EARNINGS AT GIANT FOOD SLIP 23% AS SALES RISE

LANDOVER, Md. -- Giant Food here said soft same-store sales, lower gross margins and higher expenses resulted in an earnings decline of 23.3% for the first quarter ended May 21. Sales for the 12-week quarter rose 2% to $829.7 million. Same-store sales dropped 0.4%, due mainly to cannibalization by newer Giant stores, the company said. Excluding the cannibalization, same-store sales would have increased

LANDOVER, Md. -- Giant Food here said soft same-store sales, lower gross margins and higher expenses resulted in an earnings decline of 23.3% for the first quarter ended May 21. Sales for the 12-week quarter rose 2% to $829.7 million. Same-store sales dropped 0.4%, due mainly to cannibalization by newer Giant stores, the company said. Excluding the cannibalization, same-store sales would have increased 0.3%, Giant said. Earnings, which fell to $20.4 million, were boosted $1.2 million, or 2 ce

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