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Nash Finch Posts Q3 Declines

MINNEAPOLIS — Nash Finch Co. here on Tuesday reported sales and net income declined for the fiscal third quarter and year-to-date, compared with year-ago results.

MINNEAPOLIS — Nash Finch Co. here on Tuesday reported sales and net income declined for the fiscal third quarter and year-to-date, compared with year-ago results.

The company said its net income for the 16-week period, which ended Oct. 9, was down about 30.1%, to $15.3 million, compared with year-ago results, while sales fell 7.5%, to $1.51 billion. The company said both the year-ago third-quarter and year-to-date net income totals benefited from one-time gains.

EBITDA for the quarter was down about 4.8%, to $43.8 million, but was up slightly as a percent of sales. “This was achieved by placing a sharp focus on executing initiatives to improve productivity, reduce overall expenses and maintain profitability during this challenging economic environment,” said Alec Covington, president and chief executive officer, Nash Finch.

Combined retail and distribution sales — excluding military services — were down 10.7% for the quarter and 7.7% year-to-date. Same-store retail sales fell 6.3% in the third quarter and 4.9% through the 40-week, year-to-date period.

Total company net income year-to-date was down about 26%, to $34 million, while sales were down 3.6%, to $3.85 million. EBITDA for the 40-week period was down 4.3%, to $104.2 million.

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