MECHANICSVILLE, Va. -- Richfood Holdings here said it had record sales for the 53-week fiscal year ended May 3, while net income for the year also increased to record levels prior to a series of special charges. For the 17-week fourth quarter the company had increased sales and earnings.
o a record $61.4 million -- excluding the effect of an extraordinary loss of $1.9 million related to early redemption of certain debt in the fourth quarter and the effects of a one-time charge for merger and integration costs related to the merger with Super Rite Corp., Harrisburg, Pa., in October 1995 and an extraordinary loss related to early extinguishment of certain debt in fiscal 1996. Including those charges, net income for the year rose 60.4% to $59.5 million.
Sales for the 17-week fourth quarter rose 11.2% to $1.1 billion over the 16-week quarter in the prior year, while net income rose 38.3% to $21.3 million, excluding the $1.9 million loss related to early redemption of $47.5 million of senior subordinated notes issued by Super Rite.
Qtr Ended 5/3/97 4/27/96
Sales $1.1 billion $999.6 million
Change + 11.2%
Net Income $19.5 million $14.3 million
Change + 36.4%
Inc/Share 41 cents 31 cents
53 Weeks 1997 1996
Sales $3.41 billion $3.25 billion
Change + 4.9%
Net Income $59.5 million $37.1 million
Change + 60.4%
Inc/Share $1.26 $79 cents
NOTE: Fiscal 1997 had 53 weeks and a 17-week fourth quarter, while fiscal 1996 had 52 weeks and a 16-week fourth quarter.