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PIC 'N' SAVE CORP. REPORTS $1.12 PER SHARE NET INCOME UP 98 PERCENT TO $34,215,000 FOR 1991

 PIC 'N' SAVE CORP. REPORTS $1.12 PER SHARE
 NET INCOME UP 98 PERCENT TO $34,215,000 FOR 1991
 DOMINGUEZ, Calif., March 19 /PRNewswire/ -- Pic 'N' Save Corp. (NASDAQ: PICN) reported today that its net earnings for fiscal 1991 were $34,215,000, or $1.12 per share, for an increase of 98 percent, compared to $17,245,000, or $0.52 per share, in the prior year. Net earnings for 1991 were 6.3 percent of sales vs. 3.3 percent last year. (Fiscal 1990 earnings included a one-time charge of $19,252,000 related to the proxy fight and associated restructuring expenses.)
 Net earnings for the fourth quarter ended Feb. 2, 1992 were $20,597,000, or $0.67 per share, compared to $18,219,000, or $0.60 per share for the quarter ended Feb. 3, 1991.
 Total sales for the 52 weeks of fiscal 1991 were $542,578,000, for an increase of 2.5 percent over the prior year's sales of $529,115,000 (53 weeks ended Feb. 3, 1991). Comparable store sales for 1991 increased 2.9 percent over a 52-week period in the prior year.
 "Our 1991 results were above original expectations," commented Len Williams, president and chief executive officer. "1991 was a turnaround year for us as we rebuilt our management team and as some of us learned this very exciting close-out business.
 "Our customers responded positively to our clean, fuller stores and strengthened merchandise assortment in the second half, enabling us to have a good year. Inventory shrinkage has also come under more control, allowing gross margin to start to grow again.
 "We turn now to our longer term goal of growing this business," Williams continued. "Our basic strength is in our buying power and our store locations, particularly in the West. We are embarking on an ambitious, but controlled, expansion program in our existing markets, and particularly on the West coast, starting in the second half of this year. Our objective is to enhance shareholder value through strong expansion in areas where we are already well known."
 During fiscal 1991, Pic 'N' Save opened three new stores and closed one store. This brought the number of stores in operation to 193 at the end of 1991, compared to 191 at the end of the prior year.
 The company operates a chain of 193 retail stores in 12 states. These stores, which do business as Pic 'N' Save and Mac Frugal's Bargains - Close-outs, feature a variety of first-quality general merchandise obtained through manufacturer close-outs, overruns, discontinued lines and packaging changes. An ever-changing assortment of merchandise is typically sold at 40 percent to 70 percent off regular retail prices.
 PIC 'N' SAVE CORP. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited)
 (Thousands except for earnings per common share)
 For the three months ended For the year ended
 Feb. 2, Feb. 3, Feb. 2, Feb. 3,
 1992 1991 1992 1991
 Net sales $189,492 $192,006 $542,578 $529,115
 Cost of sales 92,317 102,722 277,879 280,323
 Gross profit 97,175 89,284 264,699 248,792
 Store expenses 42,105 40,982 145,328 136,492
 Warehouse and
 administrative
 expenses 20,301 16,157 56,208 55,992
 Proxy and restruc-
 turing expenses --- 228 --- 19,252
 Total operating
 expenses 62,406 57,367 201,536 211,736
 Operating
 income 34,769 31,917 63,163 37,056
 Interest (expense)
 net (2,513) (2,630) (8,286) (9,374)
 Earnings before
 income taxes 32,256 29,287 54,877 27,682
 Income taxes 11,659 11,068 20,662 10,437
 Net earnings $20,597 $18,219 $34,215 $17,245
 Earnings per
 common share $0.67 $0.60 $1.12 $0.52
 Average shares
 outstanding 30,934 30,583 30,649 33,480
 PIC 'N' SAVE CORP. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (unaudited)
 (thousands)
 Feb. 2, 1992 Feb. 3, 1991 Jan. 28, 1990
 Assets:
 Current Assets
 Cash and cash
 equivalents $41,483 $18,250 $3,438
 Merchandise
 inventories 130,557 101,585 112,831
 Other current
 assets 10,675 10,313 8,376
 Total current
 assets 182,715 130,148 124,645
 Property,
 equipment and
 improvements,
 net 205,242 212,181 181,881
 Other assets 8,888 2,051 1,192
 Total assets $396,845 $344,380 $307,718
 Liabilities and
 Stockholders'
 Equity:
 Current Liabilities
 Loan payable
 to bank --- $40,000 $17,000
 Current portion of
 long-term debt $18,794 519 381
 Accounts payable
 and other current
 liabilities 59,499 35,190 45,232
 Total current
 liabilities 78,293 75,709 62,613
 Long-term debt 81,567 68,164 14,343
 Deferred federal
 and state
 income taxes 10,947 10,102 10,078
 Stockholders'
 equity 226,038 190,405 220,684
 Total liabilities
 and stockholders'
 equity $396,845 $344,380 $307,718
 -0- 3/19/92
 /CONTACT: Eileen Hupp, assistant VP-marketing, of Pic 'N' Save, 310-761-4214/
 (PICN) CO: Pic 'N' Save Corp. ST: California IN: REA SU: ERN


EH-KJ -- LA004 -- 9505 03/19/92 08:05 EST
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