FREEHOLD, N.J. -- Foodarama Supermarkets here reported third-quarter net earnings and same-store sales drops.
h include figures from two newly opened stores, rose 0.4% to $147.8 million from $147.2 million. Same-store sales dipped 0.6%. Earnings were squeezed by lower same-stores sales, higher selling and store operating expenses stemming from stepped-up competitive activity, and grand opening expenses, the ShopRite operator said.
In the 39 weeks, net income was $1.19 million vs. an $845,000 net loss a year before due to an extraordinary charge of $1.37 million and a $175,000 charge for accounting procedure changes for post-employment benefits. Net income was aided by same-store sales gains, gross-margin improvements and lower interest expenses.
Sales in the 39 weeks fell 2.8% to $434.9 million for the 18 stores in operation and two opened this summer from $447.4 million for the 20 stores in operation during the prior period.
Qtr Ended 7/27/96 7/29/95
Sales $147.8 million $147.2 million
Change + 0.4%
Same-store - 0.6%
Net Income $320,000 $545,000
Change - 41.3%
Inc/Share 25 cents 45 cents
39 Weeks 1996 1995
Sales $434.9 million $447.4 million
Change - 2.8%
Same-store + 3%
Net Income $1.19 million ($845,000)
Inc/Share 97 cents (85 cents)