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WAREHOUSE CLUB, INC. REPORTS RESULTS FOR SECOND QUARTER AND FIRST HALF OF FISCAL 1992

 WAREHOUSE CLUB, INC. REPORTS RESULTS FOR
 SECOND QUARTER AND FIRST HALF OF FISCAL 1992
 CHICAGO, April 22 /PRNewswire/ -- Warehouse Club, Inc. (WCLB), the Chicago-headquartered wholesale cash and carry merchandiser, reported its financial results for the second quarter and first half of fiscal 1992. Second quarter sales of $53.3 million decreased 5.7 percent versus the prior year. The second quarter net loss of $509,000, or $0.02 per share, represented a decrease in profitability versus the net loss of $366,000, or $0.02 per share, represented a decrease in profitability versus the net loss of $366,000, or $0.05 per share, in the prior year.
 Total sales for the first half of fiscal 1992 were $115.6 million, a decrease of 8.8 percent versus the first half of the prior fiscal year. The first half profit of $328,000, or $0.02 per share, was slightly less than the profit of $348,000, or $0.05 per share achieved a year ago.
 James V. Walsh, president and chief operating officer, commented, "We are pleased with our first half profits and our progress to date in implementing our business plan. Following the company's successful completion of its $8.5 million public rights offering in December 1991, we have increased our inventory levels substantially versus the prior year, improved our in stock position and improved our comparable year earlier period sales decline from 11.3 percent for the first quarter of fiscal 1992 to 5.7 percent for the second quarter. We expect to continue to improve our inventory position and are also in the process of making limited and selective improvements designed to enhance sales. We plan on showcasing our improved inventory and our capital improvements in a 'Grand Re-Opening' promotion in May, including a media campaign to invite prospective members to an Open House."
 Warehouse Club, Inc. operates a chain of ten wholesale cash and carry members-only warehouse stores, selling high quality merchandise at wholesale or near wholesale prices. The company's customers are comprised of businesses that purchase items for commercial use or resale and selected groups of individual retail customers. The company's objective is to achieve operating efficiencies that permit the sale of products at prices significantly below those members would have to pay at traditional wholesale distributors, discount retailers and supermarkets.
 WAREHOUSE CLUB, INC.
 Key Financial and Operational Data
 (In thousands except per share data)
 Second Quarter Year To Date
 3/28/92 3/30/91 3/28/92 3/30/91
 Income Statement Data
 Net Sales $53,272 $56,514 $115,565 $126,767
 Cost of Goods Sold 48,125 51,077 104,268 114,553
 Gross Margin 5,147 5,437 11,297 12,214
 Fee, Membership and
 Other Income 1,696 1,763 3,624 3,906
 Total 6,843 7,200 14,921 16,120
 Warehouse Operating,
 General and Administrative
 Expenses 7,179 7,179 14,154 15,038
 Closed Warehouse Expenses -- 100 -- 100
 Interest Expense 146 256 385 571
 Total 7,325 7,535 14,539 15,709
 Net Income (Loss) Before
 Taxes & Extraordinary Item (482) (335) 382 411
 Provision For Income Taxes 27 31 229 318
 Net Income (Loss) Before
 Extraordinary Item (509) (366) 153 93
 Extraordinary Item, Income
 Tax Benefit or Prior Year's
 Net Operating Loss
 Carryforward -- -- 175 255
 Net Income (Loss) (509) (366) 328 348
 Net Income (Loss) Per
 Common Share
 -- Before Extraordinary
 Item (0.02) (0.05) 0.01 0.01
 -- Extraordinary Item -- -- 0.01 0.04
 -- Net Income (Loss) (0.02) (0.05) 0.02 0.05
 WAREHOUSE CLUB, INC.
 Balance Sheet Data
 Working Capital (Net) $2,967 ($3,980)
 Total Assets $50,423 $47,994
 Long-Term Debt,
 Less Current Portion $8,994 $10,728
 Stockholders' Equity $16,041 $8,686
 -0- 4/22/92
 /CONTACT: Steven J. Zabel, 708-679-6800, for Warehouse Club/
 (WCLB) CO: Warehouse Club, Inc. ST: Illinois IN: REA SU: ERN


SM -- NY108 -- 1494 04/22/92 17:19 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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/Following is a repeat of a release moved yesterday a.m./

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