Abstract: A combination advertising and warning sign for mounting in a retail store to display promotional materials and warn of spills and other hazardous conditions includes a housing and a movable warning arm. The housing has a front cover removably hinged to a horizontal edge of a base member. The housing can take a closed position in which the cover and base form a closed cavity concealing the warning arm. When the housing is closed, a display region for mounting the promotional material is visible at a front exterior of the cover. The housing can be opened by pivoting the cover about the hinges. When the housing is open, warning indicia are revealed and the warning arm can be pivoted horizontally to an extended position substantially perpendicular to the housing. A switch-activated audio alarm disposed within the housing cavity can also be operated.