Nash Finch sales dip; net earnings surge
Jan 1, 2008 12:00 PM
Nash Finch Co, a leading food distribution company, has announced financial results for the third quarter ended Oct 6, 2007.
Total company sales for the third quarter of 2007 were $1.367 billion compared with $1.427 billion in the prior-year quarter. Sales for the first 40 weeks of 2007 were $3.463 billion versus $3.532 billion in the same period a year earlier. The third quarter and year-to-date sales declines of 4.2% and 2.0%, respectively, result primarily from the transition of a large customer to another supplier, closure of unprofitable retail stores, and customer attrition.
Net earnings for third quarter 2007 were $15.4 million, compared with net loss of $4.6 million in the year-earlier quarter. For the first 40 weeks of 2007, net earnings were $30.3 million, in contrast to net earnings of $3.4 million in the prior-year period.
