MINNEAPOLIS -- Nash Finch Co. here reported total sales and revenues for the 52-week year increased 16.8% to a record $3.375 billion, compared with $2.889 billion for 1995. Net earnings for the wholesaler rose 15% to $20 million, or $1.81 per share, from $17.4 million, or $1.60 per share, for the previous year.
for the year and quarter came primarily from wholesale operations, which benefited from the acquisitions completed during the year, including that of Super Food Services, Miamisburg, Ohio, last November, and business from new customers.
Retail sales for the year and quarter were down from 1995, mainly as a result of the sale or closing of nine underperforming stores during 1996, including one in the fourth quarter, Flaten said.
Both wholesale and retail operations contributed to improved operating earnings, Flaten said. However, net earnings for the quarter were affected by nonoperational factors such as increased interest expense, consolidation costs associated with acquisitions, increased last-in, first-out charges and higher management information systems expenses related to the design and development of the company's new information system, Flaten said.
Results for 1995 included contributions from the Thomas & Howard convenience store wholesale operations, which were sold in December 1995.
