NEW YORK -- Sloan's Supermarkets here said sales and earnings increased during the first quarter ended May 28. Sales for the 13-week quarter rose 0.6% to $12.1 million, while same-store sales were up about 1%, John Catsimatidis, chairman and chief executive officer, told SN. Net income for the 11-store operator rose 286.3% for the quarter to $218,290. Income from continuing operations rose 336% to $220,865, while income from discontinued operations -- relating to the jewelry business that formed the core of the company's business before it acquired the supermarket operation and changed its name -- resulted in a loss of $2,575. Catsimatidis attributed the earnings spurt to improved margins and reduced expenses following the cost of remodeling several stores last year. Catsimatidis said Sloan's "reached an understanding" on July 13 with Rite Aid Corp., Camp Hill, Pa., to sell the lease of one store, excluding furniture and fixtures. He said that transaction will result in "a substantial gain" during the second quarter ending Aug. 27. The furniture and fixtures will be used in other new supermarket locations that are under review, he said.
