VERNON, Calif. -- Smart & Final here said it is considering a restructuring of its Florida operations in the fourth quarter "that would position the company for resumed strong profit growth in 1998."
n earnings. In addition, sales growth at stores outside the metropolitan Miami area have been slow, and marketing and distribution to these stores has been inefficient.
Net income for the 16-week quarter declined 15.5% to $6.8 million, while net income for the 40-week period rose 0.6% to $18.7 million. Sales increased 8.9% to $442.5 million for the quarter and 8.9% to $1.1 billion for the year to date, while same-store sales increased 2.6% for the quarter and 2.2% for the 40 weeks.
The company said store sales rose 4.1% for the quarter and 4.6% for the year to date, and food-service distribution sales increased 24% for the quarter and 22.6% for the year to date.
3RD-QUARTER RESULTS
Qtr Ended 10/5/97 10/6/96
Sales $442.5 million $406.4 million
Change + 8.9%
Same-store + 2.6%
Net Income $6.8 million $8.1 million
Change - 15.5%
Inc/Share 30 cents 38 cents
40 Weeks 1997 1996
Sales $1.1 billion $996.2 million
Change + 8.9%
Same-store + 2.2%
Net Income $18.7 million $18.6 million
Change + 0.6%
Inc/Share 82 cents 88 cents
Earnings per share were affected by a higher number of outstanding shares in 1997 following issuance of 1.6 million new shares in 1996 in connection with the acquisition of real-estate properties.
