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PIC 'N' SAVE REPORTS THIRD QUARTER EARNINGS OF $0.14 PER SHARE

 PIC 'N' SAVE REPORTS THIRD QUARTER EARNINGS OF $0.14 PER SHARE
 DOMINGUEZ, Calif., Dec. 5 /PRNewswire/ -- Pic 'N' Save Corp. (NASDAQ: PICN) announced today that its net earnings for the third fiscal quarter ended Nov. 3, 1991, were $4,323,000, or $0.14 per share. This compares with the prior year's third quarter net earnings of $2,388,000, or $0.07 per share.
 For the nine months ended Nov. 3, 1991, the net earnings were $13,618,000, or $0.45 per share, compared with a net loss of ($974,000), or ($0.03) per
share in the first three quarters of the prior year. Last year's results included a one-time after tax charge of approximately $12,000,000 for proxy and restructuring expenses.
 "Our third quarter performance reflects continuing positive response from our customers to a more exciting merchandise assortment...especially for Back-To-School and Halloween selling," commented Len Williams, president and chief executive officer. "Our results also demonstrate ongoing improvements in store operations."
 The company, through its subsidiary PNS Stores Inc., operates a chain of 194 retail stores in 12 states. These stores, which do business as Pic 'N' Save and MacFrugal's, 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 to 70 percent off regular retail prices.
 PIC 'N' SAVE CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited)
 (In Thousands)
 For the three For the nine
 months ended months ended
 Nov. 3 Oct. 28 Nov. 3 Oct. 28
 1991 1990 1991 1990
 Net sales $126,692 $105,467 $353,086 $337,109
 Cost of sales 66,383 54,935 185,562 177,601
 Gross profit 60,309 50,532 167,524 159,508
 Store expenses 37,145 31,208 103,223 95,510
 Warehouse and
 administrative
 expenses 13,409 12,239 35,907 39,835
 Proxy and restruc-
 turing expenses --- --- --- 19,024
 Total operating
 expenses 50,554 43,447 139,130 154,369
 Operating
 income (loss) 9,755 7,085 28,394 5,139
 Interest (expense)
 net (2,574) (3,151) (5,773) (6,744)
 Earnings (loss)
 before income
 taxes 7,181 3,934 22,621 (1,605)
 Income taxes
 (benefit) 2,858 1,546 9,003 (631)
 Net earnings
 (loss) $4,323 $2,388 $13,618 ($974)
 Earnings (loss)
 per common share $0.14 $0.07 $0.45 ($0.03)
 Average shares
 outstanding 30,831 33,029 30,594 34,312
 PIC 'N' SAVE CORP. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (unaudited)
 (In thousands)
 Nov. 3, 1991 Feb. 3, 1991 Oct. 28, 1990
 Assets
 Current Assets
 Cash $2,377 $18,250 $4,431
 Merchandise
 inventories 158,904 101,585 165,198
 Other current
 assets 7,942 10,313 24,012
 Total current
 assets 169,223 130,148 193,641
 Property,
 equipment and
 improvements,
 net 208,436 212,181 200,126
 Other assets 9,149 2,051 1,993
 Total assets $386,808 $344,380 $395,760
 Liabilities and
 Stockholders'
 Equity
 Current
 Liabilities
 Loan payable
 to bank $6,300 $40,000 $130,000
 Current portion of
 long-term debt 24,646 519 512
 Accounts payable
 and other current
 liabilities 53,198 35,190 33,450
 Total current
 liabilities 84,144 75,709 163,962
 Long-term debt 87,372 67,482 43,383
 Deferred federal
 and state
 income taxes 10,102 10,102 10,078
 Accrued bonus 682 682 682
 Stockholders'
 equity 204,508 190,405 177,655
 Total liabilities
 and stockholders'
 equity $386,808 $344,380 $395,760
 -0- 12/5/91
 /CONTACT: Eileen Hupp of Pic 'N' Save, 213-761-4214/
 (PICN) CO: Pic 'N' Save Corporation ST: California IN: REA SU: ERN


CH-DM -- LA003 -- 9472 12/05/91 07:55 EST
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Date:Dec 5, 1991
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