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SHOPKO STORES REPORTS RECORD FOURTH QUARTER AND YEAR-END RESULTS

SHOPKO STORES REPORTS RECORD FOURTH QUARTER AND YEAR-END RESULTS
 GREEN BAY, Wis., April 2 /PRNewswire/ -- ShopKo Stores, Inc., (NYSE: SKO) today reported record sales and earnings for its fourth quarter and year ended Feb. 29, 1992.
 For the 53 weeks ended Feb. 29, 1992, sales increased 8.4 percent to $1,648.4 million versus the $1,520.5 million reported for the prior fiscal year containing 52 weeks. The sales increase and the comparable store sales increase were 6.8 percent and 1.7 percent respectively, when fiscal 1992 is restated on a 52 week basis. Net income grew by 10.0 percent to $49.6 million, or $1.55 per share compared to $45.1 million, or $1.41 per share for the year ago.
 For the fourth quarter (13 weeks) ended Feb. 29, 1992, sales increased 15.8 percent to $455.1 million from $393.1 million reported for the fourth quarter (12 weeks) last year. The sales increase and the comparable store sales increase 9.5 percent and 4.7 percent respectively, when the fiscal 1992 fourth quarter is restated on a 12 week basis. Net income rose 1.9 percent to $21.1 million, or $0.66 per share compared to $20.7 million or $0.65 per share in the same quarter last year.
 Dale P. Kramer, president and chief executive officer, commented, "We are extremely pleased to report our eleventh consecutive year of growth in earnings and sales, especially in this challenging retail environment. We believe our stores are well positioned to continue to capture market share by offering the quality merchandise and value ShopKo customers demand."
 The company attributed the 10.0 percent annually earnings increase primarily to increased sales volume and reduced interest expense. Gross margins for the years ended Feb. 29, 1992, and Feb. 23, 1991, were 27.3 percent for both years. Pre-tax LIFO expense was $5.3 million for the year ended Feb. 29, 1992, as compared to $6.8 million in the prior year. Selling, general and administrative expenses increased 0.1 percent to 22.0 percent in fiscal 1992 as compared to 21.9 percent last year. The increase is due primarily to higher payroll costs as a result of federal minimum wage increases and non-recurring charges associated with software development. Interest expense for the fourth quarter and year ended Feb. 29, 1992, decreased due to reduced borrowings and lower interest rates.
 The earnings increase for the fourth quarter is attributed to increased sales volume and decreased selling, general and administrative and interest expense offset by lower gross margins. Gross margin was 27.6 percent of sales for the fourth quarter of fiscal 1992 compared to 29.8 percent for the same period last year. The decrease was primarily due to fewer vendor allowances (as compared to an unusually high level a year ago) and the continuation of the company's competitive pricing strategy. Selling, general and administrative expenses for the fourth quarter of fiscal 1992 and 1991 were 20.0 and 20.7 percent of sales respectively. The decrease is primarily due tot he additional seven days of post-Thanksgiving holiday shopping in the current quarter as compared to last year.
 Earnings per share for the fourth quarter and year ended Feb. 29, 1992, and the comparable periods a year ago, are computed by dividing net earnings by 32 million common shares, which represent the actual number of shares after completion of the company's initial public offering of common stock on Oct. 16, 1991.
 The actual weighted average number of shares outstanding for the fourth quarter and year ended Feb. 29, 1992, were 32 million and 21,119,946 respectively. Based on these weighted averages, earnings per share were $0.66 for the fourth quarter and $2.35 for the year.
 ShopKo Stores, Inc. is a leading regional discount store chain operating 110 stores in 13 states.
 SHOPKO STORES, INC.
 Statement of Earnings
 (In thousands, except per share data)
 Quarter Ended
 February 29, 1992 February 23, 1991
 (13 weeks) (12 weeks)
 Revenues
 Net sales $ 455,106 $393,137
 Licensed dept. rentals
 and other income 2,799 2,864
 Total 457,905 396,001
 Costs and expenses:
 Cost of sales 329,391 276,064
 Selling, general and
 administrative expenses 90,798 81,513
 Interest expense 2,722 4,508
 Total 422,911 362,085
 Earnings before income taxes 34,994 33,916
 Provision for income taxes 13,856 13,178
 Net earnings $ 21,136 20,738
 Net earnings per
 common share 0.66 ---
 Weighted average number of
 common shares outstanding 32,000 ---
 Supplemental net earnings
 per common share $ 0.66 0.65
 Supplemental number of
 common shares outstanding 32,000 32,000
 Fiscal Year Ended
 February 29, 1992 February 23, 1991
 (53 weeks) (52 weeks)
 Revenues
 Net sales $1,648,427 $1,520,545
 Licensed dept. rentals
 and other income 11,627 12,283
 Total 1,660,054 1,532,828
 Costs and expenses:
 Cost of sales 1,198,726 1,105,119
 Selling, general and
 administrative expenses 362,870 332,833
 Interest expense 17,212 21,337
 Total 1,578,808 1,459,289
 Earnings before income taxes 81,246 73,539
 Provision for income taxes 31,657 28,459
 Net earnings $ 49,589 45,080
 Net earnings per
 common share 2.35 ---
 Weighted average number of
 common shares outstanding 21,120 ---
 Supplemental net earnings
 per common share $ 1.55 1.41
 Supplemental number of
 common shares outstanding 32,000 32,000
 -0- 4/2/92 R
 /CONTACT: Gene Bankers of ShopKo Stores, Inc., 414-496-4158, or Amy Ludwig of Morgen-Walke Associates, 212-986-5900, for ShopKo/
 (SKO) CO: ShopKo Stores, Inc. ST: Wisconsin IN: REA SU: ERN


LC -- CL002 -- 4215 04/02/92 09:04 EST
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Date:Apr 2, 1992
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