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VALUE MERCHANTS, INC. REPORTS AUGUST SALES RESULTS

 MILWAUKEE, Sept. 2 /PRNewswire/ -- Sales of Value Merchants, Inc. (NYSE: VMI), for the four weeks ended Aug. 28, 1993, for its retail and wholesale operations decreased 18.8 percent to $20.5 million from $25.2 million a year ago. Year-to-date revenues through the first 30 weeks of the fiscal year were 10.2 percent ahead of a year ago, totalling $159.9 million compared with $145.2 million a year ago. Total comparable store sales (stores opened prior to February 1992) decreased 29 percent for the four-week period and 22 percent for the 30-week period. "The decline in comparable store sales for Everything's $1.00 and Toy Liquidators reflects an imbalance in the Company's merchandise assortment resulting from working capital constraints which we experienced while we negotiated our new two-year, $60 million revolving credit facility which was funded on August 11, 1993," Steven J. Appel, president and chief executive officer, stated. "With new merchandise coming into our distribution centers and being shipped to our stores, we expect to see an improvement in our comparative sales results in four to six weeks."
 Value Merchants, Inc., a value retailer of close-out merchandise, operated 539 retail stores at the close of the four-week period including 422 Everything's $1.00 variety retail stores, and 117 Toy Liquidators toy stores. Additionally, the company's wholesale operation, the nation's largest wholesaler of close-out toys, is a supplier of variety close-out merchandise to retailers throughout the country.
 Net Sales - Total Operations (In Millions)
 Four Weeks Ended
 Aug. 28, 1993 Aug. 29, 1992 Percent Increase
 $20.5 $25.2 (18.8)
 Thirty Weeks Ended
 Aug. 28, 1993 Aug. 29, 1992 Percent Increase
 $159.9 $145.2 10.2
 Net Sales - Retail Operations Percentage Increase from Prior Year
 Everything's A $1.00
 No. of Stores Pct. Increase
 1993 1992 Aug. 30 Weeks
 Comparable Stores 202 202 (33.9) (24.6)
 Total Stores 422 326 (16.2) 19.1
 Toy Liquidators
 No. of Stores Pct. Increase
 1993 1992 Aug. 30 Weeks
 Comparable Stores 90 90 (19.8) (14.0)
 Total Stores 117 123 (19.5) (9.1)
 NOTE: Comparable stores are all stores opened prior to February 1992.
 -0- 9/2/93
 /CONTACT: Gary I. Kastel, director of communications, Value Merchants, Inc., 414-274-2976/
 (VMI)


CO: Value Merchants, Inc. ST: Wisconsin IN: REA SU:

AR -- CL027 -- 8567 09/02/93 16:39 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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