Skip navigation

HOMELAND EXPECTS PROGRESS DESPITE SAME-STORE DECLINE

OKLAHOMA CITY -- Homeland Holding Corp. here said results for the first quarter ended March 22 reflect progress toward the company's goal of increasing unit sales. ined 3.7% to $5.5 million.The company said it had a net loss of $2.4 million for the quarter; however, excluding amortization of excess reorganization value, net income was down 27.5% to $871,000.According to David B. Clark, president and

OKLAHOMA CITY -- Homeland Holding Corp. here said results for the first quarter ended March 22 reflect progress toward the company's goal of increasing unit sales.

ined 3.7% to $5.5 million.

The company said it had a net loss of $2.4 million for the quarter; however, excluding amortization of excess reorganization value, net income was down 27.5% to $871,000.

According to David B. Clark, president and chief executive officer, "Although same-store sales for the quarter declined, our efforts to improve unit sales through weekly promotions and an increased commitment to our frequent shopper card program significantly reduced the same-store sales decline for each successive month of the quarter.

"We are encouraged by this trend, especially in a soft industry environment characterized by increased competition, low food price inflation and tightened food stamp eligibility. We intend to continue to focus on improving our in-store execution to achieve further improvements in same-store sales."

1ST-QUARTER RESULTS

Qtr Ended 3/28/98 3/22/97

Sales $121.4 million $120.1 million

Change + 1.1%

Same-store - 4.4%

Net Income ($2.4 million) ($2.3 million)