HARRISBURG, Pa. -- Super Rite Corp. here said an improved performance in both its wholesale and retail segments and an additional reporting week led it to record earnings for the fiscal year ended March 4.
related to the sale of seven Basics stores in the Washington, D.C., area and a charge of $1.2 million related to a contingent stock option. Minus the charges, net income would have been $9.4 million, or $1.04 per share.
Sales for fiscal 1995 rose 17% to $1.5 billion compared to sales of $1.3 billion the prior year.
For the 14 weeks ended March 4, net income increased to $3.8 million, or 39 cents per share, compared to a loss of $1.3 million, or 14 cents per share, in the 13-week fourth quarter of fiscal 1994.
Excluding the special charges, earnings in last year's quarter would have been $2.6 million, or 28 cents per share.
Sales for the quarter increased 22% to $405.2 million from $332.2 million.
Wholesale revenues advanced 14% and 18.5% in the 53-week and 14- week periods, respectively -- which the company said "reflected new business as well as continued growth within the existing wholesale customer base." Retail sales increased 21.5% and 19.9% in the 53-week and 14-week periods, respectively. These increases reflect "significant gains" in the company's eight-unit Metro superstore chain, where the three units opened during the year are "exceeding projections," the company said.
Super Rite is a full-service grocery wholesaler and retailer supplying 238 supermarkets in Delaware, Maryland, New Jer-sey, Pennsylvania, Virginia and West Virginia. The company also operates eight Metro superstores in the Baltimore market and Dover, Del., as well as seven Basics supermarkets in metropolitan Baltimore.