Food distribution company Nash Finch Company (NASDAQ: NAFC) announced financial results for the fiscal second quarter ended June 19, 2010.
Total sales for the second quarter 2010 were $1.15 billion compared with $1.22 billion in the prior-year quarter, a decrease of 5.1%. Sales for the first 24 weeks of 2010 were $2.33 billion versus $2.36 billion in the prior-year period, a decline of 1.0%.
Net earnings for the second quarter 2010 were $10.7 million, or $0.81 per diluted share, compared with net earnings of $9.5 million, or $0.72 per diluted share, in the prior year quarter. Net earnings for the first 24 weeks of 2010 were $18.7 million, or $1.40 per diluted share, in contrast to net earnings of $24.0 million, or $1.80 per diluted share, in the same prior-year period.
Alec Covington, president and chief executive officer of Nash Finch, said, “Although the negative sales trend that manifested in the third quarter 2009 continued into the first half of 2010 in the food distribution and retail industry, our results reflect several major accomplishments, which include maintaining total company year-over-year EBITDA as a percentage of sales, reducing debt, investing in strategic initiatives and share repurchases, and controlling expenses and capital expenditures.”
The company recently announced the closing of its Bridgeport MI distribution center, which is scheduled to be completed in the third quarter.
Nash Finch’s core business, food distribution, serves independent retailers and military commissaries in 36 states, the District of Columbia, Europe, Cuba, Puerto Rico, the Azores and Egypt. The company also owns and operates retail stores, primarily supermarkets under the Econofoods, Family Thrift Center, AVANZA, Family Fresh Market, and Sun Mart trade names. Further information is at www.nashfinch.com.
