OKLAHOMA CITY -- Fleming Cos. here said adjusted earnings for the 12-week third quarter ended Oct. 4 increased 23% to $8.7 million, or 23 cents per share, compared with adjusted earnings of $7.1 million, or 19 cents per share, in the year-ago quarter. The third-quarter adjustment was a change in the effective tax rate from 58% for reported earnings to 51% for adjusted earnings.
"The investments we have been making in our systems support have been paying off through increased efficiencies in our retail chain operations," Stauth said. "In our food-distribution operations, we have made major improvements in our product handling expenses. Productivity increased 3.6% this quarter."
Figures in the chart do not reflect adjustments for a change in the effective tax rate, litigation, disposition value for divested stores or other extraordinary charges.