OKLAHOMA CITY -- New customers, better operating efficiencies and new retail stores kept Fleming Cos. here on a seven-quarter earnings improvement trend, before extraordinary charges, said Robert E. Stauth, chairman and chief executive officer.
ge of $13.3 million related to the early retirement of debt and a change in the tax rate, the company said.
Second-quarter net earnings after the extraordinary charge were down 83.5% to $1.56 million, or 4 cents per share, compared with $9.43 million, or 25 cents per share, in 1996. Net sales for the quarter were $3.55 billion, a 5.1% decline from $3.74 billion reported in the same period in 1996.
Stauth said Fleming has begun to offer customers and vendors technological improvements to its Visionet system, expanded its BestYet store brand's penetration and has enhanced its marketing and prospecting programs to stimulate profitable sales growth.