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SMART & FINAL INC. NET INCOME UP 10 PERCENT FOR FISCAL 1993 SECOND QUARTER

 SANTA BARBARA, Calif., July 12 /PRNewswire/ -- Smart & Final Inc. (NYSE: SMF) today reported that net income increased 10 percent for the 12-week second quarter ended June 20, 1993.
 Second quarter sales of $197.4 million increased 11.7 percent over the prior year while income from operations increased by 11.3 percent to $7.4 million for the quarter.
 Second quarter net income was $4.6 million, or 22 cents per share, compared to $4.1 million, or 20 cents per share for the like period of 1992.
 As previously reported, in the first quarter of 1993 the company adopted three new accounting standards as required by the Financial Accounting Standards Board ("FASB"). The effect of adoption of the new standards was a non-recurring, non-cash, net of tax charge of $12.9 million, or $0.63 per share, which was recorded in the first quarter. The ongoing impact of the new standards is expected to be immaterial.
 Excluding the non-recurring FASB charge, net income for the first half of 1993 was $6.9 million, or $0.34 per share, up 13.3 percent from the $0.30 earnings per share of the first half of 1992.
 Sales were $371.8 million for the first half of 1993, an increase of 11.2 percent.
 Despite some cannibalization of sales of existing units caused by the company's aggressive expansion program, same stores sales increased 4.4 percent for the second quarter of 1993, and 4.7 percent for the first half of the year. Same store transactions increased 6.5 percent for the second quarter and 7.6 percent for the first half of the year. Same store sales growth far exceeds the results reported by other West Coast food retailers, many of whom have reported significant declines in comparable sales.
 During the quarter the company opened six new stores in Corona, Los Angeles, Torrance, Santa Fe Springs, Clovis and Redlands, Calif. Three of the new stores were relocations. Ten new stores have been opened in 1993.
 Robert J. Emmons, chairman and chief executive officer, stated, "We are encouraged by our performance as compared to results reported by other distributors and retailers in our markets. We are maintaining a successful growth strategy in a very tough economic environment. The 24 new stores opened since the beginning of 1992 penalize earnings on a short-term basis but provide an important foundation for future profit growth."
 Founded in 1871 in downtown Los Angeles, Smart & Final Inc. operates 131 grocery warehouses in California, Arizona and Nevada and a foodservice distributor operating in Northern California. For 1992, Smart & Final reported sales of $765 million.
 SMART & FINAL INC.
 Earnings Release Highlights
 (000s omitted except for per share data)
 12 Weeks Ended
 June 20, June 14, Percent
 1993 1992 Increase
 Sales $197,441 $176,760 11.7
 Income from operations 7,416 6,661 11.3
 Net income 4,563 4,148 10.0
 Earnings per share 0.22(a) 0.20(a) 10.0
 Average shares
 outstanding 20,548,283(a) 20,348,747(a) 1.0
 24 Weeks Ended
 June 20, June 14, Percent
 1993 1992 Increase
 Sales $371,781 $334,477 11.2
 Income from operations 11,252 9,856 14.2
 Non-recurring FASB
 adoption charge, net (12,900) --- 100.0
 Net income (loss) (5,947) 6,150 NM
 Earnings per share
 before FASB charges 0.34(a) 0.30(a) 13.3
 From FASB charges (0.63) --- 100.0
 Earnings per share
 after FASB charges (0.29)(a) 0.30(a) NM
 Average shares
 outstanding 20,561,263(a) 20,333,267(a) 1.1
 (a) Adjusted to reflect a 3-for-2 stock split effective on Feb. 5, 1993.
 -0- 7/12/93
 /CONTACT: Leanne Reynolds of Smart & Final, 805-564-6735 or 213-584-9850; or Bonnie Steves or Marci Blaze of The Blaze Co., 310-284-7946 or 310-450-6060, for Smart & Final/
 (SMF)


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

LS-JL -- LA006 -- 0356 07/12/93 11:05 EDT
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Date:Jul 12, 1993
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