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NASH FINCH REPORTS RECORD SECOND-QUARTER RESULTS

 MINNEAPOLIS, July 21 /PRNewswire/ -- Nash Finch Company (NASDAQ: NAFC) today reported record revenues and higher net earnings for the fiscal second quarter and first half ended June 19, 1993.
 Total revenues for the 12-week second quarter were $631.3 million, up 11.2 percent compared with $567.9 million for the same period the previous year. Net earnings for the quarter were a record $5.0 million, or 46 cents per share, a 5.4 percent increase over last year's $4.8 million, or 44 cents per share.
 For the 24-week first half, revenues totaled $1.232 billion compared with $1.100 billion in 1992. Net earnings increased 6.3 percent to $7.5 million, or 69 cents per share, compared with $7.0 million, or 65 cents per share, in the first half last year.
 Nash Finch Chairman Harold Finch said, "We are pleased that the Company is again able to report record sales and further earnings progress despite what remains a difficult operating environment due to continuing food price deflation, heightened competitive pressures in certain market areas, and generally poor economic conditions." Sales and earnings improvements for the quarter were attributed primarily to the contributions made by the Company's Southeast distribution centers, including the East Coast military operations acquired in 1992. Earnings from retail operations were hampered by costs associated with new stores as well as increased price competition in some areas.
 Finch added that earnings for the quarter were negatively affected by increases to the Company's reserves for bad debts and other contingencies. Generally, the reserves were increased because the weak economy and highly competitive operating conditions are causing a larger number of stores owned by independent customers to experience financial difficulties.
 Nash Finch is one of the largest food wholesalers in the country, supplying products to approximately 700 affiliated and independent supermarkets and some 5,000 other independent retailers and military bases in 29 states. The Company also owns and operates approximately 90 supermarkets, warehouse stores and mass merchandise stores in 13 states and produce marketing subsidiaries in California.
 NASH FINCH COMPANY
 Condensed Consolidated Statements of Earnings
 (In thousands, except per share data)
 (unaudited)
 12 Weeks Ended 24 Weeks Ended
 6/19/93 6/13/92 6/19/93 6/13/93
 Total sales
 and revenues $631,266 $567,871 $1,232,332 $1,099,754
 Earnings before
 income taxes 8,218 7,765 12,239 11,463
 Income taxes 3,205 3,009 4,773 4,442
 Net earnings $5,013 $4,756 $7,466 $7,021
 Net earnings
 per share $.46 $.44 $.69 $.65
 Average number
 of shares
 outstanding 10,872 10,872 10,872 10,871
 -0- 7/21/93
 /CONTACT: Norman R. Soland of Nash Finch, 612-832-0534/
 (NAFC)


CO: Nash Finch Company ST: Minnesota IN: SU: ERN

DB -- MN017 -- 4086 07/21/93 15:25 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
Words:474
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