COMPTON, Calif. -- Ralphs Grocery Co. here said sales and operating cash flow rose for the first quarter ended April 27.
ive quarter of positive comparable store results, the company said.
Operating cash flow (earnings before interest, taxes, depreciation, amortization, provision for postretirement benefits and last-in, first-out charges) rose 21.3% to $85 million, or 6.7% of sales, compared with $70.1 million, or 5.7% of sales, a year ago.
The company said it had a net loss of $12 million before extraordinary charges that totalled $48 million, compared with a net loss of $32 million a year ago. The extraordinary charges related to refinancing the company's $145 million worth of 13.75% senior subordinated notes with 11% senior subordinated notes due 2005 and refinancing its $875-million bank credit facilities.
George Golleher, chief executive officer, said the company spent $31 million on capital expenditures during the first quarter to open one new store in San Diego and to complete 16 remodels, including upgrading 15 Ralphs to the Ralphs Signature format, which features expanded perishables.
Qtr Ended 4/27/97 4/21/96
Sales $1.3 billion $1.2 billion
Change + 8.3%
Same-store + 4.1%
Net Income ($12 million) ($32 million)
The net loss before an extraordinary charge of $48 million related to a refinancing of bonds and the company's bank credit facilities.