NORFOLK, Va. -- Farm Fresh here said sales dropped for the third quarter and nine months ended Sept. 7.
was due in part to the sale of Richmond, Va., stores to Hannaford Bros., Scarborough, Maine. Same-store sales for stores open more than a year declined 4.25%. "Sales in the third quarter were off due to a wet and cold summer, as well as competitive openings," according to Michael E. Julian, president and chief executive officer.
Farm Fresh had a $3.7 million net loss in the quarter vs. a $3.4 million net loss a year before. In the 36 weeks, sales fell 15.5% to $539.6 million from $638.8 million a year earlier. Same-stores sales dipped 0.4%. The chain had an $8.8 million net loss vs. an $8.4 million net loss in the prior-year period.
3RD-QUARTER RESULTS
Qtr Ended 9/7/96 9/9/95
Sales $180.6 million $215.9 million
Change - 16.4%
Same-store - 4.25%
Net Income ($3.7 million) ($3.4 million)
36 Weeks 1996 1995
Sales $539.6 million $638.8 million
Change - 15.5%
Same-store - 0.4%
Net Income ($8.8 million) ($8.4 million)
