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STOP & SHOP COMPANIES, INC. REPORTS IMPACT OF NEW TAX RATES

    BRAINTREE, Mass., Aug. 13 /PRNewswire/ -- The Stop & Shop Companies, Inc. (NYSE: SHP) reported today that the recently enacted higher corporate Federal Income Tax rate, calculated under the requirements of SFAS 109, is expected to reduce its Second Quarter (ending 8/14/93) reported earnings by approximately $4.5 million or 9 cents per share. This reduction in reported earnings relates substantially to non-current deferred tax obligations and to that extent is a one time adjustment. SFAS 109 -- Accounting for Income Taxes -- mandates that all companies recompute their deferred tax balances to reflect changes in tax rates.
    Stop & Shop will report its Second Quarter earnings, as scheduled, on Sept. 13, 1993.
    The Stop & Shop Companies, Inc. is New England's largest supermarket chain and operates 121 stored in Connecticut, Massachusetts, Rhode Island and New York.
    -0-             08/13/93
    CONTACT: S. Terry Vandewater of Stop & Shop, 617-380-7043
    (SHP) CO:  STOP & SHOP COMPANIES, INC. IN:  REA ST:  MA


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Publication:PR Newswire
Date:Aug 13, 1993
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