Printer Friendly

HANNAFORD REPORTS INCREASED SALES AND EARNINGS FOR THE FIRST QUARTER

 SCARBOROUGH, M.E., April 22 /PRNewswire/ -- Hannaford Bros. Co. (NYSE: HRD), Northern New England's largest food retailer, reported today that its first quarter 1993 sales and earnings had increased over the same period in 1992. Sales and other revenues for the quarter ended April 3, 1993, were $490,565,000, an increase of 0.8 percent over the $486,769,000 reported last year. It should be noted that 1992 results include the sales from 34 Wellby Super Drug stores which were sold on May 27, 1992. Had the sales from these stores been excluded from 1992 results for the quarter, sales and other revenues would have increased 5.5 percent.
 During the first quarter, the company adopted, as required, SFAS No. 109- Accounting For Income Taxes. The principal impact of this accounting standard on the company's financial statements is the adjustment of deferred tax balances to reflect changes in statutory tax rates as provided by the Tax Reform Act of 1986. The cumulative effect of this adjustment of $2,100,000, or 5 cents per share, is reflected in the first quarter. The company also adopted, as required, SFAS No. 106- Employer's Accounting For Postretirement Benefits Other Than Pensions. The effect on first quarter earnings as a result of this adoption was not material. Consolidated net earnings after the effect of the tax accounting change amounted to $11,869,000, an increase of 34.7 percent over the $8,812,000 reported last year. Consolidated net earnings per share were 29 cents after the accounting change as compared to 22 cents last year.
 Consolidated net earnings before the effect of the accounting change amounted to $9,769,000, an increase of 10.9 percent over the $8,812,000 reported last year. Consolidated net earnings per common share were 24 cents before the accounting change, as compared to 22 cents last year.
 Hugh G. Farrington, president and chief executive officer, said, "We are quite pleased with our first quarter results given the continuing recessionary economic climate. Sales in the quarter were negatively affected by the New Year holiday which fell in the fourth quarter of 1992 but were reflected in the first quarter last year, and a change in the Canadian exchange rate in mid-1992 which has lowered sales in our border stores. Gross margins have remained strong and our programs to lower costs throughout the organization are working." Farrington added, "Our same store sales for the first quarter were down 2.1 percent from last year, reflecting not only the difficult economic environment, but also the New Year holiday comparison factor and the lower sales from Canadian border stores. Our 1993 construction program is on schedule, and by year-end we expect to have increased our net sales area by over 8 percent, as well as having a number of 1994 stores well underway."
 HANNAFORD BROTHERS COMPANY
 Consolidated Operating Results (Unaudited)
 Amounts in Thousands (except per share data)
 Three Months Ended
 Percent
 4/3/93 3/28/92 Increase/(Decrease)
 Sales & other revenues $490,565 $486,769 0.8
 Cost of sales 369,031 365,488 1.0
 Gross margin 121,534 121,281 0.2
 Selling, general and
 administrative expenses 100,113 101,462 (1.3)
 Operating profit 21,421 19,819 8.1
 Interest expense, net 4,984 5,167 (3.5)
 Earnings before income taxes 16,437 14,652 12.2
 Income taxes 6,668 5,840 14.2
 Earnings before cumulative
 effect of change in
 accounting principle 9,769 8,812 10.9
 Cumulative effect to Jan. 3,
 1993 of change in income
 tax accounting 2,100 --- 100.0
 Net earnings $11,869 $8,812 34.7
 Per share of common stock:
 Earnings before cumulative
 effect of change in
 accounting principle 24 cents 22 cents 9.1
 Cumulative effect to Jan. 3,
 1993 of change in income
 tax accounting 5 cents --- 100.0
 Net earnings 29 cents 22 cents 31.8
 Cash dividends $.085 $.075 13.3
 Weighted average number of
 common shares
 outstanding (000's) 40,859 40,274 ---
 -0- 4/22/93
 /CONTACT: Charles Crockett, assistant secretary of Hannaford Bros., 207-883-2911/
 (HRD)


CO: Hannaford Bros. ST: Maine IN: FOD SU: ERN

SJ -- NE020 -- 9460 04/22/93 12:39 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1993
Words:706
Previous Article:WASHINGTON SCIENTIFIC AGREES TO SELL ADVANCED CUSTOM MOLDERS SUBSIDIARY
Next Article:FLORAFAX INTERNATIONAL STATEMENT ON LOAN PAYMENT
Topics:


Related Articles
HANNAFORD ANNOUNCES INCREASED SALES FOR NOVEMBER AND DISCUSSES EARNINGS RESULTS FOR THIS YEAR AND NEXT
FARRINGTON TO BE ELEVATED TO CHIEF EXECUTIVE OFFICER OF HANNAFORD BROS. CO.; MOODY TO STAY ON AS CHAIRMAN
HANNAFORD REPORTS HIGHER EARNINGS AND A MODEST SALES INCREASE FOR THE FIRST QUARTER
HANNAFORD REPORTS INCREASED SALES AND EARNINGS FOR
HANNAFORD REPORTS INCREASED SALES AND EARNINGS FOR THE THIRD QUARTER AND NINE MONTHS
HANNAFORD BROS. REPORTS INCREASED SALES AND EARNINGS FOR THE SECOND QUARTER AND FIRST HALF OF 1993
HANNAFORD REPORTS INCREASED SALES AND OPERATING EARNINGS FOR THE FIRST QUARTER
HANNAFORD REPORTS RECORD SALES AND EARNINGS FOR THE FIRST QUARTER
Hannaford Reports Increased Sales and Earnings For The First Quarter

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters