INDIANAPOLIS -- Marsh Supermarkets here reported increased profitability in its most recent fiscal quarter, despite pressure on sales from increased competition, higher commodity costs and high unemployment levels.
34.6 million in gasoline sales and $1.9 million from the sale of property, the company said. Including gasoline and other revenues, such as food service, check cashing and video rentals, comparable sales increased 0.6%.
Net income of $2.67 million, or 34 cents a share, increased 15% from the year-ago period, reflecting higher operating income and lower taxes.
"Although higher fuel prices drove much of our revenue growth for the third quarter, our continued investment in new and remodeled stores also contributed to growth," said Don E. Marsh, chairman and chief executive officer, in a statement.
Through the first three quarters, Marsh opened one new Marsh store and one LoBill Foods and converted a Marsh supermarket and an O'Malia store to the LoBill format. The company also opened its first Arthur's Fresh Market.
Marsh said three competing stores opened in Marsh trade areas during the quarter: a Wild Oats in Carmel, Ind.; and a Wal-Mart supercenter and a Kroger in Indianapolis. "We've worked hard over the last few years to maintain our central Indiana market share, despite the increase of new competitive entries into the market," Marsh said.
Separately, in a filing with the Securities and Exchange Commission, Marsh said Douglas W. Dougherty plans to retire as senior vice president, chief financial officer and treasurer as soon as a successor is named.
