NEW STORE, REMODEL COSTS LEAD TO GRISTEDES' LOSS

NEW YORK -- Gristedes Foods here said the expenses incurred by the company's new store and store remodeling program caused it to record a loss in fiscal 2002 despite a gain in net sales. For the 52-week year ended Dec. 1, Gristedes said sales rose 9% to $250.7 million and same-store sales were up 7.1%, but the company experienced a net loss of $926,407 or 5 cents a share, compared with net earnings

NEW YORK -- Gristedes Foods here said the expenses incurred by the company's new store and store remodeling program caused it to record a loss in fiscal 2002 despite a gain in net sales. For the 52-week year ended Dec. 1, Gristedes said sales rose 9% to $250.7 million and same-store sales were up 7.1%, but the company experienced a net loss of $926,407 or 5 cents a share, compared with net earnings of $275,057 or 1 cent a share in 2001.

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