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SMART & FINAL FIRST QUARTER FISCAL 1993 OPERATING EARNINGS UP MORE THAN 19 PERCENT

 /THE FOLLOWING IS A REPEAT FROM YESTERDAY FOR POINTS NEEDED/
 Non-Recurring Charge from Adoption of FASB Accounting Standards
 Results in Loss for the Quarter
 SANTA BARBARA, Calif., April 12 /PRNewswire/ -- Smart & Final Inc. (NYSE: SMF) today reported that operating earnings increased 19.4 percent for the 12-week first quarter ended March 28, 1993.
 First quarter sales of $174.3 million increased 10.5 percent over the prior year. Store sales increased 9.5 percent. Same store sales increased 5.1 percent, while same store transactions increased 8.7 percent. Total customer transactions were up 12.5 percent to 5.1 million in the first quarter of 1993.
 As previously reported, the company adopted three new accounting standards related to non-pension post-retirement benefits, income taxes, and post-employment benefits, as required under Financial Accounting Standards Board statement numbers 106, 109 and 112. The accumulated impact of the new pronouncements was recorded in the first quarter by a non-recurring, non-cash charge of $12.9 million, or $0.63 per share. The ongoing impact of accounting under the new standards will not be material, amounting to less than $0.02 per share for fiscal 1993.
 Excluding the non-recurring charge, first quarter net income was $2.4 million, or 12 cents per share, compared to $2.0 million, or 10 cents per share, for the like period of 1992.
 During the first quarter, the company opened three new stores in Berkeley, Redwood City and Los Angeles.
 Robert J. Emmons, chairman and chief executive officer, stated, "We are pleased with a good start for 1993 despite a very difficult economic climate and monsoon-like weather conditions. First quarter same store sales growth certainly compares favorably to results posted by other retailers operating in our markets."
 Founded in 1871 in downtown Los Angeles, Smart & Final Inc. operates 127 non-membership grocery warehouses in California, Arizona and Nevada. Revenues for fiscal year 1992 totalled $765 million. The company's common stock is listed on the New York Stock Exchange, trading under the symbol SMF.
 SMART & FINAL INC.
 Earnings Release Highlights
 (000s Omitted Except for Per Share Data)
 Twelve Weeks Ended
 March 28, March 22, Percent
 1993 1992 Increase
 Sales $174,340 $157,717 10.5 pct.
 Operating earnings 2,390 2,002 19.4 pct.
 Non-recurring FASB
 adoption charge (12,900) --- 100.0 pct.
 Net loss (10,510) 2,002 NM
 Earnings per share
 From operating earnings 0.12 0.10(a) 20.0 pct.
 From FASB charge (0.63) --- 100.0 pct.
 Earnings per share after
 FASB charge (0.51) 0.10(a) NM
 Average shares
 outstanding 20,574,243(a) 20,317,785(a) 1.3 pct.
 (a) Adjusted to reflect a three-for-two stock split effective on Feb. 5, 1993.
 -0- 4/12/93 R
 /CONTACT: Leanne Reynolds of Smart & Final, 805-564-6735; or Bonnie Steves, 310-284-7946, or Marci Blaze, 310-450-6060, both of The Blaze Co. for Smart & Final/
 (SMF)


CO: Smart & Final Inc. ST: California IN: REA SU: ERN

JB-KJ -- LA040R -- 5006 04/13/93 07:08 EDT
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Date:Apr 13, 1993
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