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WAREHOUSE CLUB REPORTS RESULTS FOR THIRD QUARTER AND NINE MONTHS ENDED FOR FISCAL 1992

 WAREHOUSE CLUB REPORTS RESULTS FOR THIRD QUARTER
 AND NINE MONTHS ENDED FOR FISCAL 1992
 CHICAGO, Aug. 5 /PRNewswire/ -- Warehouse Club, Inc. (WCLB), the Chicago-headquartered wholesale cash and carry merchandiser, reported financial results for the third quarter and the first three quarters of the 1992 fiscal year ending Oct. 3, 1992. Third quarter sales of $58.1 million decreased 3.1 percent versus the prior year. The third quarter profit of $26,000, or $0.00 per share, represented an increase in profitability versus last year's loss of $212,000, or $0.03 per share.
 Net sales for the nine months ended June 27, 1992, were $173.7 million, a decrease of 7.0 percent versus the nine months ended in fiscal 1991. The year-to-date profit of $354,000 or $0.02 per share on 23,436,912 shares outstanding, represented an increase in profitability versus last year's profit of $137,000 or $0.02 per share on 7,086,609 shares outstanding.
 The company is pleased with the progress it has made in implementing its business plan. The company continues to diminish its comparable years sales decline primarily because of increased inventory levels. The company's sales in the first quarter were 11.3 percent below last year, 5.7 percent below last year in the second quarter, and 3.1 percent below in the third quarter. The company is excited about the introduction of a number of new programs. In mid-July the company introduced a fresh meat department in its Niles, Ill., location. On Aug. 1, the company introduced the acceptance of the Discover Credit Card companywide. The company will introduce its new children's apparel department in early August.
 On July 17, 1992, the company entered into an agreement to cancel its lease obligation for $35,000 at a location it closed in 1987. The company has been leasing this location out at its cost. The lease term for the company was through March 2011.
 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 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 to traditional wholesale distributors, discount retailers and supermarkets.
 WAREHOUSE CLUB, INC.
 Key Financial and Operating Data
 (In thousands except per share data)
 Third Quarter Year-To-Date
 Periods ended 6/27/92 6/29/91 6/27/92 6/29/91
 Income Statement Data
 Net sales $58,145 $59,982 $173,710 $186,749
 Cost of goods sold 52,525 54,345 156,794 168,897
 Gross margin 5,620 5,637 16,916 17,852
 Fee, membership and
 other income 1,725 1,678 5,349 5,584
 Total 7,345 7,315 22,265 23,436
 Warehouse operating,
 general and administra-
 tive expenses 7,149 7,237 21,302 22,275
 Provision for warehouse
 closing expenses -- -- -- 100
 Interest expense 143 258 528 830
 Total 7,292 7,495 21,830 23,205
 Net income (loss)
 before taxes and
 extraordinary item 53 (180) 435 231
 Provision for income taxes 27 223 256 94
 Net income before
 extraordinary item 26 43 179 137
 Extraordinary item, reversal
 of income tax benefit of
 prior years' net operating
 loss carryforward -- 255 175 --
 Net income (loss) 26 (212) 354 137
 Net income (loss) per
 common share
 Before extraord. item 0.00 0.01 0.01 0.02
 Extraordinary item -- (0.04) 0.01 --
 Net income (loss) 0.00 (0.03) 0.02 0.02
 Balance Sheet Data:
 Working capital (net) -- -- $3,044 $(4,880)
 Total assets -- -- 51,038 48,709
 Long-term debt,
 less current portion -- -- 9,027 9,723
 Stockholders' equity -- -- 16,067 8,474
 -0- 8/5/92
 /CONTACT: Steven Zabel of Warehouse Club, 708-679-6800/
 (WCLB) CO: Warehouse Club, Inc. ST: Illinois IN: REA SU: ERN


SM -- NY072 -- 7212 08/05/92 15:39 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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