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HANNAFORD REPORTS INCREASED SALES AND EARNINGS FOR

 HANNAFORD REPORTS INCREASED SALES AND EARNINGS FOR
 THE SECOND QUARTER AND HALF YEAR
 SCARBOROUGH, Maine, July 16 /PRNewswire/ -- Hannaford Bros. Co. (NYSE: HRD), northern New England's largest food retailer, reported today that its second quarter sales and other revenues had increased over the same period in 1991. Net sales and other revenues for the quarter ended June 27, 1992 were $512,475,249, an increase of 4.1 percent over the $492,292,780 reported for the same quarter a year ago. During the first half of 1992, net sales and other revenues have increased by 2.2 percent, from $978,211,536 last year to $999,244,244 this year.
 Consolidated net earnings for the second quarter were $12,577,925. This represents an increase of 5.1 percent over the $11,968,196 earned in the same quarter a year ago. Consolidated net earnings per common share were 31 cents this year as compared to 30 cents last year. Included in second quarter earnings was a gain of $3,848,933 from the sale of 34 Wellby Super Drug stores and estimated restructuring costs of $2.4 million, the net of which amounted to an addition to earnings before income taxes of $1,448,993. For the six months ended June 27, 1992, consolidated net earnings were $21,390,264, an increase of 6.6 percent over the $20,063,252 reported last year. Consolidated net earnings per share were 53 cents for the half as compared to 50 cents last year.
 Hugh G. Farrington, president and chief executive officer, said, "The continuation of a sluggish economy and competitive pressures adversely affected our sales and earnings growth in the second quarter. Same store supermarket sales showed an increased of 0.5 percent in the second quarter, but were down 1.1 percent for the half year. The second quarter result was positively affected by Easter sales, which were included in the quarter this year, but were in the first quarter in 1991."
 Farrington added, "Our recently announced restructuring program will ensure that Hannaford is better positioned for future growth and success. We expect this program, along with other expense reducing actions, will show positive results later this year and in the future, and any economic recovery will be an added bonus. We anticipate that sales and earnings for 1992 will be greater than last year. In addition, our expansion plans continue to be aggressive, as we plan to add over 10 percent to our food store square footage in both 1992 and 1993."
 HANNAFORD BROTHERS COMPANY
 Consolidated Operating Results (Unaudited)
 Amounts in Thousands (except per share data)
 Three Months Ended
 Percent
 6/27/92 6/29/91 Increase/(Decrease)
 Sales & other revenues $512,475 $492,293 4.1
 Cost of sales 385,662 368,280 4.7
 Gross margin 126,813 124,013 2.3
 Selling, general &
 administrative expenses 102,621 98,888 3.8
 Gain on divestiture, net of
 restructuring charges 1,449 --- --
 Operating profit 25,641 25,125 2.1
 Interest expense, net 5,046 5,126 (1.6)
 Earnings before income taxes 20,595 19,999 3.0
 Income taxes 8,017 8,031 (0.2)
 Net earnings $12,578 $11,968 5.1
 Per share of common stock:
 Net earnings $ .31 $ .30 3.3
 Cash dividends $ .075 $ .065 15.4
 Weighted average number of
 com. shares outstanding 40,472,881 39,899,282 ---
 Six Months Ended
 Percent
 6/27/92 6/29/91 Increase/(Decrease)
 Sales & other revenues $999,244 $978,212 2.2
 Cost of sales 751,150 736,964 1.9
 Gross margin 248,094 241,248 2.8
 Selling, general &
 administrative expenses 204,082 197,433 3.4
 Gain on divestiture, net of
 restructuring charges 1,449 --- --
 Operating profit 45,461 43,815 3.8
 Interest expense, net 10,213 10,389 (1.7)
 Earnings before income taxes 35,248 33,426 5.5
 Income taxes 13,858 13,363 3.7
 Net earnings $21,390 $20,063 6.6
 Per share of common stock:
 Net earnings $ .53 $ .50 6.0
 Cash dividends $ .15 $ .13 15.4
 Weighted average number of
 com. shares outstanding 40,373,690 39,816,790
 -0- 7/16/92
 /CONTACT: Charles H. Crockett of Hannaford Bros., 207-883-2911
 (HRD) CO: Hannaford Bros. ST: Maine IN: FOD SU: ERN


CH -- NE010 -- 8480 07/16/92 11:23 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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