NEW YORK -- An ongoing store renovation program, including the addition of in-store pharmacies helped boost fiscal first quarter sales at Gristede's Foods here, the company said.
27, Gristede's had completed the remodeling of 27 stores and had opened two new stores. The company was also operating four in-store pharmacies. Gristede's said it would remodel eight more stores, and open four additional in-store pharmacies during the current fiscal year. Gristede's operates 41 stores in the New York City area under the Gristede's and Sloan's banners.
Gristede's also reported sales for its fiscal year ended Nov. 28 1999, which was delayed due to the installation of new accounting software.
For the year, Gristede's sales increased 15.1% to $181.9 million from $157.5 million. Gristede's reported a net loss of $2.9 million, which it attributed to expenses incurred by aggressive remodeling of 40% of its stores. The company said start-up and advertising costs, a loss of sales during the remodeling period, promotional pricing upon "re-opening" impacted earnings.
