TAMPA, Fla. -- Kash n' Karry Food Stores here reported that total and same-store sales fell in the fourth quarter and year ended July 28.
ks, sales dipped 0.4% to $1.02 billion from $1.03 billion the year before, while same-store sales declined 0.9%.
Kash n' Karry did not release its net income for the fourth quarter and fiscal 1995 but reported $2 million in net earnings for year-end 1996. "Net income and income-per-share amounts for the prior year are not meaningful for comparative purposes due to restructuring adjustments," the company explained, adding that those numbers will be disclosed in its fourth-quarter and year-end filings with the Securities and Exchange Commission.
"We have been running negative comp sales for a while," Richard D. Coleman, senior vice president and chief financial officer, told SN. "That is primarily due to the competitive situation here and increased activity. Also, as we have remodeled our stores, there is a distraction and sales falloff in the remodeled stores until there is a grand reopening."
Operating cash flow was $11.7 million for the quarter, down from $12.9 million a year earlier. For the year, operating cash flow increased to $56.8 million from $54.5 million.
"We have been able to improve our margins and control expenses this year as we continue to upgrade our store network," said Ron Johnson, chairman and chief executive officer. "The performance of our remodeled stores is evidence that our marketing focus on quality perishables has been well-received by our customers and will serve as the foundation for continued improvements in financial performance."
Qtr Ended 7/28/96 7/30/95
Sales $233.54 million $243.04 million
Change - 3.9%
Same-store - 4.4%
Net Income N/A N/A
Inc/Share N/A N/A
52 Weeks 1996 1995
Sales $1.02 billion $1.03 billion
Change - 0.4%
Same-store - 0.9%
Net Income $2 million N/A
Inc/Share 41 cents N/A
The company did not release fourth-quarter and fiscal 1995 net income results due to restructuring adjustments.