units did not contribute significantly to the group's revenues because they have been undergoing remodeling during this period. However, they do represent additional expenses for the group.
 The following table outlines the chronology of the incorporation of these 33 Blanco stores into Gigante:
 June 20 units 33,386 square meters (359,233 sq. ft.)
 July 12 units 65,860 square meters (708,654 sq. ft.)
 August 1 unit 7,650 square meters (82,314 sq. ft.)
 With the addition of these stores, there are now 144 stores operating under the Gigante name. The total sales area is close to 666,000 square meters (approximately 7.2 million square feet).
 These new units, formerly Blanco stores, have shown encouraging sales increases after they reopened under the Gigante format and name. The company expects their results to improve as it concludes their integration program.
 At the end of June, an important joint-venture agreement was signed with Tandy International Corporation to develop Radio Shack stores in Mexico. Gigante will use the 24 stores which are already in operation as the platform to launch this format.
 In order to support the fast-paced growth of the group, 72,633 million pesos were allocated to the remodeling of Gigante stores and to other investments during the third quarter.
 GRUPO GIGANTE, S.A. DE C.V. AND SUBSIDIARIES
 Third Quarter Data as of Sept. 30, 1992
 (Millions of pesos) (B)
 1992 1991 Percent
 Change
 Accrued Results:
 Net sales 3,985,049 3,864,298 3.12
 Operating earnings 86,572 221,820 -60.97
 Integral result of financing 32,288 40,896 -21.05
 Tax and employee profit
 sharing provision 18,944 38,725 -51.08
 Consolidated net earnings 99,916 223,991 -55.39
 Financial Position:
 Total assets 2,856,204 2,696,207 5.93
 Current assets 957,251 1,001,955 -4.46
 Inventories 594,684 597,617 -0.49
 Others 362,567 404,338 -10.33
 Non current assets 1,898,953 1,694,252 12.08
 Total liabilities 748,726 600,996 24.58
 Current liabilities 748,726 600,996 24.58
 Trade accounts payable 576,194 506,247 13.82
 Bank loans 88,640 0 n.a.
 Other liabilities 83,892 94,749 -11.46
 Long term liabilities 0 0 0.00
 Shareholders' Equity 2,107,478 2,095,211 0.59
 Financial Ratios
 Inventory turnover (days) 49 53
 Trade accounts payable turnover (days) 51 45
 Net earnings per share (pesos) (A) 81.91 169.39
 Operating/earnings sales (percent) 2.2 5.7
 IRF/Sales (percent) 0.8 1.1
 Net earnings/sales (percent) 2.5 5.8
 Total liabilities/stockholders' equity 35.5 28.7
 Current assets/current liabilities
 (times) 1.28 1.67
 (A) -- Earnings for last 12 months. Basis 1,969,641,481 shares.
 (B) -- Mexican pesos of purchasing power at Sept. 30, 1992.
 -0- 10/30/92
 /CONTACT: Juan Carlos Mateos of Grupo Gigante, in Mexico, 52-5 250-0789; or Fern Lazar or John McInerney of Dewe Rogerson, in New York, 212-688-6840, for Grupo Gigante/ CO: Grupo Gigante, S.A. de C.V. ST: IN: REA SU: ERN


GK-OS -- NY021 -- 7034 10/30/92 10:20 EST
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Date:Oct 30, 1992
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