STAMFORD, Conn. -- Quality Food Inc. here, parent company of Quality Food Centers, Bellevue, Wash., said the chain achieved higher volume and record earnings for the third quarter ended Sept. 6. The gains stem from a spate of acquisitions, the company said. Third-quarter sales were $491 million, an increase of 163.8% over the year-ago quarter. Net earnings were $10.1 million, or 47 cents per share, an increase of 70.7% compared with $5.9 million, or 40 cents per share, a year ago.
Irwindale, Calif.; and a handful of other stores acquired or opened this year.
Chris Sinclair, president and chief executive officer of QFI, said QFC is continuing to expand into the southern and western areas of the Puget Sound market with new and remodeled stores, and is on track for its entry into Portland, Ore., some time in 1998. Sinclair said the company also plans to resume its geographic expansion of Hughes in southern California. "We continue to make terrific progress integrating our acquisitions, and are beginning to see the benefits of our larger scale," said Sinclair. "QFC and Hughes have joined forces on a number of purchase contracts, and we are seeing meaningful cost reductions."
