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GRISTEDE'S SLOAN'S CREDITS REMODELS FOR GAINS

NEW YORK -- Gristede's Sloan's here said store remodeling helped boost sales for the third quarter and 39 weeks ended Aug. 30, despite a traditional summer slowdown in business.nd $745,000 for the 39 weeks."New York City supermarkets traditionally suffer a seasonal drop in revenues up to 20% during the months of July and August and incur a seasonal loss," the company said. "This is due to the significant

NEW YORK -- Gristede's Sloan's here said store remodeling helped boost sales for the third quarter and 39 weeks ended Aug. 30, despite a traditional summer slowdown in business.

nd $745,000 for the 39 weeks.

"New York City supermarkets traditionally suffer a seasonal drop in revenues up to 20% during the months of July and August and incur a seasonal loss," the company said. "This is due to the significant outflow of customers from the New York City area for vacation and holiday purposes, combined with an increased propensity by resident customers for out-of-home dining during summer."

The company said same-store sales rose 14.1% for the quarter and 8.3% for the 39 weeks "[as] a direct consequence of the company's successful and continuing store remodeling program."

The company said sales at the nine stores remodeled since last November have increased an average 70%. It said it plans to complete three more remodelings by the end of November and to continue the remodeling program next year.

3RD QUARTER RESULTS

Qtr Ended 8/30/98 8/31/97

Sales $37.6 million $33.2 million*

Change +13.3%

Same-store +14.1%

Net Income ($1.1 million) ($3.4 million)*

Inc/share (6 cents) N/A

39 Weeks 1998 1997

Sales $116.3 million $108.5*

Change +7.2%

Same-store +8.3%

Net Income ($745,089) ($5.8 million)*

Inc/Share (4 cents) N/A

*All numbers for 1997 are pro forma, combining results at 29 privately held stores and 15 publicly held stores that have since been combined.