INDIANAPOLIS -- Marsh Supermarkets here said Tuesday that "the weak economy and the competitive environment" were responsible for its comparable-store and earnings declines for the second quarter ended Oct. 16.
s from last year produced a very unfavorable comparison."
Sales for the quarter rose 1.2% to $512.7 million, but comparable-store sales declined 3.1%.
Income from continuing operations for the quarter declined 84.2% to $324,000, a figure that does not include last year's second-quarter gains from the October 2001 sale of Convenience Store Distributing Co. to McLane, Temple, Texas. Net income declined 91.4% to $306,000, and income per share was 4 cents, compared with 53 cents in the previous year's second quarter.
For the first half, sales were up 1.7%, but income from continuing operations declined 38.6% to $3.5 million, and net income declined 59.3% to $3.3 million. Income per share was 41 cents, compared with $1.02 in the previous year's first half.