OSHAWA'S PROFIT UP FOR QUARTER, DOWN IN HALF

ETOBICOKE, Ontario -- Oshawa Group here said second-quarter net earnings increased 5% to $13.46 million (Canadian $18.7 million), but year-to-date earnings of $18.72 million were 10% below the same period a year ago due to a poor first quarter. (Conversion based on $1 U.S.=$1.38 Canadian.)is expected to close Oct. 6 pending regulatory approval.For the quarter ended Aug. 9, Oshawa reported consolidated

ETOBICOKE, Ontario -- Oshawa Group here said second-quarter net earnings increased 5% to $13.46 million (Canadian $18.7 million), but year-to-date earnings of $18.72 million were 10% below the same period a year ago due to a poor first quarter. (Conversion based on $1 U.S.=$1.38 Canadian.)

is expected to close Oct. 6 pending regulatory approval.

For the quarter ended Aug. 9, Oshawa reported consolidated sales rose 18.4% to $1.575 billion. Year-to-date, sales increased 16.2% to $2.64 billion.

Earnings per share in the quarter and half were 35 cents and 49 cents, respectively. Retail/wholesale food sales increased 6.7% to $1.28 billion in the second quarter. Same-store sales for corporate stores and IGA franchise units, across all regions, increased 7.3% in the quarter. Food-service sales of $298.4 million for the quarter more than doubled as a result of recent acquisitions, the company said.

2ND-QUARTER RESULTS

Qtr Ended 8/9/97 8/10/96

Sales $1.575 billion $1.33 billion

Change + 18.4%

Same-store + 7.3%

Net Income $13.46 million $12.82 million

Change + 5%

Inc/Share 35 cents 34 cents

28 Weeks 1998 1997

Sales $2.64 billion $2.27 billion

Change + 16.2%

Same-store N/A

Net Income $18.72 million $20.81 million

Change - 10%

Inc/Share 49 cents 55 cents