MAUMEE, Ohio -- Seaway Food Town here said sales and net income gained in the fourth quarter and year ended Aug. 31, due partly to an extra reporting week in both periods.
income climbed 100% to $2.4 million from $1.2 million.
In the 53-week year, sales increased 6.8% to $597.5 million from $559.2 million in the prior 52-week period. Same-store sales rose 4.3%. Net income climbed 22% to $5.5 million from $4.5 million.
Results also reflect an altered mix of stores plus cost-cutting efforts, Seaway reported. "We are continuing to focus on initiatives designed to reduce operating expenses while improving customer service," according to Richard B. Iott, president and chief executive officer.
4TH-QUARTER RESULTS
Qtr Ended 8/31/96 8/26/95
Sales $154.5 million $139.1 million
Change + 11.1%
Same-store + 2.3%
Net Income $2.4 million $1.2 million
Change + 100%
Inc/Share $1.10 cents 57 cents
53 Weeks 1996 1995
Sales $597.5 million $559.2 million
