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RICHFOOD HOLDINGS ANNOUNCES RECORD FIRST QUARTER EARNINGS

 RICHFOOD HOLDINGS ANNOUNCES RECORD FIRST QUARTER EARNINGS
 RICHMOND, Va., Aug. 12 /PRNewswire/ -- Richfood Holdings, Inc. (NASDAQ: RCHF) today announced record net earnings for the first quarter of fiscal 1993. For the 12-week period ended July 25, 1992, the company reported net earnings of $3.4 million, an increase of 35.5 percent over net earnings of $2.5 million for the first quarter of fiscal 1992. Earnings per share for the first quarter were $0.32, compared to $0.24 per share for the first quarter of fiscal 1992. Sales for the quarter increased 4.1 percent to $245.6 million, compared to sales of $235.9 million for the quarter ended July 20, 1991.
 Donald D. Bennett, president and chief executive officer, said: "We are pleased with the record earnings achieved in the first quarter, particularly in light of current economic conditions. This level of net earnings reflects our continued commitment to maximize the efficiencies in our current operations."
 Bennett added: "We achieved sales growth of 4.1 percent in the first quarter of fiscal 1993, a significant increase given the persistent deflationary pressures on food prices and consumers' preferences for lower priced products. We have continued to increase our sales volume through the addition of new customers, improvements in purchase concentration with existing customers and the expansion of our IGA marketing efforts."
 Inventory levels were $73.2 million at July 25, 1992, compared to inventory levels of $76.3 million at July 20, 1991. Notes receivable increased to $44.6 million at July 25, 1992, compared to $6.3 million at July 20, 1991 and $27.6 million at May 2, 1992. The increase in notes receivable was primarily due to financing provided by the company to purchasers of the Nick's IGA and Gene Walters' Marketplace stores. Interest income was $0.8 million for the first quarter of fiscal 1993, versus $0.1 million for the same quarter last year.
 Institutional borrowings increased to $44.7 million at July 25, 1992, up from $22.7 million at July 20, 1991, primarily due to the increase in notes receivable and to the payment of former cooperative- member patronage rebate certificates. Interest expense was $0.7 million for the quarter ended July 25, 1992 and for the quarter ended July 20, 1991.
 Richfood Holdings, Inc. is the largest wholesale food distributor in its Mid-Atlantic operating region. The company sells a complete selection of national brand and private label groceries, frozen food, meat, produce, dairy, bakery and delicatessen products to approximately 400 customers that operate approximately 650 retail supermarkets in Virginia, Maryland, North Carolina, Delaware, West Virginia and the District of Columbia.
 RICHFOOD HOLDINGS, INC. AND SUBSIDIARIES
 Consolidated Statements Of Earnings
 (Dollar amounts in thousands, except per share data)
 First quarter (12 weeks) ended 6/25/92 6/20/91
 Net Sales $245,629 $235,903
 Costs and Expenses:
 Cost of goods sold 226,531 218,140
 Operating and adminis-
 trative expenses 13,964 13,309
 Interest expense 742 697
 Interest income (790) (97)
 Other income (207) (125)
 Earnings before
 income taxes 5,389 3,979
 Income tax provision 1,994 1,472
 Net earnings $3,395 $2,507
 Net earnings per
 common share $0.32 $0.24
 Average common shares
 outstanding 10,468 10,432
 -0- 8/12/92
 /CONTACT: June Filingeri or Bernard Kilkelly of Morgen-Walke Associates, 212-986-5900, for Richfood Holdings/
 (RCHF) CO: Richfood Holdings, Inc. ST: Virginia IN: FOD SU: ERN


SM -- NY010 -- 9245 08/12/92 08:53 EDT
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Date:Aug 12, 1992
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