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Smart & Final's Same Store Sales Up 2.5 Percent in Third Quarter
LOS ANGELES - Smart & Final Inc. on Tuesday said its same store sales increased 2.5 percent for the 16-week quarter ended Oct. 6, 2002. The company's net income slid to $2.7 million, or $0.09 per diluted share, compared to $3.9 million, or $0.13 per diluted share, for the same period last year.
"While the third quarter income results did not meet our expectations, they are indicative of the very challenging economic and competitive environment for food distributors across the country, and also reflect in the quarter the expense related to the settlement of a legal dispute," said chairman and CEO Ross Roeder. "We believe that our comparable store sales increase is one of the strongest increases in food retailing, and our overall margins continue to show year-to-year improvement."
Roeder said the company has benefited by taking actions to control expenses and closely manage working capital. In addition, strong year-to-date net cash flow provided by operating activities of $42.7 million has provided the needed capital resources to both fund store expansion and remodeling efforts, and reduce outstanding debt, he said.
In the third quarter of 2002, total company sales increased 2.9 percent to $627.2 million as compared to the prior year quarter.
Overall, broadline foodservice distribution sales declined 4.2 percent to $112.4 million in the quarter. Sales in the Florida foodservice unit declined 4.0 percent to $60.7 million, while sales in the northern California foodservice unit declined 4.5 percent to $51.7 million for the quarter.
Founded in 1871 in downtown Los Angeles, Smart & Final Inc. operates 238 non membership warehouse stores for food and foodservice supplies in California, Oregon, Washington, Florida, Arizona, Nevada, Idaho, and northern Mexico. The company also operates two foodservice distribution companies in northern California and Florida.