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PERRY'S THIRD-QUARTER EARNINGS UP 39 PERCENT; SAME STORE SALES CONTINUE DOUBLE-DIGIT INCREASES

 PERRY'S THIRD-QUARTER EARNINGS UP 39 PERCENT;
 SAME STORE SALES CONTINUE DOUBLE-DIGIT INCREASES
 PONTIAC, Mich., Aug. 26 /PRNewswire/ -- Perry Drug Stores, Inc. (NYSE: PDS) reported today that its third quarter ended July 31 was the seventh consecutive comparable quarter in which the company improved its sales and earnings.
 Sales for the third quarter were $169 million, an increase of 5.7 percent over sales of $160 million in the same quarter of 1991. These results were achieved despite the fact that Perry operated 22 fewer stores in the comparable 1992 period. Sales in seasoned stores (stores open for more than one year) continued their double-digit increase, advancing 11 percent in the quarter.
 Net earnings for the quarter increased 39 percent to $2.1 million, or 18 cents per share, compared with earnings of $1.5 million, or 15 cents per share, last year. The third-quarter and nine-month per-share results include the issuance of 1.6 million shares of the company's common stock through a public offering which raised more than $12 million. These proceeds were used to further reduce the company's outstanding debt.
 For the nine months ended July 31, sales increased 6.7 percent to $508 million, and net earnings increased 52 percent to $6.2 million, or 57 cents per share, compared with earnings of $4.1 million, or 40 cents per share last year. Seasoned store sales for the nine-month period increased 12 percent.
 Pharmacy sales outpaced overall sales, increasing 20 percent for both the third quarter and the first nine months. Pharmacy sales accounted for 49.5 percent of all revenues for the third quarter and 48.3 percent for the first nine months.
 Selling, general and administrative expenses continued to decrease as a percent of sales, responding to stringent cost controls.
 Jack A. Robinson, Perry chairman of the board and president, also reported that during the quarter Perry made substantial progress in installing a new point-of-sale system.
 "This system will help us with improved inventory and cost controls and faster and more convenient checkout procedures," said Robinson.
 Point-of-sale registers will be installed in approximately one-third of the stores by the end of the year, with the balance of the stores to be completed in 1993.
 In addition, Perry initiated in the third quarter an innovative program -- PerryDate -- which prints the medication expiration date on prescription labels. PerryDate offers vital information to customers, giving them the date when their medications lose their potency. Perry is the first and only drugstore operator offering this service in Michigan.
 "While the overall economic environment is troublesome, we are confident that we will continue to achieve improved results in the fourth quarter -- completing a very good year for Perry," said Robinson.
 Perry, a New York Stock Exchange company operating 206 drugstores in Michigan, is the state's No. 1 drugstore chain and the 14th-largest drugstore chain in the U.S.
 PERRY DRUG STORES, INC.
 Condensed Statement of Earnings
 (In Thousands of Dollars)
 Three Months Ended
 July 31,
 1992 1991 Percent Change
 Net sales $169,240 $160,092 + 5.7
 Cost of sales 123,865 116,326
 Selling, general &
 admin. expenses 40,241 38,646
 Earnings from operations $5,134 $5,120
 Interest expense 2,348 3,112
 Earnings before income taxes $2,786 $2,008
 Income tax provision 700 388
 Discontinued operation --- -116
 Net earnings $2,086 $1,504 +38.7
 Net earnings per share $0.18 $0.15
 Average primary shares 11,862 10,238 +15.9
 Number of stores 206 228 - 9.6
 Nine Months Ended
 July 31,
 1992 1991 Percent Change
 Net sales $507,522 $475,733 + 6.7
 Cost of sales 372,482 345,632
 Selling, general &
 admin. expenses 118,460 115,298
 Earnings from operations $16,580 $14,803
 Interest expense 7,906 9,434
 Earnings before income taxes $8,674 $5,369
 Income tax provision 2,490 1,160
 Discontinued operations --- -138
 Net earnings $6,184 $4,071 +51.9
 Net earnings per share $0.57 $0.40
 Average primary shares 10,857 10,223 + 6.2
 Number of stores 206 228 - 9.6
 -0- 8/26/92
 /CONTACT: Jerry E. Stone, 313-674-7783, or Berl Falbaum, 313-674-7772, both of Perry Drug Stores/
 (PDS) CO: Perry Drug Stores, Inc. ST: Michigan IN: REA SU: ERN


SM-MS -- DE012 -- 3448 08/26/92 12:01 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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