GREAT FALLS, Mont. -- Buttrey Food and Drug Stores Co. here reported decreases in earnings, sales and same-store sales for the first quarter ended May 2.
till negotiating with the Federal Trade Commission and is uncertain when the deal will be consummated. Buttrey said net income for the 13-week quarter fell 94.5% to $56,000 and included merger costs of approximately $450,000, or 5 cents per share. Earnings before interest, taxes, depreciation, amortization, loss on disposal of assets and LIFO provision fell to $4.3 million, or 4.5% of sales, compared with $5.3 millon, or 5.6% of sales, a year ago.
Sales for the quarter were down 1.3% to $93.7 million, while same-store sales dropped 2.6%. The company said the declines were partially offset by additional sales from a store in Cody, Wyo., that Buttrey acquired in 1997, and from a new store here that opened in late March.