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MINNEAPOLIS - Nash Finch Co. reported first-quarter net earnings of $3.3 million, compared with a net loss of $174,000 a year earlier. Sales were $856.7 million, compared with $894.6 million in the prior-year period, according to the company, who said results for the quarter were adversely affected by $2.3 million net of tax, or $0.20 per diluted share, paid to our bondholders and bank lenders as consideration for waivers.
"Our associates throughout the organization were able to manage through difficult economic conditions by continuing a relentless focus on cost reduction efforts," said Ron Marshall, Nash Finch c.e.o. "We realize that we face continued challenges - as well as opportunities - and we have the right team in place to meet them."
The retailer and wholesale distributor, with approximately $4 billion in annual revenues, owns and operates more than 100 stores in the Upper Midwest, principally supermarkets under the Avanza, Buy n Save, Econofoods, Family Thrift Center, and Sun Mart banners. In addition to its retail operations, Nash Finch's food distribution business serves independent retailers and military commissaries in 28 states, the District of Columbia and Europe.