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LONGS DRUG STORES ANNOUNCES SECOND QUARTER EARNINGS

 WALNUT CREEK, Calif., Aug. 17 /PRNewswire/ -- Longs Drug Stores Corp. (NYSE: LDG) today announced sales of $609 million and net income of $13 million for the quarter ended July 29, 1993. The company also declared a 28-cent quarterly dividend.
 Sales for the two quarters ended July 29, 1993, were essentially flat at $1.2 billion. Net income for the two quarters, after a one-time cumulative effect of an accounting change and a $1 million pre-tax provision for closure of underperforming stores in the first quarter, was $26.9 million, or $1.31 per share, as compared to $27.2 million, or $1.32 per share reported for the like period last year. The accounting change reflects our adoption of mandated rules (SFAS 109) relating to income taxes.
 According to William Combs, vice president Administration and Corporate Relations, "Sales and earnings continue to be hampered by the depressed California economy. We are pleased that in this difficult retail environment our gross margins have improved from 24.6 percent to 25.5 percent, and our expenses remain under control."
 The board of directors declared a quarterly dividend of 28 cents per share of common stock to holders of record at the close of business Aug. 31,1993, payable Oct. 8, 1993.
 Longs presently operates 278 stores in California, Hawaii, Alaska, Nevada and Colorado. Four new stores were opened during the quarter.
 LONGS DRUG STORES INC.
 Quarter Ended Two Quarters Ended
 (unaudited)
 7/29/93 7/30/92 7/29/93 7/30/92
 (Thousands Except Per Share)
 SALES $609,346 $613,395 $1,217,325 $1,215,090
 COSTS AND EXPENSES:
 Cost of merchandise sold 453,807 462,389 908,602 914,325
 Expenses-net 134,476 128,777 269,937 256,143
 Income Before Taxes on
 Income and Cumulative
 Effect of Accounting
 Change 21,063 22,229 38,786 44,622
 Taxes on Income 8,100 8,700 14,900 17,400
 Income Before Cumulative
 Effect of Accounting
 Change 12,963 13,529 23,886 27,222
 Cumulative Effect of
 Accounting Change -- -- 3,031 --
 NET INCOME $ 12,963 $ 13,529 $ 26,917 $ 27,222
 Earnings Per Common Share
 Before Cumulative Effect
 of Accounting Change $0.63 $0.66 $1.16 $1.32
 Cumulative Effect of
 Accounting Change -- -- 0.15 --
 Earnings Per Common Share $0.63 $0.66 $1.31 $1.32
 Weighted average number
 of common shares
 outstanding 20,510 20,588 20,514 20,566
 -0- 8/17/93
 /CONTACT: Bill Combs of Longs Drug Stores, 510-210-6726/
 (LDG)


CO: Longs Drug Stores Inc. ST: California IN: REA SU: ERN DIV

TM -- SF011 -- 3751 08/17/93 17:18 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
Words:438
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