NASH FINCH REPORTS THIRD QUARTER RESULTS
NASH FINCH REPORTS THIRD QUARTER RESULTS MINNEAPOLIS, Nov. 8 /PRNewswire/ -- Nash Finch Company
(NASDAQ: NAFC) today reported revenues and net earnings for the fiscal third quarter and 40 weeks ended Oct. 5.
Total revenues for the 16-week third quarter were $729.2 million, down 3.5 percent from the record $755.4 million in the same quarter last year. Net earnings for the quarter were $6.8 million, or 62 cents per share, down one cent per share compared with the third quarter record earnings in 1990. For the 40-weeks, revenues totaled $1.797 billion versus the record $1.828 billion in 1990. Net earnings increased 0.8 percent to $13.4 million, or $1.23 per share, compared with $13.3 million, or $1.22 per share, in the same period last year. Nash Finch Chairman Harold Finch said that the slight declines in third quarter sales and earnings were primarily caused by weakness of the economy in the company's trade areas and deflation in food prices. Earnings growth continues to be impacted by rapidly increasing health care insurance and worker's compensation costs, as well as by costs associated with new stores opened since the third quarter last year. Nash Finch is one of the largest food wholesalers in the country, supplying products to over 700 affiliated and independent supermarkets and some 5,000 other independent retailers in 24 states. The company also owns and operates supermarkets, warehouse stores and mass merchandise stores in 12 states and produce marketing subsidiaries in California. NASH FINCH COMPANY CONDENSED STATEMENT OF EARNINGS (UNAUDITED) 16 Weeks Ended 10/6/91 10/5/90 Total sales and revenues $729,227,534 $755,397,581 Earnings before income taxes 11,038,071 11,291,574 Income taxes 4,277,252 4,403,832 Net earnings $6,760,819 $6,887,742 Net earnings per share $.62 $.63 Average number of shares outstanding 10,871,164 10,870,584 40 Weeks Ended 10/6/91 10/5/90 Total sales and revenues $1,796,541,864 $1,828,132,555 Earnings before income taxes 21,836,770 21,749,676 Income taxes 8,461,748 8,482,491 Net earnings $13,375,022 $13,267,185 Net earnings per share $1.23 $1.22 Average number of shares outstanding 10,870,993 10,870,228 -0- 11/08/91 /CONTACT: Norman R. Soland of Nash Finch, 612-929-0371/ CO: Nash Finch ST: Minnesota IN: FOD SU: ERN KH-JS -- MN008 -- 2664 11/08/91 15:23 EST
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|Date:||Nov 8, 1991|
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