VERNON, Calif. -- Smart & Final here said sales and earnings increased for the first quarter ended March 23.
n -- including a 6% jump in store sales to $224 million and a 17% rise in food-service distribution sales to $83 million.
Same-store sales for the quarter rose 1.9% -- with comparable sales up 4.4% during the last month of the quarter, the company said, following implementation of lower pricing on key items in late February in a program called "New Sliced Prices."
The company said reduced margins and extensive marketing of the program reduced earnings for the quarter by 2 cents per share. It also said gross margins are expected to be affected for the balance of the year, although at a lesser rate.
Qtr Ended 3/23/97 3/24/96
Sales $307 million $282.3 million
Net Income $5.0 million $4.2 million
Inc/Share 22 cents 20 cents