GIANT FOOD POSTS FLAT NET, CITES LOWER GROSS MARGINS

LANDOVER, Md. -- Giant Food here said lower gross margins continued to pressure earnings in the second quarter ended Aug. 13..6 million, or 1.84% of sales, in last year's second quarter."Earnings remain impacted by lower gross margins and increased selling expenses, principally in union health and welfare benefits, and payrolls," Giant said.Sales increased 3.8% in the quarter to $826.4 million and

LANDOVER, Md. -- Giant Food here said lower gross margins continued to pressure earnings in the second quarter ended Aug. 13.

.6 million, or 1.84% of sales, in last year's second quarter.

"Earnings remain impacted by lower gross margins and increased selling expenses, principally in union health and welfare benefits, and payrolls," Giant said.

Sales increased 3.8% in the quarter to $826.4 million and same-store sales rose 1.37%.

Giant said if the effect of

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