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RALPHS GROCERY CO. ANNOUNCES THIRD QUARTER RESULTS

 RALPHS GROCERY CO. ANNOUNCES THIRD QUARTER RESULTS
 LOS ANGELES, Nov. 27 /PRNewswire/ -- Ralphs Grocery Co. today


announced third quarter results.
 Net sales for the third quarter -- 12 weeks ended Oct. 13, 1991 -- were $635.9 million, an increase of 2.0 percent over the previous year's third quarter. Comparable store sales including remodels and replacement stored decreased 2.9 percent during the 12-week period ended Oct. 13, 1991 compared to the same period for the previous year.
 Operating cash flow for the third quarter was $50.0 million, a rate of 7.9 percent of sales, compared to $44.4 million, a rate of 7.1 percent of sales, for the same period last year. Operating cash flow (EBITDA) is defined as earnings before interest, taxes, depreciation, amortization, equity appreciation rights and adjustments for last-in first-out inventory valuation, and Statement of Financial Accounting Standards No. 106 - Postretirement Benefits Other Than Pensions ("FAS 106").
 Byron Allumbaugh, Ralphs chairman and chief executive officer, said, "The achievement of our cash flow results, given the weakness in the economy, is a tremendous accomplishment for which all 18,000 Ralphs members can be proud. We look forward to our continuing remodel and new store program, and the completion of the new Perishables Distribution Complex scheduled for mid-1992. We look forward to the holidays and serving our customers during Ralphs' 118th year of operation."
 Ralphs Grocery Co. currently operates 157 supermarkets in Southern California.
 Further financial information is provided in the attached table of Summary Financial Results and the company's Form 10Q filed today with the Securities and Exchange Commission.
 RALPHS GROCERY CO.
 Operating Results
 ($ in millions)
 (Unaudited)
 Third Qtr. 36 Weeks Third Qtr. 36 Weeks
 Ended Ended Ended Ended
 10/13/91 10/13/91 10/7/90 10/7/90
 Net sales $635.9 $1,976.9 $623.5 $1,867.1
 Operating
 cash flow 50.0 151.6 44.4 142.7
 Operating cash
 flow - as pct.
 to sales 7.9 pct 7.7 pct 7.1 pct 7.6 pct
 Summary Financial Results
 ($ in millions)
 (Unaudited)
 Third Qtr. 36 Weeks Third Qtr. 36 Weeks
 Ended Ended Ended Ended
 10/13/91 10/13/91 10/7/90 10/7/90
 Net sales $635.9 $1,976.9 $623.5 $1,867.1
 Cost of goods
 sold 500.1 1,558.6 495.0 1,481.2
 Selling,
 general &
 administra-
 tive 101.8 314.9 99.4 290.4
 Equity appreci-
 ation rights 4.0 12.5 3.3 10.1
 Amortization of
 excess costs
 over net
 assets 2.5 7.6 2.5 7.6
 Postretirement
 benefits .6 1.7 .5 1.5
 Operating
 income 26.9 81.6 22.8 76.3
 Interest expense
 net 29.6 88.8 29.4 87.6
 cash 26.8 80.8 27.2 80.8
 Gain (loss) on
 sale of assets (.1) (.5) (1.4) (1.6)
 Loss before
 taxes (3.0) (7.7) (8.0) (12.9)
 Income tax
 expense 5.7 10.6 3.9 10.6
 Loss before cumu-
 lative effect of
 accounting change
 for postretirement
 benefits other
 than pensions (8.8) (18.3) (11.9) (23.5)
 Cumulative effect
 of change in
 accounting for
 postretirement
 benefits other
 than pensions --- --- --- 13.1
 Net loss (8.8)(a) (18.3)(b) (11.9)(c) (36.6)(d)
 (a) The net loss of $8.8 million for the third quarter ended Oct. 13, 1991 includes not only the non-cash charges of $4.0 million for EARs, $2.5 million for amortization of goodwill, and $0.6 million for postretirement benefits other than pensions, but also a $5.7 million charge for taxes. The net income before taxes, EARs, amortization of goodwill and postretirement benefits other than pensions was $4.1 million.
 (b) The net loss of $18.3 million for the 36 weeks ended Oct. 13, 1991 includes not only the non-cash charges of $12.5 million for EARs, $7.6 million for amortization of goodwill, and $1.7 million for postretirement benefits other than pensions, but also a $10.6 million charge for taxes. The net income before taxes, EARs, amortization of goodwill and postretirement benefits other than pensions was $14.1 million.
 (c) The net loss of $11.9 million for the third quarter ended Oct. 7, 1990 includes not only the non-cash charges of $3.3 million for EARs, $2.5 million for amortization of goodwill, and $0.5 million for postretirement benefits other than pensions, but also a $3.9 million charge for taxes. The net loss before taxes, EARs, amortization of goodwill and postretirement benefits other than pensions was $1.7 million.
 (d) The net loss of $36.6 million for the 36 weeks ended Oct. 7, 1990 includes not only the non-cash charges of $10.1 million for EARs, $7.6 million for amortization of goodwill, and $14.6 million for postretirement benefits other than pensions, but also a $10.6 million charge for taxes. The net income before taxes, EARs, amortization of goodwill and postretirement benefits other than pensions was $6.3 million.
 -0- 11/27/91
 /CONTACT: Jan Charles Gray (media), 310-637-7791; or Alan J. Reed (investors), 310-605-4516, both of Ralphs Grocery Co./ CO: Ralphs Grocery Co. ST: California IN: FOD SU: ERN


AL-CH -- LA008 -- 7769 11/27/91 13:28 EST
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Date:Nov 27, 1991
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