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WAREHOUSE CLUB REPORTS RESULTS FOR THE FIRST FISCAL QUARTER 1992

 WAREHOUSE CLUB REPORTS RESULTS FOR THE FIRST FISCAL QUARTER 1992
 CHICAGO, Jan. 17 /PRNewswire/ -- Warehouse Club, Inc. (NASDAQ/NMS: WCLB), the Chicago-headquartered cash and carry merchandiser, today reported financial results for its first fiscal quarter ended Dec. 28, 1991.
 The company reported sales for the first quarter of $62.3 million, a decrease of 11.3 percent from the first quarter of fiscal 1991. The company had a profit of $837,000, or $0.06 per share as compared to a profit of $715,000, or $0.10 per share in the first quarter of fiscal 1991. The per share figures reflect the additional 21.25 million shares issued in December as a result of the completion of the company's rights offering.
 James V. Walsh, president and chief operating officer commented, "We are very pleased at our first quarter profitability. Excellent margin and expense control more than offset the sales decline, which we attribute to an inconsistent merchandise inventory position and the consumer recession, particularly in regards to high ticket discretionary items this past Christmas season. We are looking forward to an improvement in sales performance in future quarters as the company improves its in-stock merchandise inventory position through investment of the funds from the recently completed rights offering".
 Warehouse Club, Inc. operates a chain of 10 wholesale cash and carry members only warehouse stores selling high-quality merchandise at wholesale or near wholesale prices. The company's stores are located in metropolitan areas in the upper midwestern United States. The company's customers are comprised of businesses that purchase items for commercial use or resale and selected groups of individual retail customers.
 WAREHOUSE CLUB, INC.
 KEY FINANCIAL AND OPERATING DATA (Unaudited)
 (In thousands except per share data)
 FIRST QUARTER
 Dec. 28, 1991 Dec. 29, 1990
 INCOME STATEMENT DATA:
 Net sales $62,293 $70,253
 Cost of goods sold 56,143 63,476
 Gross margin 6,150 6,777
 Fee, membership and other income 1,928 2,143
 Total 8,078 8,920
 Warehouse operating, general and
 administrative expenses 6,975 7,859
 Closed warehouse expense - -
 Interest expense 239 315
 Total 7,214 8,174
 Net income before tax &
 extraordinary item 864 746
 Provision for income taxes 202 286
 Net income before extraordinary item 662 460
 Extraordinary item, ITB of
 prior year's Nol carryforward 175 255
 Net income $837 $715
 Net income per common share
 (primary and fully diluted)
 -- Before extraordinary item $0.05 $0.06
 -- Extraordinary item 0.01 0.04
 -- Net income $0.06 $0.10
 Number of shares used in computation 13,625 7,087
 BALANCE SHEET DATA:
 Working capital (net) $3,529 ($4,000)
 Total assets $52,412 $48,277
 Long-term debt, less current portion $9,209 $10,746
 Stockholders' equity $16,634 $9,052
 /CONTACT: Steven J. Zabel, controller of Warehouse Club, 708-679-6800/
 (WCLB) CO: Warehouse Club, Inc. ST: Illinois IN: REA SU: ERN


JT -- NY072 -- 1214 01/17/92 18:59 EST
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Date:Jan 17, 1992
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