NEW YORK -- Gristede's Foods here said it plans to reopen a store in Battery Park City -- across from the former site of the World Trade Center -- the second week of May.
chairman, president and chief executive officer of Gristede's, said the store had been doing $6 million in sales a year. When it reopens next month, it will be expanded slightly to 10,000 square feet, he added.
For the first quarter ended March 3, Gristede's said sales rose 0.3% to $59.8 million, despite the temporary closings of four stores -- the one in Battery Park City and three others that were being renovated.
Two of the renovated locations reopened during the second quarter, and the third is expected to reopen later this year.
Same-store sales increased 3.7% during the 13-week quarter, and net income rose 65% to $760,985, while earnings before interest, taxes, depreciation and amortization climbed 8.2% to $3.6 million due to the favorable impact of the ongoing renovation program, new-store openings and new in-store pharmacies, the company pointed out.
Gristede's operates 42 supermarkets and two freestanding drug stores. It expects to open two new stores this year and to maintain its ongoing remodeling program.