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MEGAFOODS STORES INC. ANNOUNCES THIRD QUARTER 1992 EARNINGS

 MEGAFOODS STORES INC. ANNOUNCES THIRD QUARTER 1992 EARNINGS
 MESA, Ariz., Nov. 4 /PRNewswire/ -- Megafoods Stores Inc. (NASDAQ: MEGF) today reported increased sales and net income for the third quarter of 1992.
 Sales during the third quarter ended Sept. 26, 1992, totaled $72.2 million, compared to $63.6 million during the same quarter last year, an increase of 13.5 percent. Year-to-date sales grew 13.6 percent to $201.6 million from $177.5 million in the prior year. Same store sales for the third quarter increased 1.7 percent.
 Net income for the quarter was $551,000, or 11 cents per share, compared to $515,000, or 13 cents per share, for the same quarter last year on 20 percent (1,028,571) fewer shares. Using the current weighted average shares outstanding for the 1992 third quarter (5,028,571) 1991 third quarter earnings would have been 10 cents per share.
 Net income for the quarter was adversely affected by the direct and indirect costs associated with the opening of five new stores. There were no new stores in the same quarter last year. Megafoods expenses store pre-opening costs upon opening of the store.
 Retail square footage increased 30 percent during the third quarter of 1992 for a total of 1,074,031 retail square feet at third quarter end.
 MEGAFOODS STORES INC.
 Financial Summary
 (In thousands, excpet per share data)
 Quarter Ended
 Sept. 26, 1992 Sept. 21, 1991
 Sales $72,230 $63,648
 Net income 551 515
 Earnings per share .11 .13
 Weighted shares outstanding 5,028 4,000
 Nine Months Ended
 Sept. 26, 1992 Sept. 21, 1991
 Sales $201,619 $177,549
 Net income (loss) (142) 634
 Income (loss) per share (.03) .16
 Weighted shares outstanding 4,343 4,000
 -0- 11/4/92
 /CONTACT: Dean Miller of Megafoods Stores, 619-431-7213/
 (MEGF) CO: Megafoods Stores Inc. ST: Arizona IN: REA SU: ERN


JL-KJ -- LA007 -- 2328 11/04/92 09:02 EST
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Publication:PR Newswire
Date:Nov 4, 1992
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