RICHMOND, Va. -- Richfood Holdings here said sales and operating earnings reached record levels for the year ended April 27, which included charges from its merger with Super Rite Corp., Harrisburg, Pa.
n extraordinary net loss of $2.2 million related to early extinguishment of certain Super Rite debt after the company's repurchase of Super Rite shares. Excluding those charges, net income rose 19.9% to $47 million, Richfood said. Operating results include 52 weeks of operation in fiscal 1996 for Super Rite vs. 53 weeks in fiscal 1995.
In the 16-week fourth quarter, sales rose 10.6% to $999.6 million. Net income climbed 22.8% to $14.3 million. Excluding the one-time items, net income for the quarter rose 32.8% to $15.4 million, Richfood reported.
Richfood attributed the sales hikes to the addition of former customers from the wholesale division of Camellia Food Stores, Norfolk, Va., acquired in April; the inclusion of a full year of sales from Rotelle, West Point, Pa., acquired in August 1994; and sales to customers who have expanded their retail operations. Total sales for its 17-unit Metro/Basics retail division rose 4.4%, and same-store sales rose 6.7%.