TAMPA, Fla. -- Total sales and same-store sales at Kash N' Karry Food Stores here slipped in the third quarter ended April 28.
ame-store sales declined 5.6%. The sales dip was attributed to reduced promotional activity and increased remodeling and new store efforts by competitors, the company said. Also, Kash N' Karry stores under renovation during the period experienced a sales decrease.
Net income for the quarter was up 34.1% to $3.65 million vs. $2.72 million last year, according to the company.
In the 39-week period, sales were $788.1 million, up 0.66% from $783 million the year before. Same-store sales increased 0.1%. Net income was $2.99 million (63 cents a share) vs. a total of $59.93 million the year before. The 39-week figures for the prior year reflect totals in the 22 weeks ended Jan. 1, 1995, and the 17 weeks ended April 30, 1995, because the company changed to "fresh-start" accounting.
3RD-QUARTER RESULTS
QtrEnded 4/28/96 4/30/95
Sales $256.4 million $269.9 million
Change - 5%
Same-store - 5.6%
Net Income $3.65 million $2.72 million
Change + 34.1%
Inc/Share 77 cents 58 cents
39 Weeks 1996 1995
Sales $788.1 million $783 million
Change + 0.66%
Same-store + 0.1%
Net Income $2.99 million $59.9 million
Figure reflects 3-for-2 stock split effected in the form of a stock dividend paid on July 17, 1995.
39-week totals reflect combined figures for the 22 weeks ended Jan. 1, 1995, and April 30, 1995, because of accounting procedure changes. Net income per share is not meaningful prior to Jan. 1, 1995, due to significant changes in the capital structure.
