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LONGS DRUG STORES REPORTS EARNINGS

 WALNUT CREEK, Calif., Feb. 23 /PRNewswire/ -- Longs Drug Stores (NYSE: LDG) today reported a 6-percent increase in net income and a 3-percent increase in sales for the fourth quarter ended Jan. 28, 1993, and the declaration of a 28-cent quarterly dividend.
 Net income for the fourth quarter was $16,497,000, or 81 cents per share, as compared to $15,615,000, or 76 cents per share, reported last year. Sales for the quarter totaled $666,717,000, compared to $648,513,000 for the same period last year.
 For the year ended Jan. 28, 1993, net income was $52,993,000, down 4 percent from last year's $55,379,000. Earnings per share was $2.58, compared to $2.71. Sales for the year were $2,475,475,000, up 5 percent from $2,365,916,000 reported last year.
 According to William Combs, vice president-Administration and Corporate Relations, "We are pleased with the company's results this quarter. Despite the economic atmosphere, sales increased and gross margins improved over last year.
 "The stores benefitted from a better-than-normal sell-through of seasonal merchandise during December. As anticipated, expenses as a percentage of sales were down slightly. We enter the new fiscal year optimistic that we are prepared to face the challenges ahead."
 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 March 9, 1993, payable April 9, 1993.
 Longs is a leading drug chain operating 274 stores in California, Hawaii, Alaska, Nevada and Colorado. During fiscal 1993, 10 stores were opened and two were closed. Currently the company has three stores under construction and anticipates opening 17 stores in fiscal year 1994.
 LONGS DRUG STORES
 Quarter Ended Year Ended
 (unaudited) (audited)
 1/28/93 1/30/92 1/28/93 1/30/92
 13 weeks 13 weeks 52 weeks 52 weeks
 (Thousands Except Per Share)
 SALES $666,717 $648,513 $2,475,475 $2,365,916
 COSTS AND EXPENSES:
 Cost of merchandise sold 501,348 488,710 1,863,172 1,775,927
 Expenses 137,772 134,188 524,810 498,710
 Income before taxes on
 income 27,597 25,615 87,493 91,279
 Taxes on income 11,100 10,000 34,500 35,900
 Net income $ 16,497 $ 15,615 $ 52,993 $ 55,379
 Earnings per common share $ 0.81 $ 0.76 $ 2.58 $ 2.71
 Weighted average number of
 common shares outstanding 20,453 20,442 20,538 20,417
 -0- 2/23/93
 /CONTACT: Bill Combs of Longs Drug Stores, 510-210-6726/
 (LDG)


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

SG -- SF009 -- 9640 02/23/93 17:50 EST
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Publication:PR Newswire
Date:Feb 23, 1993
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