LOS ANGELES — Unified Grocers here said yesterday the general economic slide resulted in lower earnings and sales for the fiscal year that ended Oct. 3.
Net income declined 15.1% to $14.8 million, while sales fell 1.3% to $4.05 billion, despite an extra week in the year, which added $79 million to the total. Unified said the sales decrease resulted primarily from a shift in customer demand toward lower-cost items and the shift during the year of the former Brown & Cole chain in the Seattle area to another wholesaler.
On a more positive note, Unified reduced debt by $25 million during the year and increased the stock price of its members' shares by 6%, Al Plamann, president and chief executive officer, pointed out. Members also opened 47 new stores during the year, he said — "a remarkable feat, given that it may very well have been the worst economic environment since the Great Depression."
Read More of Today's Headlines