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HI/LO AUTOMOTIVE ANNOUNCES INCREASED SALES AND EARNINGS FOR SIX MONTHS

 HI/LO AUTOMOTIVE ANNOUNCES INCREASED
 SALES AND EARNINGS FOR SIX MONTHS
 HOUSTON, Texas, July 23 /PRnewswire/ -- Hi-Lo Automotive, Inc. (NYSE: HLO) today reported the Company's second quarter and year to date earnings for the period ended June 30, 1992.
 Net sales for the second quarter increased 20.6 percent to $50.1 million compared to $41.6 million for the same quarter last year. Same store sales increased 13.8 percent. Net income was $2.7 million, up 21.5 percent compared to income of $2.2 million, before an extraordinary charge of $1.2 million which related to the refinancing of bank indebtedness in the second quarter of 1991. Earnings per share for the quarter were $.28 compared to $.27, before the extraordinary charge of $.15, for the same period last year.
 Net sales for the six months ended June 30, 1992, increased 19.0 percent to $91.0 million compared to $76.4 million for the prior year. Same store sales for the six months increased 13.3 percent. Net income for the period was $4.2 million, up 29.8 percent compared to income of $3.2 million, before the extraordinary charge of $1.2 million, in the first half of 1991. Earnings per share for the six months were $.43 compared to $.42 before the extraordinary charge in 1991 of $.16. During the first six months of the year, Hi/LO opened eight stores in Texas, bringing the total store count to 122. The Company plans to have approximately 130 stores in operation by year-end 1992.
 T. Michael Young, President and Chief Executive Officer, noted that both retail and commercial sales growth in the second quarter continued at a strong pace in response to the Company's new lower price strategy that was implemented in the fourth quarter of 1991.
 Hi-Lo Automotive, Inc., sells automotive aftermarket parts and accessories to retail and commercial customers through its 122 stores in Texas and Louisiana.
 -0- 7/23/92
 /CONTACT: Gary D. Walther, Chief Financial Officer, Hi-Lo Automotive, Inc., 713-991-6052/
 (HLO) CO: Hi-Lo Automotive, Inc. ST: Texas IN: AUT REA SU: ERN


DF -- CH001 -- 2269 07/23/92 08:33 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
Words:361
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