MILAN, Ill. -- Eagle Food Centers here said sales and earnings fell for the second quarter and first half ended Aug. 1.
for the half, while same-store sales dropped 3.6% for the quarter and 3.2% for the half.
The company said stores not affected by new competition declined 1% for the quarter and 0.8% for the half. The company said its stores were hit with five openings by competitors during the quarter that affected six stores and 10 such openings during the half that affected 15 stores.
Net income fell 33.7% to $914,000 for the quarter and 67.2% to $1 million for the half.
The company said net income was reduced $1.2 million for the quarter and $1.6 million for the half by reductions in associate benefit costs through fiscal 1999, and by an additional $1.2 million for the quarter and $1.8 million for the half for costs related to strategic information systems initiatives. In addition, the company said results for the half included a $1 million gain on the sale of a bakery.
