NORFOLK, Va. -- Sales and cash flow increased for Farm Fresh here during the second quarter ended June 17.
For the quarter, the 54-store company recorded a net loss of $1.3 million, compared with last year's net loss of $4.2 million.
Sales rose 4.2% to $214.7 million from $206 million in 1994. Same-store sales rose 2.1%.
Earnings before interest, taxes, depreciation, amortization and other noncash expenses increased 20% to $12 million.
For the year-to-date, Farm Fresh said sales increased 5.2% to $422.9 million from $402.1 million last year. Same-store sales increased 2.6% during the first two quarters.
The company recorded a first-half net loss of $5 million compared with a net loss of $11 million in 1994.
EBITDA shot up 29.5% to $22.1 million for the 24-week period.
Michael E. Julian, chairman, president and chief executive officer, noted that the company's Richmond division incurred a loss in EBITDA of $500,000 for the second quarter and $1.7 million for the year-to-date "due to increased promotional markdowns, advertising and other expenses associated with the grand opening of the acquired Safeway stores."
As reported, the company acquired 15 Safeway stores in the Richmond area in December 1993.
2ND-QUARTER RESULTS
Qtr Ended 6/17/95 6/18/94
Sales $214.7 million $206 million
Change + 4.2%
Same-store + 2.1%
Net Income ($1.3 million) ($4.2 million)
24 Weeks 1995 1994
Sales $422.9 million $402.1 million
Change + 5.2%
Same-store + 2.6%
Net Income ($5 million) ($11 million)
Note: Farm Fresh does not report earnings per share because it does not have publicly traded stock.
