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LONGS DRUG STORES REPORTS RESULTS

 LONGS DRUG STORES REPORTS RESULTS
 WALNUT CREEK, Calif., May 19 /PRNewswire/ -- Longs Drug Stores


Corp. (NYSE: LDG) today announced a 6 percent increase in sales and a 3 percent decrease in net income for the first quarter at its annual meeting of shareholders.
 Sales for the quarter ended April 30, 1992 were $601,695,000, as compared to $569,224,000 for the like period last year. Net income for the quarter was $13,693,000, or 67 cents per share, as compared to $14,070,000, or 69 cents per share last year.
 According to William Combs, vice president-administration and corporate relations, "We are seeing some improvement in the economy and the consumer's buying habits. In the last several weeks sales have been particularly strong. Additionally, I am pleased to report that our efforts at cost containment have brought expenses in line with sales increases. In fact, the expenses, as a percentage of sales, declined slightly for the first time since the economy began to weaken and affect sales growth."
 Combs added that "Reported expenses included approximately $2 million, including depreciation, associated with the continued rollout of our Point of Sale scanning project. At quarter end 82 stores were scanning, and by the end of our fiscal year we expect to have over 170 stores on scanning."
 As of today, Longs operates 269 stores in California, Hawaii, Alaska, Arizona, Nevada, and Colorado. Three additional stores are under construction and a number of others are in various stages of planning.
 LONGS DRUG STORES
 Quarter Ended
 (unaudited)
 4/30/92 5/02/91
 (Thousands except per share)
 Sales $601,695 $569,224
 Costs and expenses
 Cost of merchandise sold 451,936 425,111
 Expenses-net 127,366 120,943
 Income before taxes on income 22,393 23,170
 Taxes on income 8,700 9,100
 Net income $ 13,693 $ 14,070
 Earnings per common share $.67 $.69
 Weighted average number of
 common shares outstanding 20,543 20,351
 -0- 5/19/92
 /CONTACT: Bill Combs of Longs Drug Stores, 510-210-6726/
 (LDG) CO: Longs Drug Stores ST: California IN: REA SU: ERN


RM -- SF005 -- 2023 05/19/92 16:38 EDT
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Publication:PR Newswire
Date:May 19, 1992
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