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VALUE CITY REPORTS RECORD EARNINGS

 VALUE CITY REPORTS RECORD EARNINGS
 COLUMBUS, Ohio, Oct. 13 /PRNewswire/ -- Value City Department Stores


Inc. (NYSE: VCD) today announced financial results for its fourth quarter and fiscal year end.
 Net sales for the quarter ended July 25, 1992, rose 5.9 percent to $155.1 million from $146.5 million last year. Sales on a comparable store basis increased 1.2 percent. Net income for the quarter increased 31.2 percent to $4.4 million, or $.14 per share from $3.4 million, or $.11 per share for last year's quarter.
 Net sales for the fiscal year ended July 25, 1992 rose 12.9 percent to $662.0 million from $586.4 million last year. Sales on a comparable store basis increased 7.7 percent. Net income for the year increased 23.0 percent to $30.0 million, or $.98 per share from $24.4 million, or $.80 per share a year ago.
 Prior year earnings are pro forma as if the company was subject to taxes on income and as if the sale of common shares in its initial public offering had occurred at the beginning of that fiscal year.
 Jay Schottenstein, Value City Department Stores' chief executive officer, noted, "We are pleased that our results remain strong, even in this challenging economic environment. Our strategy of off-pricing merchandising continues to be successful in both our new and existing markets."
 Value City recently acquired 17 Gee Bee Stores and has thus converted five of these stores to the Value City off-price format. Mr. Schottenstein added, "We are extremely encouraged by the results from five Gee Bee Department Stores converted thus far. We look forward to continuing to benefit from this synergistic acquisition."
 Value City Department Stores Inc., a off-price department store chain currently operates 75 stores throughout the Midwest and East.
 VALUE CITY DEPARTMENT STORES INC.
 (In millions except share and per share data)
 FOURTH QUARTER ENDED FISCAL YEAR ENDED
 07/25/92 07/27/91 07/25/92 07/27/91
 Net sales $155.1 $146.5 $662.0 $586.4
 Net income $ 4.4 $ 3.4 $ 30.0 $ 24.4
 Earnings per share $ .14 $ .11 $ .98 $ .80
 Weighted average
 shares outstanding 30,655,870 30,525,000 30,695,547 30,525,000
 Value City acquired 17 Gee Bee Department Stores on Sept. 18, 1992 for 1,312,500 of its common shares. This transaction will be accounted for in a manner similar to a pooling of interests. If this transaction had been consummated prior to the end of the fiscal year, Value City's financial results would have been presented on a combined basis to include the Gee Bee Stores. On a pro forma combined basis, sales were $798.2 million for the year ended July 25, 1992 and $726.3 million for the year ended July 27, 1991. Pro forma net income was $26.7 million or $0.83 per share for the year ended July 25, 1992 and $29.0 million or $.91 per share for the year ended July 27, 1991. The net income and per share earnings for July 25, 1992 include a non-recurring charge for estimated conversion costs (after tax) for the Gee Bee Stores of $4.4 million or $0.14 per share.
 -0- 10/13/92
 /CONTACT: George Kolber, vice president-administration of Value City Department Stores, 614-478-2255, or Lynn Morgen, Amy Ludwig, or Brad Miller, all of Morgen-Walke Associates, 212-986-5900, for Value City/
 (VCD) CO: Value City Department Stores ST: Ohio IN: REA SU: ERN


TM -- NY006 -- 9115 10/13/92 08:15 EDT
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Date:Oct 13, 1992
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