PORTLAND, Ore. -- Improved business operations at Fred Meyer Inc. here drove up sales and net income for the second quarter and half ended Aug. 17.
while comparable food sales jumped 5.1% and comparable nonfood sales inched up 1.3% Net income jumped 42.2% to $15.2 million vs. $10.7 million last year, the company reported.
In the 28-week half, net sales went up 10.8% to $1.89 billion compared with $1.71 billion in the comparable period. Same-store sales rose 4.1% while comparable food sales increased 5.9% and comparable nonfood sales inched up 2.9%. The company also reported a 79% boost in net income, which was $24.6 million for the half vs. $13.8 million in 1995.
"Our efforts to improve the performance of several key segments of the business showed good results during the quarter, primarily due to our efforts to better match product selection to the needs of our customers in the apparel, home electronics and home improvement categories, and to changes made in our advertising strategy," said Robert G. Miller, chairman and chief executive officer.
