FREEHOLD, N.J. -- Foodarama Supermarkets here said competitive openings and cannibalization from one of its own new stores drove down comparable-store sales in the third quarter that ended July 30.
both periods. Net income rose slightly, to $553,000, or 54 cents per share, vs. $496,000, or 48 cents per share, in the third quarter of last year.
Gross profit as a percent of sales was 26.5% in both the third quarter of fiscal 2005 and the year-ago period. Patronage dividends were $2.4 million in the recent quarter vs. $2.5 million in the prior-year period.
The company said increased costs to address competitive openings were partially offset by a 30% decrease in shrink.
Selling, general and administrative expenses were 24.7% of sales in the recent period vs. 24.9% in the third quarter of a year ago. Decreases in labor costs and pre-opening expense were partially offset by increases in fringe benefits, occupancy costs, miscellaneous expense and impairment charges.
Sales through the first three quarters of this year were $914.1 million, compared with $875.3 million in the year-ago span. Net income in the current-year span totaled $860,000, or 83 cents per share, compared with $2.7 million, or $2.62 per share, a year ago.
