LOS ANGELES -- Arden Group here, operator of 13 Gelson's and Mayfair supermarkets in Southern California, said it will implement a 4-for-1 stock split this year in order to meet a new requirement for keeping its listing on the Nasdaq National Market.
it to accomplish a stock split that would result in compliance with the new requirement.
The company has obtained a temporary exemption to the new requirement, pending the completion of the hearing, Arden said. The company also said sales increased 19% in the 14-week fourth quarter ended Jan. 3, to $78.1 million, compared with $65.6 million in the year-ago quarter, which had 13 weeks. Net income increased 72% to $2.27 million in the quarter.
For the 53-week fiscal year, sales at Arden increased 8.9%, to $274.4 million.
