FREEHOLD, N.J. -- Foodarama Supermarkets here said net income fell 66.9% to $40,000 in the first quarter ended Jan. 29.
21 stores, compared with 26 stores a year ago.
Joseph Saker, chairman and chief executive officer, said the results demonstrate the company's ability to improve its operating results.
A company spokesman said the improvement referred to is a comparison with results in last year's third and fourth quarters, during which the company experienced losses. A portion of the losses stemmed from a 22-day strike in the third quarter.
"Foodarama Supermarkets has been in business for more than 40 years and has been a public company for 28 years," Saker said. "In that time we have reported a profit in every year but four. Management has every confidence that Foodarama will continue as a growing and vital supermarket chain affiliated with the ShopRite cooperative."
