Fleming Sees Nothing But Red in Third Quarter
By George Anderson
Fleming said that it lost $1.5 million or three cents per share in the third quarter on comparative operations to a $16.5 million profit and earnings of 35 cents a share last year.
Moderator’s Comment: Are Fleming’s problems worse than
the company is saying publicly?
Kmart remains Fleming’s biggest customer representing
approximately 20% of the wholesaler’s business. Fleming says that it has a contingency
plan drawn up should Kmart not make it. It better be a good one. [George
Anderson – Moderator]