Smart & Final has 'gratifying, challenging' 1Q
Apr 26, 2005 9:25 AM, from staff and wire reports
Smart & Final Inc reported sales of $427.6 million for its first quarter ended March 27, 2005, a gain of $4.1 million over first quarter 2004 sales of $423.5 million.
The company’s 2004 first quarter sales included an estimated $40 million favorable impact from a labor action against the three largest Southern California retail supermarket chains, which was resolved in the 2004 first quarter. Income from continuing operations was $3.5 million for the first quarter 2005, compared with $6.6 million for first quarter 2004.
Etienne Snollaerts, president and chief executive officer, said, “Our 2005 first quarter was both gratifying and challenging. We are pleased that despite extraordinarily severe weather in our key Southern California market, we were able to show overall continued growth in comparable store sales. However, our operating margins and expense rates were unfavorably impacted, resulting in an overall decline in operating income.”
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