INDIANAPOLIS -- Marsh Supermarkets here said last week its focus will remain on operational improvement, internal growth and selective acquisitions.
In other full-year results, comparable-store sales were up 2%, operating income increased 6.3% to $43.1 million, but net income declined 3.3% to $11.9 million and earnings per share were down 1 cent to $1.33.
For the 12-week fourth quarter, revenues were $410.5 million, down 7% compared with the previous year's 13-week quarter. Adjusted for a 12-week comparison, sales increased 1.2%. Comparable-store sales were up 1.2%. Net income declined 19.4% to $2.5 million, and earnings per share were down 6 cents to 28 cents.
During the quarter, Marsh opened one new Village Pantry convenience store and acquired three other convenience stores. The company also opened a McNamara Florist retail location.
Since March 31, the company opened a replacement Marsh Supermarket, two new Village Pantry units, a new LoBill store and closed one store. In first half 2002, Marsh said it expects to convert five Marsh stores to the LoBill format.