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SMITH'S FOOD & DRUG CENTERS 1992 ANNUAL MEETING OF STOCKHOLDERS

 SMITH'S FOOD & DRUG CENTERS 1992 ANNUAL MEETING OF STOCKHOLDERS
 SALT LAKE CITY, April 30 /PRNewswire/ -- Jeffrey Smith, chairman of the board of directors and chief executive officer of Smith's Food & Drug Centers Inc., (NYSE: SFD) described fiscal 1992 as a very successful year while speaking to stockholders attending the 1992 Annual Meeting of Stockholders.
 During the annual meeting of this 109 store food and drug chain, the following highlights of fiscal 1991 were reviewed:
 Sales totaled $2.22 billion, an increase of 9 percent over 1990.
 Net income of $45.1 million or $1.65 per common share was
 up 31 percent over the $34.3 million or $1.36 per common share
 reported in 1990.
 Seventeen large combination food and drug centers totaling
 1,310,000 square feet were opened during the year.
 Nine stores were opened during fiscal 1991 in the company's
 new marketing area, Southern California.
 A new million square foot, fully integrated distribution
 facility in Phoenix, Ariz. was opened. This center
 supplies all the company's stores in the Southwest and
 California Regions.
 The company completed a successful equity offering in July,
 raising $171 million.
 Smith's also reviewed the company's current expansion program. In addition to the 17 combination centers opened during fiscal 1991, a small store in Utah was closed, a combination unit in Casa Grande, Ariz. was sold and a superstore in New Mexico was replaced with a combination center.
 During fiscal 1992, the company plans to open 13 to 15 combination centers, including 10 additional stores in Southern California. The remainder will be in Arizona, Nevada and New Mexico. Over the next few years, the company plans to open 15 to 20 stores per year while focusing on expansion in California. The key elements for the success of this growth program are:
 Opening new stores in existing markets.
 Entering into new geographical areas.
 Improving margins by increasing volume through everyday low
 prices.
 Decreasing operating expenses.
 The company develops, owns and operates combination food and drug centers which offer a full selection of supermarket food items, a wide assortment of nonfood and drug items and a number of specialty departments. Its stores are located in Arizona, California, Idaho, Nevada, New Mexico, Texas, Utah and Wyoming.
 -0- 4/30/92
 /CONTACT: Robert D. Bolinder or Matthew G. Tezak both of Smith's Food and Drug Centers, 801-974-1400/
 (SFD) CO: Smith's Food & Drug Centers Inc. ST: Utah IN: FOD SU:


BB -- DV006 -- 5195 04/30/92 17:32 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:411
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