MAUMEE, Ohio -- Seaway Food Town here said sales and earnings rose and same-store sales remained relatively flat for the third quarter and 39 weeks ended May 30.
million for the quarter and 16.3% to $5.2 million for the year to date.
Same-store sales dipped 0.3% for the quarter and rose 0.4% for the year to date, which the company attributed to low inflation. "Sales have been relatively flat in the past couple of quarters as we continue to operate in an environment characterized by low levels of inflation," said Richard B. Iott, president and chief executive officer.
He said he expects the environment to remain challenging through the balance of the year, "[though] we should start to see our performance improve in the first quarter of fiscal 1999 as a result of several recent initiatives."
Those initiatives include several acquisitions and a warehouse consolidation that will see the company moving general merchandise and some dry groceries into a satellite facility and selling the existing general-merchandise warehouse.
The company said it has acquired a 55,000-square-foot store in Adrian, Mich., that it expects to reopen in late fall.