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VALUE MERCHANTS REPORTS MAY SALES RESULTS; POSTPONES ANNUAL MEETING

 MILWAUKEE, June 3 /PRNewswire/ -- Sales of Value Merchants, Inc. (NYSE: VMI), for the four weeks ended May 29, 1993, for its retail and wholesale operations increased 6.6 percent to $19.7 million from $18.5 million a year ago. Year-to-date revenues through the first 17 weeks of the fiscal year were 30.0 percent ahead of a year ago, totaling $93.1 million compared with $71.6 million a year ago. Total comparable store sales (stores opened prior to February 1992) decreased 22.2 percent for the four-week period and 18.7 percent for the 17-week period.
 Value Merchants, Inc., a value retailer of close-out merchandise, operated 420 Everything's $1.00 variety retail stores at the close of the four-week period compared with 275 a year ago and 121 Toy Liquidators toy stores compared with 116 a year ago. 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.
 The following table summarizes the company's sales performance:
 Net Sales - Total Operations
 (In Millions)
 Four Weeks Ended
 May 29, 1993 May 30, 1992 Percent Increase
 $19.7 $18.5 6.6
 Seventeen Weeks Ended
 May 29, 1993 May 30, 1992 Percent Increase
 $93.1 $71.6 30.0
 Net Sales - Retail Operations
 Percentage Increase from Prior Year
 Everything's A $1.00
 No. of Stores Pct. Increase
 1993 1992 May 17 Weeks
 Comparable Stores 203 203 (21.0) (20.2)
 Total Stores 420 275 22.6 45.2
 Toy Liquidators
 No. of Stores Pct. Increase
 1993 1992 May 17 Weeks
 Comparable Stores 91 91 (25.7) (13.5)
 Total Stores 121 116 (21.6) (4.5)
 NOTE: Comparable stores are all stores opened prior to February 1992.
 The decline in comparable store sales for Everything's $1.00 reflects an imbalance in its merchandise assortment resulting from working capital constraints. The decline in Toy Liquidators comparable store sales is largely due to the absence of a national sales promotional program which occurred in May 1992 and resulted in a 17.1 percent increase in comparable store sales and a 31.4 percent increase in all store sales from May 1991.
 The company continues in its attempt to arrange a long-term working capital commitment with a third party lender. The company's existing line of credit has been extended to June 18, 1993. The company's current working capital constraints have caused delays in payments to creditors beyond normal terms.
 Value Merchants also announced that it will postpone its annual meeting until after audited financial statements for the fiscal year ended Jan. 30, 1993, are available. The audited financial statements will be completed upon the implementation of various alternatives being explored by the company such as an equity investment, sale of assets (including the previously announced effort to sell the company's retail and wholesale Toy Division), the arrangement of a long-term working capital commitment and other initiatives.
 -0- 6/3/93
 /CONTACT: Gary I. Kastel, director of communications, Value Merchants, Inc., 414-274-2976/
 (VMI)


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

AR -- CL021 -- 4125 06/03/93 16:55 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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