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INDIANAPOLIS - Marsh Supermarkets Inc. on Tuesday reported results of operations for the 16 weeks ended October 13, 2001.
Second quarter net income was $4,202,000 compared with $2,139,000 last year. This is $0.48 per diluted share versus $0.25 last year. The quarter's results include a gain on the previously announced sale of CSDC (Convenience Store Distributing Company) and a net loss on the discontinued operation.
Sales and other revenues for the second quarter were $508,230,000 compared to $478,027,000 last year, an increase of $30,203,000 and 6.3%. Sales in comparable stores were 4.9% over last year and 4.0% year to date. This compares to 2.7% last quarter and 1.2% the prior quarter.
Income from continuing operations for the quarter was $2,049,000 compared to $1,397,000 last year, a 47% increase. Diluted earnings per common share were $0.25 versus $0.16 last year.
"Our strong comparable store sales growth continues to demonstrate our ability to succeed in a highly competitive retail market," said Don E. Marsh, chairman and CEO.
During the quarter, the company opened two new Village Pantry convenience stores and acquired three convenience stores. The company also converted three Marsh supermarkets to LoBill Foods. Marsh acquired two supermarkets and closed two stores in order to consolidate sales into the remaining units.
The company purchased the assets of O'Malia Food Markets, which has eight upscale stores in the Indianapolis metro area. O'Malia will operate as a separate division.
The company also sold the assets of CSDC to McLane Company Inc., a Temple, Texas-based grocery distributor. The sale included inventory, property, buildings, equipment and certain other assets plus the assumption by McLane of certain liabilities. McLane will provide distribution services to Marsh's Village Pantry Division and CSDC's customers. The gain on sale and CSDC's operating results are shown on the condensed consolidated statements of income as a discontinued operation.
Subsequent to quarter end, the company opened two new upscale Marsh Supermarkets.