Duty Free International Inc.This Connecticut-based...

EARNINGS

December 02, 1992

Duty Free International Inc.

This Connecticut-based specialty retailer, which has operations in Glen Burnie, reported yesterday that its earnings per share held level during the third quarter as weak sales in its Canadian border stores offset a strong showing in airports.

The company reported it earned $12.6 million, or 45 cents a share, compared with $11.9 million, or 45 cents a share, in the same period last year. The flat earnings per share were the result of an increase in the average number of shares outstanding, from 26.4 million a year earlier to 28.1 million.

Paul Bienstock, an analyst with Moran & Associates in Greenwich, Conn., said the earnings were in line with his 45-cent projection. Duty Free stock closed at $30.25, up 37.5 cents.

Sales for the quarter were chilled by cold, wet weather and reduced travel along the northern border,where the company's stores saw sales plunge 10 percent.

Sales were also sluggish along the southern border, where Duty Free's recently acquired UETA stores' sales rose 1 percent.

The company eked out a small sales gain on the strength of strong performances in its airport and diplomatic/wholesale divisions. Airport sales rose 23 percent, led by the stores acquired in last spring's UETA deal. Sales at the diplomatic/wholesale division, based in Glen Burnie, rose 7 percent.

Three months ended 10/31

.. .. .. .. .. Revenue .. .. .. .. Net .. .. .. .. Share

'92 .. .. .. 103,240,000 .. .. 12,613,000 .. .. 0.45

'91 .. .. .. 102,551,000 .. .. 11,935,000 .. .. 0.45

% change .. .. .. +0.7 .. .. .. .. +5.7 .. .. .. .. 0.0

Year ended 10/31

.. .. .. .. .. .. Revenue .. .. .. ..Net* .. .. .. Share*

'92 .. .. .. .. 275,937,000 .. .. 24,372,000 .. 0.86

'91 .. .. .. .. 260,246,000 .. .. 25,960,000 .. 0.98

% change .. .. .. .. +6.0 .. .. .. .. ..-6.1 .. ..-12.0

* The 1992 figure includes the effect of $4.4 million in merger expenses.

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