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INDIANAPOLIS - A continuing weak local economy, high unemployment, and competitive new supermarket square footage were the reasons cited for Marsh Supermarkets' net loss, the company announced yesterday.
Net income for the fiscal year ended March 27 was $3.04 million, or 38 cents per diluted share, compared to $52,000, or 1 cent per diluted share, last year. Operating income for fiscal 2004 improved to $23.65 million from $22.63 million last year. In both the third and fourth quarters, operating income exceeded last year. Income from continuing operations, net of tax, was $3.04 million, or 38 cents per diluted share, compared with $406,000, or 5 cents per diluted share, a year previously.
Last year Marsh recorded a noncash charge of $3.64 million net of tax, or 44 cents per share, related to the application of Emerging Issues Task Force Issue No. 02-16 regarding accounting for vendor consideration.
Sales and other revenues, excluding gains from sales of property, were $1.66 billion for fiscal year 2004, an increase over last year's $1.65 billion. Retail sales in comparable supermarkets and convenience stores, however, were below last year by 1.4 percent. Comparable-store merchandise sales, which exclude gasoline, declined 2.5 percent from last year. The company excludes gasoline sales from its analysis of comparable-store merchandise sales, because retail gasoline prices fluctuate widely and frequently.
For the 12-week fourth quarter ended March 27, total revenues were $376.37 million compared with $373.26 million last year. Retail sales in comparable supermarkets and convenience stores were below last year by 1.7 percent. Comparable-store merchandise sales, which exclude gasoline sales, declined 3.3 percent from last year.
Net loss for the quarter was $1.23 million, or 15 cents per diluted share, compared to a net loss of $4.46 million, or 56 cents per diluted share, last year. Diluted loss per share from continuing operations was 15 cents, compared with 54 cents last year.