OKLAHOMA CITY -- Homeland Holding Corp. here said sales and same-store sales rose, while its operating cash flow declined, for the first quarter ended March 27.
d it had a net loss of $2 million; however, excluding amortization of excess reorganization value, net income was $616,000.
David B. Clark, president and chief executive officer of the 77-store chain, said he was pleased with the 3% increase in same-store sales, following declines of 1% during fiscal 1998 and 3.2% for fiscal 1997.
"One of the primary goals on which we have focused since the beginning of 1998 has been to improve same-store sales," Clark said. "We believe same-store sales performance is representative of the health of our existing base of supermarkets.
He said the improvement in sales was partially offset by the closing of one supermarket in the second quarter of 1998. He also said net income for the quarter, excluding the amortization, reflected increased promotional spending to drive additional traffic.
Since the end of the quarter, Clark said, Homeland has completed the purchase of nine Apple Market stores in Tulsa, Okla., from Associated Wholesale Grocers, Kansas City, Kan.