NORFOLK, Va. -- Farm Fresh here said 17 competitive store openings over the last 12 months caused same-store sales to tumble 10% for its second quarter and 9% for the 24 weeks ended June 14.
rest, taxes, depreciation and amortization of $10.3 million on sales of $161.8 million, or 6.3% of sales, compared with $10.7 million on sales of $180.0 million, or 6.0% of sales, in the year-ago quarter.
For the 24-week period ended June 14, Farm Fresh reported a net loss of $5.6 million, a decline of 12% compared with a net loss of $5.0 million in the previous fiscal year. EBITDA were $19.4 million on sales of $323.5 million, or 6.0% of sales, compared with $19.7 million on sales of $359.0 million, or 5.5% of sales, for the same period last year.
Ron Johnson, president and chief executive officer, acknowledged that the sales trends have been adversely affected by the increased competitive activity. However, he said the company was pleased that its EBITDA margin had improved and that Farm Fresh continued to achieve its budgeted cash flows.
Farm Fresh operates 47 food stores in the Hampton Roads, Richmond and Shenandoah Valley areas of Virginia.
