MOBILE, Ala. -- Delchamps here said new competition and a battle for market share led to "disappointing" earnings in the first quarter ended Oct. 1.
ing changes. The accounting changes reduced last year's first-quarter net by $700,000.
Sales in the 13-week quarter declined 0.1% to $266.2 million. Same-store sales fell 3.1%.
Randy Delchamps, chairman, president and chief executive officer, said stepped-up competition pressured the company's earnings in the quarter.<