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GRISTEDES: NEW STORES IMPACT RESULTS
NEW YORK -- Gristedes Foods here said last week its new stores program had negatively impacted earnings in the 13-week first quarter ended March 2 and would continue to hurt earnings in the second quarter and the rest of fiscal 2003.company noted that its gross profit as a percentage of sales declined because of newly opened stores, "which have promotional pricing."Also, Gristedes said its store operating,
April 28, 2003
1 Min Read
NEW YORK -- Gristedes Foods here said last week its new stores program had negatively impacted earnings in the 13-week first quarter ended March 2 and would continue to hurt earnings in the second quarter and the rest of fiscal 2003.
company noted that its gross profit as a percentage of sales declined because of newly opened stores, "which have promotional pricing."
Also, Gristedes said its store operating, general and administrative costs increased as a percentage of sales because of "higher labor costs resulting from the new and remodeled stores which opened or re-opened since the 2002 period." In first-quarter 2003, the company opened two new stores and prepared to re-open a remodeled store, compared to none the previous first quarter.
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