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LONGS DRUG STORES REPORTS RESULTS

 LONGS DRUG STORES REPORTS RESULTS
 WALNUT CREEK, Calif., Feb. 25 /PRNewswire/ -- Longs Drug Stores


(NYSE: LDG) today announced a 1.4 percent increase in sales and a 7 percent decrease in net income for its 52-week fiscal year ended Jan. 30, 1992, versus the prior 53-week fiscal year. Longs also announced the declaration of a 27 cent quarterly dividend, the retirement of Ivan W. Rowland from the board of directors, and the appointment of Harold R. Somerset to the board.
 Sales for the year increased to $2,365,916,000 from the prior year's $2,333,767,000. Sales for the 13-week fourth quarter decreased 4.8 percent to $648,513,000, as compared to $680,911,000 reported for the 14-week period last year.
 Net income for the 52-week fiscal year ended Jan. 30, 1992 was $55,79,000, or $2.71 per share, as compared to $59,622,000 or $2.94 per share, reported in the prior 53-week fiscal year. Net income for the fourth quarter decreased 9 percent to $15,615,000, or 76 cents per share, as compared with $17,197,000, or 85 cents per share, reported a year ago.
 According to William Combs, vice president-Administration and Corporate Relations, "The depressed economy continues to affect consumer buying habits and, in turn, Longs' financial results. Even with the difficult economic environment, fourth quarter sales and net income would have increased over a year ago if both quarters were measured on a comparable 13-week basis."
 Combs added that "44 stores were scanning for the full quarter. The benefits from scanning are starting to be realized through improved gross margins and labor costs for those stores. We are continuing to install scanning in our stores and expect to have a total of 173 stores operational by the end of our fiscal year. We are optimistic that we will see improved earnings later in the year."
 The board of directors regretfully accepted the resignation of Ivan W. Rowland, who retired from the board after serving for over 20 years. Robert M. Long, chairman and CEO expressed appreciation for Rowland's dedication and contributions to the board.
 In a separate action, the board of directors announced the appointment of Harold R. Somerset to the board. Somerset is president and CEO of the California and Hawaiian Sugar Co. in Concord, Calif. He is a graduate of the U.S. Naval Academy, holds a degree from Rensselaer Poly Institute in Engineering, and a law degree from Harvard.
 The board of directors declared a quarterly dividend of 27 cents per share of common stock to holders of record at the close of business March 10, 1992, payable April 10, 1992.
 Longs operates 266 stores in California, Hawaii, Alaska, Arizona, Nevada and Colorado. One new store was opened during the quarter bringing the total of new stores opened during the fiscal year to eight. Three underperforming stores were closed during the fiscal year. The company currently has three stores under construction and anticipates opening nine stores in fiscal year 1993.
 Quarter Ended Year Ended
 --------(unaudited)------- (audited)
 1/30/92 1/31/91 1/30/92 1/31/91
 13 weeks 14 weeks 52 weeks 53 weeks
 (Thousands Except Per Share)
 SALES $648,513 $680,911 $2,365,916 $2,333,767
 COSTS AND EXPENSES:
 Cost of merchandise sold 488,710 518,691 1,775,927 1,759,998
 Expenses 134,188 133,923 498,710 475,547
 INCOME BEFORE TAXES ON
 INCOME 25,615 28,297 91,279 98,222
 TAXES ON INCOME 10,000 11,100 35,900 38,600
 NET INCOME $ 15,615 $ 17,197 $ 55,379 $ 59,622
 EARNINGS PER COMMON SHARE$ .76 $ .85 $ 2.71 $ 2.94
 Weighted average number of
 common shares outstanding 20,442 20,201 20,417 20,291
 -0- 2/25/92
 /CONTACT: Bill Combs of Longs Drug Stores, 510-210-6726/
 (LDG) CO: Longs Drug Stores ST: California IN: REA SU: ERN


DG -- SF004 -- 2580 02/25/92 18:09 EST
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Publication:PR Newswire
Date:Feb 25, 1992
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