SMITH'S CITES RECESSION AS YEAR-END NET SLIPS

SALT LAKE CITY -- Smith's Food & Drug Centers here said lower net income and sluggish sales in 1993 are due to continuing recessionary pressure in California and its aggressive pricing program in Utah.t of those in California.Additionally, Smith's said it will reduce new stores from the current average of 75,000 square feet to between 54,000 and 66,000 square feet. The new, smaller format will have

SALT LAKE CITY -- Smith's Food & Drug Centers here said lower net income and sluggish sales in 1993 are due to continuing recessionary pressure in California and its aggressive pricing program in Utah.

t of those in California.

Additionally, Smith's said it will reduce new stores from the current average of 75,000 square feet to between 54,000 and 66,000 square feet. The new, smaller format will have a lower break-even point and produce a better return on investment.

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