MONTREAL -- Univa here said income from continuing operations and before extraordinary items increased 37.9% to $22.7 million (Canadian $31.3 million) in the year ended Jan. 29.
of $78.4 million for the year and $35.6 million for the quarter. Univa will resume trading under its former name, Provigo, following the annual meeting later this month.
Univa reported net income of $23.6 million in the previous fiscal year and a loss of $725,000 in the year-ago fourth quarter.
Annual sales in 1993, a 52-week year, declined 8% to $4.5 billion, and in the 12-week quarter sales fell 12.5% to $1.02 billion. Fiscal 1992 contained 53 weeks, with the additional week falling in the fourth quarter.
After adjusting for the additional week in the prior year and the divestiture of Horne & Pittfield Foods in mid-1992, sales declined 2.2%, Univa said.
The after-tax loss from unusual items totaled $83 million and was related to restructuring and the closing of nine supermarkets, 10 convenience stores and two discount stores. A second unusual charge related to tax benefits totaled $8.8 million.
Univa said the store closings were part of a plan to cut losses from nonperforming operations, eliminate unneccessary costs and lighten decision-making structure as Univa transforms itself from a financial holding company to an operating company.
The supermarkets and discount stores scheduled to close in 1994 include Petrini's and Cost Less discount stores in northern California, Loeb stores in Ontario and cash-and-carry units in Ontario.
Denyse Chicoyne, a securities analyst with Nesbitt Thomson here, said Univa's stores in Quebec are doing well, but Loeb units in Ontario are losing volume because Univa has raised prices to improve margins.
