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GRUPO GIGANTE S.A. DE C.V. ANNOUNCES 1991 YEAR-END RESULTS

 GRUPO GIGANTE S.A. DE C.V. ANNOUNCES 1991 YEAR-END RESULTS
 MEXICO CITY, March 6 /PRNewswire/ -- Grupo Gigante S.A. de C.V., one of Mexico's strongest nationwide retailers, today announced results for the year ended Dec. 31, 1991. Total net consolidated sales were 5,109,345 million pesos compared to 1990 sales of 5,125,442 million pesos, a decrease of 0.31 percent in real terms in constant pesos as of Dec. 31, 1991. Net earnings in 1991 were 262,655 million pesos in real terms compared to 230,077 million pesos 1990, an increase of 14 percent.
 In real terms, 1991 operating earnings increased by 86 percent to 255,984 million pesos compared to 137,614 million pesos in 1990. Operating margins also increased to 5.01 percent of sales in 1991 compared to 2.68 percent of sales the year before. Gross margins increased to 23.28 percent in 1991 compared to 20.83 percent in 1990, an 11.76 percent increase.
 Commenting on the results, Angel Losado Moreno, chief executive officer of Grupo Gigante, said: "The Group's objectives during 1991 were to improve results through better gross margins and expense controls in order to reach an overall greater efficiency.
 "At year end, Grupo Gigante had no interest bearing debt. During the last quarter of 1991, we improved our inventory days from 55 to 50 compared to the third quarter of 1991. Total selling space in Gigante's stores grew more than 5 percent, or 286,000 square feet.
 "Last week we announced the acquisition of eight stores from El Sardinero which increased our store count to 109," continued Losada. "During 1991 the following new units were opened: five Gigante stores, three restaurants, and four Radio Shack stores. As a result of these events, we finished 1991 with 101 Gigante stores, 30 restaurants, and 24 Radio Shack Stores. The total amount invested during 1991 was approximately 170,000 million pesos."
 Grupo Gigante, one of Mexico's strongest nationwide retailers, operates 109 self-service stores under the "Gigante" name throughout Mexico. Grupo Gigante also owns 25 family-style restaurants in five cities under the "Toks" name, and five specialty restaurants in Mexico City. Last week Grupo Gigante announced a joint-venture agreement with Oklahoma City-based Fleming Companies, Inc. to launch a new retailing concept in Mexico -- upscale price-impact supermarkets.
 Grupo Gigante's ADRs representing ten shares of Series B common stock trade under the Cusip number 400487203. Citibank is the depositary bank.
 GRUPO GIGANTE, S.A. DE C.V. AND SUBSIDIARIES
 (Millions of Pesos)(B)
 Percent
 1991 1990 Change
 Accrued Results:
 Net sales $5,109,345 $5,125,442 -0.3
 Operating earnings 255,984 137,614 86.0
 Integral result of financing 57,305 126,340 -54.6
 Tax and empl. profit
 sharing provision 50,634 33,877 49.5
 Consolidated net earnings 262,655 230,077 14.2
 Financial Position:
 Current assets 1,059,395 841,091 26.0
 Inventories 535,804 552,856 -3.1
 Other 523,591 288,235 81.7
 Non current assets 1,609,032 1,622,066 -0.8
 Current liabilities 764,199 866,940 -11.9
 Trade accounts payable 606,115 727,807 -16.7
 Bank loans 0 35,578 -100.0
 Other liabilities 158,084 103,555 52.7
 Long term liabilities 0 0 0.0
 Shareholders' equity 1,904,228 1,596,217 19.3
 Financial Ratios:
 Inventory turnover (days) 50 50 --
 Trade accounts payable turnover (days) 56 65 --
 Net earnings per share (pesos)(A) 133.35 N.D --
 Operating earnings/sales (percent) 5.01 2.68 --
 IRF/sales (percent) 1.12 2.46 --
 Net earnings/sales (percent) 5.14 4.49 --
 Total liabilities/stockholders'
 equity (percent) 40.13 54.31 --
 Current assets/current liabilities
 (times) 1.39 0.97 --
 (A) Earnings of last 12 months. Basis: 1,969,641,481 shares.
 (B) Mexican pesos of purchasing power at Dec. 31, 1991.
 -0- 3/6/92
 /CONTACT: Arturo Trevino, 011-525-531-3260 (in Mexico), or Juan Carlos Mateos, 011-525-250-0789, both of Grupo Gigante; or Fern Lazar or John McInerney of Dewe Rogerson, 212-688-6840, for Grupo Gigante S.A. de C.V./ CO: Grupo Gigante S.A. de C.V. ST: IN: REA SU: ERN


AH-KO -- NY051 -- 6028 03/06/92 16:59 EST
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Date:Mar 6, 1992
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