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MINNEAPOLIS - National food retailer and distributor Nash Finch Company today reported a 27 percent increase in comparable earnings of $8.1 million, or 66 cents per diluted share, in the second quarter ended June 15, 2002, compared to $6.4 million, or 53 cents per diluted share, excluding goodwill amortization in the prior-year.
Total revenues for the 2002 second quarter registered $937.1 million, vs. year-ago revenues of $949.6 million. EBITDA (earnings from operations before interest, taxes, depreciation, amortization, LIFO and other items) grew to $29.5 million in the 2002 second quarter compared to $28.5 million in the prior-year, representing 3.2 and 3.0 percent of sales, respectively.
"Our earnings performance illustrates our ability to deliver results in an intensely competitive marketplace made even more difficult by a sluggish economy," said Ron Marshall, president and CEO. "We were able to continue year-over-year growth in comparable earnings as a result of a comprehensive process improvement initiative begun in the fourth quarter of last year."
Second quarter revenues for the food distribution segment totaled $456.7 million vs. $478.4 million in the year-ago period. Food distribution profits for the second quarter grew to $14.6 million vs. $13.6 million last year. Segment EBITDA totaled $17.0 million, or 3.7 percent of sales, vs. $16.3 million, or 3.4 percent of sales, in the prior-year period.
Revenues from corporate retail stores increased to $245.1 million vs. $237.1 million in 2001. Profits grew to $9.2 million, up from $8.7 million in the prior-year period. Retail segment EBITDA increased to $13.0 million, or 5.3 percent of sales, vs. $12.3 million, or 5.2 percent of sales, in the prior-year period. Same-store sales were down 3.6 percent, which was due, in part, to the level of competitive activity felt system-wide, combined with the impact of a transition in senior management in its retail group, according to the company. The store count at the end of the quarter was 112, up from 97 stores at the end of the second quarter in 2001 and from 110 stores at year-end.