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LONGS DRUG STORES REPORTS RESULTS

 LONGS DRUG STORES REPORTS RESULTS
 WALNUT CREEK, Calif., Aug. 18 /PRNewswire/ -- Longs Drug Stores


Corp. (NYSE: LDG) today announced a six percentincrease in sales, a five percent decrease in net income for the second quarter ended July 30, 1992, and the declaration of a 28 cent quarterly dividend.
 Unaudited sales for the second quarter were $613,395,000 as compared to $576,861,000 reported for last year. Sales for the two quarters increased six percent to $1,215,090,000 from $1,146,085,000 reported for the like period last year.
 Unaudited net income for the second quarter was $13,529,000,or 66 cents per share, as compared to $14,210,000, or 70 cents per share, reported for last year. Net income for the two quarters decreased four percent to $27,222,000, or $1.32 per share, ascompared to $28,280,000, or $1.39 per share, reported for the like period last year.
 According to William Combs, vice president administration and corporate relations, "We had very strong sales for the first few weeks of the quarter but saw a softening as the quarter progressed, reflecting the state of the economy and the intense competition in California. While margins declined slightly, we had a four percentincrease in gross profit dollars. We continue to tightly control expenses."
 "Expenses, as expected, were impacted by approximately $2 million, including depreciation, related to the rollout of our point- of-sale scanning project. Without this additional cost net income would haveincreased over last year's second quarter by four percent."
 "We are beginning to recognize benefits in stores that were first installed with the scanning system and are very optimistic about the system's potential. At quarter end 130 stores were scanning and we expect to have over 170 stores by year end."
 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 Sept. 1, 1992, payable Oct. 9, 1992.
 Longs presently operates 268 stores in California, Hawaii, Alaska, Arizona, Nevada and Colorado. One new store was opened during the quarter, and one store was closed. Currently the company has six stores under construction, which are scheduled to open before the end of the fiscal year.
 LONGS DRUG STORES
 Quarter Ended Two Quarters Ended
 unaudited
 7/30/92 8/01/91 7/30/92 8/01/91
 (Thousands Except Per Share)
 SALES $613,395 $576,861 $1,215,090 $1,146,085
 COSTS AND EXPENSES:
 Cost of merchandise sold 462,389 432,189 914,325 857,300
 Expenses 128,777 121,162 256,143 242,105
 INCOME BEFORE TAXES
 ON INCOME 22,229 23,510 44,622 46,680
 TAXES ON INCOME 8,700 9,300 17,400 18,400
 NET INCOME $ 13,529 $ 14,210 $ 27,222 $ 28,280
 EARNINGS PER COMMON SHARE $.66 $.70 $1.32 $l.39
 Weighted average number
 of common shares
 outstanding 20,588 20,434 20,566 20,392
 -0- 8/18/92
 /CONTACT: Bill Combs of Longs Drug Stores, 510-210-6726/
 (LDG) CO: Longs Drug Stores ST: California IN: REA SU: ERN


RM -- SF006 -- 1114 08/18/92 17:04 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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