Nash Finch Performance Achieves Record Results
Nash Finch Company reports a 37 percent increase in comparable earnings of $5.9 million, or 48 cents per diluted share, in the first-quarter ended March 23, compared to $4.3 million, or 36 cents per diluted share, excluding goodwill amortization in the prior-year. Earnings for the first quarter of 2001 were $3.3 million or 28 cents per diluted share, including goodwill amortization.
First quarter revenues for the food distribution segment totaled $452.2 million versus $454.4 million in the year-ago period. Food distribution profits for the first quarter grew to $12.1 million versus $11.9 million last year. In the first quarter, revenues from corporate retail stores rose to $237.8 million versus $229.5 million in 2001. Profits grew to $8.6 million, up from $7.0 million in the prior-year period. Same-store sales declined 0.8 percent year-over-year, reflecting continuing intense competitive activity.
Moderator Comment: What are the challenges and opportunities
for “smaller” wholesalers such as Nash Finch?
Many have predicted a two wholesaler system for the grocery
industry. Nash Finch obviously has not gotten the memo. The wholesaler’s military
business is a major plus for the company. Combined, base commissaries produce
annual sales that would rank it among the top fifteen grocery chains. [George
Anderson – Moderator]