FREEHOLD, N.J. -- Foodarama Supermarkets here, a ShopRite operator, reported net income of $384,000 in the third quarter, marking a turnaround from a loss in the year-ago period.
t lost sales of $9 million during the strike.
In the current 13-week quarter, Foodarama reported sales fell 10.1% to $150.8 million. Same-store sales fell 0.4% in the quarter and were flat in the year-to-date period, said Joseph C. Troilo, senior vice president.
The sale of five stores in Long Island, New York, last October to Grand Union led to the lower sales volume in both the quarter and 39-week period, the company said. Those five stores had sales of $22.8 million and $68.4 million in the quarter and 39-week periods, respectively.
Foodarama also closed a New Jersey store in June, leaving 20 stores in operation. A replacement will open in fiscal 1995 in Montgomery, N.J.
The loss for the 39-week period of $877,000 is due to flat sales and lower gross profit margins following an inventory reduction of $5 million, Troilo said. Foodarama said it is negotiating with its senior lenders to restructure its senior indebtedness.