SHEBOYGAN, Wis. -- Schultz Sav-O Stores here said it had increased financial results, including record quarterly earnings, for the second quarter and six months ended July 18. The company said net income rose 13.1% to $2.03 million for the 12-week quarter and 10.6% to $3.7 million for the 28-week period, while sales increased 3.8% to $114.1 million for the quarter and 3% to $256.2 million for the half.
o and enhancements of the company's virtual chain base of franchised and corporate supermarkets, including one new corporate store, one new franchised store, two replacement franchise stores and three additional franchise stores since July 1997, which collectively added 108,000 square feet to aggregate store selling space.
Schultz said its board increased its third-quarter cash dividend by 14.3%, or 1 cent per share, payable Sept. 11 to shareholders of record Aug. 28.
According to James H. Dickelman, chairman, president and chief operating officer, "The 3.8% sales increase shows an increasingly positive trend, and with the absence of price inflation, represents real growth.
"Corporate stores open more than one year continued to show dramatically improved results over the prior year, while wholesale continued to produce solid earnings.
"Because of our continued earnings growth, we are pleased to again increase our cash dividend for the third quarter. We believe this is another step in our continuing efforts to enhance shareholder value and reward the confidence and support that we receive from our shareholders."
Schultz operates and supplies corporate-owned and franchised stores under the Piggly Wiggly name and also serves as a wholesaler to independent food stores.