CORPORATE STORES BOOST RESULTSAT ROUNDY'S
corporate-owned stores helped boost the company's financial results for the year ended Dec. 31 and the first quarter ended March 31. Sales for the 13-week quarter rose 8.7% to $730.6 million while net income declined 6.8% to $5.5 million because of a net gain of $800,000 in last year's first quarter resulting from the sale of retail assets; excluding that gain, the company said first-quarter earnings were up 7.8% over the year-ago quarter. Roundy's said financial results for the year hit record levels, with sales up 9.8% to $3 billion and net income up 19.9% to $21.1 million. Roundy's said it expects its pending acquisition of the Copps Corp., Stevens Point, Wis., to strengthen its ability to maintain control over its own destiny. The deal, which was announced in February, is expected to close by late spring, the company said.
Smart & Final Restructuring Northern California Food Service Operation
LOS ANGELES -- Smart & Final here said the company is restructuring its northern California food service operations this year as it did in Florida last year and expects the same kinds of improved results. Corporate sales for the 12-week first quarter rose 6.2% to $424.2 million and net income rose 36.8% to $870 million. Comparable store sales rose 6.4% during the quarter and food service distribution sales increased 3.9%, including a 15.4% increase in Florida -- with the division's strongest sales growth in years -- and a 9.9% decline in northern California.
Slowing Economy Produces Flat Sales at Weis Markets
SUNBURY, Pa. -- Weis Markets here said last week it experienced flat sales and flat income during the 13-week first quarter ended March 31. The company attributed its flat sales to a slowing economy while its flat income reflected the overall competitive environment and increased costs, notably for fuel, labor, utilities and a lease buy-out for a closed unit. In the quarter, net sales declined 5.9% to $489.1 million, same-store sales rose 0.4%, net income was down 3.8% to $17.2 million and earnings per share was 41 cents, off from 43 cents last year. Not including the results from the company's food-service division, which it sold in April 2000, sales increased 0.08%. During the first quarter, the Weis Markets opened a superstore in Woodstock, Md., and completed the remodel of a unit located near Wilkes-Barre, Pa.