LANDOVER, Md. -- Giant Food here said soft same-store sales, lower gross margins and higher expenses resulted in an earnings decline of 23.3% for the first quarter ended May 21. Sales for the 12-week quarter rose 2% to $829.7 million. Same-store sales dropped 0.4%, due mainly to cannibalization by newer Giant stores, the company said. Excluding the cannibalization, same-store sales would have increased 0.3%, Giant said. Earnings, which fell to $20.4 million, were boosted $1.2 million, or 2 ...
REGISTER TO VIEW THIS ARTICLE - Register for a Free Account
Why Register for FREE?
Registering for content on Supermarket News will give you INSTANT access to invaluable articles and media content that industry professionals rely on. You will have access to our special reports, feature articles, and industry analysis. It’s FREE, easy and quick. What are you waiting for! In addition you will also receive a complimentary copy of SN's salary survey sent to you by email.
Attention Paid Print Subscribers: While you have already been granted free access to SN we ask that you register now. We promise it will only take a few minutes! Or visit your profile and add your print magazine account number and zip code.