PORTLAND, Ore. -- Fred Meyer Inc. here said net income rose 13.2% to $19.2 million in the second quarter ended Aug. 13.
ile nonfood sales rose 1.6%.
Net income reflected three nonrecurring items in 1993 that reduced earnings by $2.6 million, or 9 cents per share.
Robert G. Miller, chairman and chief executive officer, said the company faced difficult comparisons because in the 1993 second quarter it benefitted from strong garden and outdoor seasonal sales, combined with excellent food sales.
"This year's second quarter was also adversely affected by the continued impact of the economic slowdown in the Seattle, Wash., area and a very competitive Alaska market," he said.
Mike Shea, a securities analyst with Charter Investment Corp. here, said the economic slowdown in Seattle caused Fred Meyer's comparable sales there to increase only 0.3%. Sales were also hurt by the entry of new nonfood competition in Alaska.
"Food sales are weak in Seattle, but they've been good in Utah," Shea said. "And they were strong in Portland before the strike there."
