MINNEAPOLIS - Nash Finch Co. here reported decreased earnings on record sales for the year and fourth quarter ended Jan. 1.
0.5% for the quarter to $634.7 million.
Harold Finch, chairman, attributed the record sales for the year and quarter primarily to contributions from the Baltimore-based military wholesale division it acquired at the end of 1992 and the 16-store Easter stores acquired at mid-year.
"We are not, however, pleased with the quarter's lower earnings, which were due to nonrecurring charges associated with a debt-workout acquisition of 23 stores in North Carolina at the end of January 1994; certain bad debts and other contingencies, and the higher federal tax rate that became effective in 1993. "Without these factors, earnings for the quarter would have been even with last year's results, which included an extra week of operations."
Results for the quarter continued to be affected by sluggish sales due to a general weakness in the economy and increasing competitive pressures in certain retail markets, Finch added.