QFC REPORTS RECORD SECOND-QUARTER RESULTS
QFC REPORTS RECORD SECOND-QUARTER RESULTS BELLEVUE, Wash., June 30 /PRNewswire/ -- Quality Food Centers Inc.
(QFC) (NASDAQ: QFCI) today reported record sales and earnings for the 12 weeks ended June 13, 1992.
Net earnings for the second quarter of 1992 increased 24 percent to a record $5,799,000, or 30 cents per share, compared with net earnings of $4,669,000, or 24 cents per share, in the corresponding 1991 quarter. Second-quarter sales increased 19 percent to $107.4 million, compared with $90 million last year. Comparable store sales increased 3.1 percent during the quarter. According to Marc Evanger, vice president and chief financial officer, "Our sales increase reflects the three stores we added in 1991, the two stores we acquired from Haggen Inc. in February, and higher sales in the five stores we expanded and remodeled during the last 12 months. Our comparable store sales for the quarter were strong, especially in light of the 1-percent deflation in food prices we experienced during the period. Improved buying and merchandising, along with cost controls, produced a record operating margin of 7.9 percent of sales for the second quarter, compared with 7.5 percent for the same period last year." For the 24 weeks ended June 13, 1992, net earnings increased 23 percent to $10,853,000, or 55 cents per share, compared with net earnings of $8,856,000, or 45 cents per share, in the comparable period last year. Sales for the 24-week period of 1992 reached $205.6 million, up 17.6 percent from 1991. Comparable store sales are up 3.1 percent for the year-to-date period. Dan Kourkoumelis, QFC president and chief operating officer, said, "The second quarter was very active in terms of our expansion and remodeling program. We completed the remodeling of our Lake City, Richmond Beach and North Bend stores and are very pleased with the resulting sales increases. Our people did an outstanding job of maintaining QFC's high standards during this very busy time. The expansion and remodeling of our Lynnwood store and the remodeling of our Alderwood store, both acquired from Haggen Inc. earlier this year, are also underway." Stuart Sloan, chairman and chief executive officer, stated, "We're pleased with our continued strong results for the second quarter of 1992. In addition to remodeling and expanding existing stores, we are also making solid progress in new store development. Our new Harbour Pointe store in Mukilteo is under construction, and should open this fall. We are in various stages of the building permit process for our new Fairwood, Midway and Federal Way stores," Sloan continued, "and are actively pursuing other new store sites and acquisition opportunities." QFC is the largest independent supermarket chain in the Seattle/Puget Sound area -- an economically strong and growing region of Washington state. QFC has served this dynamic area for 37 years and today operates 32 stores. QFC's first priority is satisfying the needs of customers by providing superior service, high-quality perishables and competitive prices at convenient store locations. QUALITY FOOD CENTERS INC. FINANCIAL HIGHLIGHTS (Dollars in thousands, except per-share amounts) June 13, Percent June 15, Percent 12 Weeks Ended: 1992 of Sales 1991 of sales Sales $107,350 100.0 $ 90,030 100.0 Cost of sales and related occupancy expenses 80,014 74.6 67,501 75.0 Operating expenses 18,802 17.5 15,760 17.5 Operating income 8,534 7.9 6,769 7.5 Interest income 195 0.2 313 0.4 Earnings before taxes 8,729 8.1 7,082 7.9 Income taxes 2,930 2.7 2,413 2.7 Net earnings $ 5,799 5.4 $ 4,669 5.2 Average shares outstanding 19,619 19,511 Earnings per share $ 0.30 $ 0.24 Cash and short-term investments $ 25,604 $ 29,500 Total Assets 131,551 102,189 Shareholders' equity 93,396 69,025 Number of stores 32 28 June 13, Percent June 15, Percent 24 Weeks Ended: 1992 of Sales 1991 of sales Sales $205,582 100.0 $174,744 100.0 Cost of sales and related occupancy expenses 153,509 74.6 131,148 75.1 Operating expenses 36,121 17.6 30,757 17.6 Operating income 15,952 7.8 12,839 7.3 Interest income 383 0.2 594 0.4 Earnings before taxes 16,335 8.0 13,433 7.7 Income taxes 5,482 2.7 4,577 2.6 Net earnings $ 10,853 5.3 $ 8,856 5.1 Average shares outstanding 19,617 19,486 Earnings per share $ 0.55 $ 0.45 -0- 6/30/92 /CONTACT: Marc Evanger of Quality Food Centers, 206-455-3761/ (QFCI) CO: Quality Food Centers Inc. ST: Washington IN: REA SU: ERN
LM-SF -- SE005 -- 5008 06/30/92 08:05 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 30, 1992|
|Previous Article:||SEE THE MOVIE THEN PLAY THE VIDEO GAME -- CAN YOU DEFEAT THE UNIVERSAL SOLDIERS?|
|Next Article:||NEARLY HALF OF COLUMBUS-AREA RESIDENTS SAY THEY ALWAYS WEAR THEIR SAFETY BELTS|