FARM FRESH VOLUME, CASH FLOW INCREASE
NORFOLK, Va. -- Sales and cash flow increased for Farm Fresh here during the second quarter ended June 17.For the quarter, the 54-store company recorded a net loss of $1.3 million, compared with last year's net loss of $4.2 million.Sales rose 4.2% to $214.7 million from $206 million in 1994. Same-store sales rose 2.1%.Earnings before interest, taxes, depreciation, amortization and other noncash expenses
July 24, 1995
LISA A. TIBBITTS
NORFOLK, Va. -- Sales and cash flow increased for Farm Fresh here during the second quarter ended June 17.
For the quarter, the 54-store company recorded a net loss of $1.3 million, compared with last year's net loss of $4.2 million.
Sales rose 4.2% to $214.7 million from $206 million in 1994. Same-store sales rose 2.1%.
Earnings before interest, taxes, depreciation, amortization and other noncash expenses increased 20% to $12 million.
For the year-to-date, Farm Fresh said sales increased 5.2% to $422.9 million from $402.1 million last year. Same-store sales increased 2.6% during the first two quarters.
The company recorded a first-half net loss of $5 million compared with a net loss of $11 million in 1994.
EBITDA shot up 29.5% to $22.1 million for the 24-week period.
Michael E. Julian, chairman, president and chief executive officer, noted that the company's Richmond division incurred a loss in EBITDA of $500,000 for the second quarter and $1.7 million for the year-to-date "due to increased promotional markdowns, advertising and other expenses associated with the grand opening of the acquired Safeway stores."