You are here
SHEBOYGAN, Wis. - Fresh Brands Inc., operator of Piggly Wiggly and Dick's Supermarkets, today reported record sales and earnings for the second quarter ended July 13.
Net sales for the second quarter of 2002 were a record $146.9 million, a 12.4 percent increase over last year's second quarter sales of $130.7 million, due primarily to the acquisition of Dick's Supermarkets, the company said. Net earnings were a record $1.88 million, an increase of 6.1 percent over net earnings of $1.78 million for the same period in 2001.
"Our results have remained steady in a period that has continued to be challenging for our economy, for the grocery industry and for our business," said Elwood F. Winn, president and CEO of Fresh Brands. "Our efforts to create an exceptional shopping experience and proven abilities in loyalty marketing continue to build for us a unique competitive edge in our markets."
EBITDA (earnings before interest, taxes, depreciation and amortization) for the second quarter was $5.2 million, a 19.8 percent increase from EBITDA of $4.3 million in the same period of 2001. Dick's Supermarkets contributed approximately $900,000 to EBITDA in the second quarter of 2002. As a percent of sales, EBITDA for the second quarter was 3.5 percent compared to 3.3 percent for the same period in 2001.
Retail sales for the second quarter of 2002 increased 25.2 percent to $72.5 million, compared to $57.9 million for the same period in 2001, also primarily due to the acquisition of Dick's Supermarkets. Net wholesale sales for the second quarter of 2002 increased 2.2 percent to $74.4 million, compared to $72.8 million last year.
Winn indicated that elements of the company's new state-of-the-art corporate flagship store in Sheboygan, Wis., continue to be incorporated into both new stores and remodeling projects, including a recently announced corporate replacement store and Pig Stop gas station in Sheboygan, which is scheduled to open in 2003.