LOS ANGELES -- Arden Group here, operator of 13 Gelson's and Mayfair Markets, said the opening of a Gelson's in Northridge in November helped boost sales for the second quarter and first half ended July 4.
d" by its sales increases since the Gelson's store opened, "although they are still below management's projections." It said it expects sales to improve as construction activity is completed in the surrounding shopping center and as additional tenants move in.
Net income fell 4.9% to $2.1 million for the quarter and rose 234.4% to $4.5 million for the half.
The company said net income reflects an adjustment in the purchase price of its communication-equipment business, which resulted in a net loss from discontinued operations of $2.7 million in 1997.
Arden also said it has decided not to enter the Santa Barbara marketplace and has sold the property it purchased there in 1996.