Gristedes Posts Second-quarter Loss
NEW YORK - New York-based Gristede's Foods Inc. on Thursday reported a second-quarter loss attributed to a store expansion program and a decline in same-store sales.
In a press release Thursday, the supermarket operator said its second-quarter loss was $912,756, or 5 cents a share, compared with net income of $205,522, or 1 cent a share, last year.
Sales for the second quarter ended June 1 rose 14.7 percent to $71 million from $61.9 million a year ago. However, same-store sales fell 3.2 percent due to promotional pricing by a competitor and lower sales caused by unseasonably cool and wet weather.
Gristede's said its store expansion program lowered earnings through a combination of higher labor costs, lower gross margins and higher advertising. The company said its seven-store expansion will impact the remaining quarters of fiscal 2003.
In a press release Thursday, the supermarket operator said its second-quarter loss was $912,756, or 5 cents a share, compared with net income of $205,522, or 1 cent a share, last year.
Sales for the second quarter ended June 1 rose 14.7 percent to $71 million from $61.9 million a year ago. However, same-store sales fell 3.2 percent due to promotional pricing by a competitor and lower sales caused by unseasonably cool and wet weather.
Gristede's said its store expansion program lowered earnings through a combination of higher labor costs, lower gross margins and higher advertising. The company said its seven-store expansion will impact the remaining quarters of fiscal 2003.