HARRISBURG, Pa. -- Super Rite here reported significant sales and earnings increases for the third quarter ended Nov. 26, which the company attributed to strong performances in both its wholesale and retail divisions.
For the quarter, net income increased 38.7% to $3.3 million from $2.4 million. Net income for the year-to-date also rose, from $6.3 million to $9.2 million -- a 45.2% growth rate.
Sales for the quarter grew 16.5% from $323.3 million to $377.8 million. Sales for the 39-week period rose to $1.1 billion from $927 million, a 15.3% increase.
These gains were fueled by a 12.2% increase in wholesale sales for the quarter and a 26.3% rise in retail sales, Super Rite said.
Operating profits at wholesale increased as a result of the leveraging of fixed expenses against greater wholesale revenues, the company said.
Super Rite credited its Metro superstores with boosting retail sales. Three new units were added this year, bringing the total number of stores the company operates under this banner to eight. Same-store sales for Metro units open at least one year are up about 9% for the fiscal year, the company said.
Super Rite supplies 236 supermarkets in six Mid-Atlantic states. The company also operates eight Metro superstores in Maryland and Delaware and seven Basics supermarkets in the metro-Baltimore area.