SALISBURY, N.C. -- Food Lion here reported double-digit sales and earnings gains for the third quarter ended Sept. 7.
million from $41 million. Same-store sales were up 6.7%, topping 5.2% and 6% hikes in the first two quarters.
For the 36 weeks, sales rose 9.7% to $6.2 billion from $5.7 billion a year before. Earnings jumped 19% to $139.5 million from $117.4 million. Same-store sales increased 6%.
Stepped-up promotions and category-management improvements boosted sales and earnings, according to Tom Smith, chairman and chief executive officer. Food Lion opened 12 new units in the quarter.
3RD-QUARTER RESULTS
Qtr Ended 9/7/96 9/9/95
Sales $2.1 billion $1.9 billion
Change + 11%
Same-store + 6.7%
Net Income $50 million $41 million
Change + 22%
Inc/Share 11 cents 9 cents
36 Weeks 1996 1995
Sales $6.23 billion $5.68 billion
Change + 9.7%
Same-store + 6%
Net Income $139.5 million $117.4 million
Change + 19%
Inc/Share 30 cents 24 cents
