BELLEVUE, Wash. -- Quality Food Centers here said acquisitions and store openings helped push sales and operating income in the fourth quarter ended Dec. 28th to record levels for the year.
ch -- which will boost the company's sales to more than $2 billion.
Net income for the year rose 25.7% to $25.4 million, while sales increased 10.3% to $805.3 million and same-store sales climbed 3.3%.
For the 16-week quarter, net income rose 31.7% to $8.6 million, while sales increased 7.9% to $258.1 million and same-store sales rose 6%.
Earnings before interest, taxes, depreciation, amortization and last-in, first-out inventory charges increased 16.1% for the year to $69.1 million, or 8.6% of sales, compared with $59.6 million, or 8.2% of sales, a year ago. EBITDA for the quarter rose 13.5% to $22.6 million, or 8.7% of sales, compared with $19.9 million, or 8.3%, a year ago.
According to Dan Kourkoumelis, president and chief executive officer of QFC, "Our sales increase for the quarter reflected strong sales increases in two replacement stores, sales from two Food Giant stores acquired in October, higher sales in stores remodeled during the year and improved same-store sales."
