Gristede's Third Quarter Results Down

NEW YORK, N.Y. -- Gristede's Foods Inc. posted an earnings loss of four cents a share in the third quarter ended Sept. 1 compared to a loss of two cents in the year-earlier period. Net income losses for the quarter totalled $777,264.

Third-quarter sales at the New York City chain rose 13 percent to $60 million, and the company reported a same-store sales increase of nearly 12 percent, which it attributed to its ongoing store remodeling program.

Third-quarter adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, fell to $2.2 million from $2.4 million a year ago. Adjusted

EBITDA is net income before interest expense, income taxes, depreciation and noncash charges. Gristedes attributed the decline to higher store labor costs associated with staffing five new stores set to open in the fourth quarter.
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