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Acquisitions Aid Roundy's 1Q Results

PEWAUKEE, Wis. - Roundy's here today said first-quarter retail sales for the period ended April 3, 2004 reached $717.8 million, an increase of 56.1 percent from the $459.7 million reported for 2003's first quarter. The increase was attributed primarily to the acquisition of six store groups including 31 Rainbow Foods stores in Minneapolis/St. Paul that were acquired from Fleming Cos.; and former Kohl's stores acquired from A&P that were converted to the Pick 'n Save and Copps formats in Wisconsin.

Same-store sales increased 1.5 percent during the quarter.

"We continue to be pleased with our positive same-store sales trends," said Roundy's chairman and c.e.o. Robert A. Mariano. "Consistent with our expectations, our same-store sales growth was less than the fourth quarter of 2003 as some of our comparable Pick 'n Save stores were negatively impacted when we reopened the former Kohl's stores during the quarter."

Wholesale sales during the quarter were $836.5 million, an increase of $127.7 million, or 18.0 percent. The increase was attributed primarily to increased sales to company-owned stores and new independent customer sales volume.

In other Roundy's-related news, the company and one of its former executives have been cleared of any wrongdoing in connection with an insurance fraud accusation, the Milwaukee operator of Pick 'n Save supermarkets said Wednesday.

The Milwaukee Journal Sentinel reports that Edward Kitz, Roundy's treasurer and group v.p., said insurer UnumProvident Corp. notified the company of its finding. The source of the accusation was Roger Alswager, another former Roundy's executive who was fired by the company in 2001 after a series of drunken-driving arrests.
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