GIANT FOOD NET RISES 16.8% IN FISCAL YEAR

LANDOVER, Md. -- Giant Food here said last week net income increased 16.8% to $95.2 million in the fiscal year ended Feb. 26.Excluding a $3.9 million credit for the cumulative effect of an accounting change, year-end net totaled $91.3 million, an increase of 12% from the prior fiscal year.Sales rose 2.7% to $3.57 billion last year and same-store sales increased 1.4%Fourth-quarter results, however,

LANDOVER, Md. -- Giant Food here said last week net income increased 16.8% to $95.2 million in the fiscal year ended Feb. 26.

Excluding a $3.9 million credit for the cumulative effect of an accounting change, year-end net totaled $91.3 million, an increase of 12% from the prior fiscal year.

Sales rose 2.7% to $3.57 billion last year and same-store sales increased 1.4%

Fourth-quarter results, however, were termed disappointing by some Wall Street securities analysts.

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