Nash Finch Profits Rise, Sales Drop for Fiscal 2011
Nash Finch Company a rise in profits for its fiscal fourth quarter and year, though it did experience a drop in sales for those two periods.
“Year over year consolidated EBITDA, adjusted to exclude significant items, improved even though the economic environment remains difficult,” said Alec Covington, president and CEO of Nash Finch. “These results are consistent with our expectations.”
Total company sales for the fourth quarter 2011 were $1.14 billion a drop of 0.9 percent compared to $1.15 billion the year prior. Excluding the impact of selling or closing seven retail stores, total company fourth quarter comparable sales increased 0.1 percent relative to the fourth quarter of last year.
Total company sales for fiscal year 2011 were $4.81 billion, down 3.7 percent from $4.99 billion last fincalsx. Excluding the impact of the sales decrease of $53.2 million attributable to the previously announced transition of a portion of a food distribution buying group to another supplier during 2010 and the effect of selling or closing seven retail stores of $39.1 million, total company fiscal year comparable sales decreased 1.9 percent relative to last year.
Net earnings in the fourth quarter, adjusted to exclude the impact of significant items totaling $4.6 million or per dluted share in 2011 and a benefit of $3.9 million or 30 cents per share in the 2010 quarter, decreased 2.5 percent to $12.7 million or 97 cents per share in the fourth quarter of 2011, compared to $13.1 million or $1 per share in the fourth quarter of 2010.