SMITH'S PROFIT DECLINES AS TOTAL SALES INCREASE

SALT LAKE CITY -- Smith's Food & Drug Centers here said earnings and same-store sales declined while total sales increased during the second quarter and first half ended July 1.Net income fell 24% to $9 million for the 13-week quarter and 13% to $18.5 million for the half. However, while earnings per share fell 12% to 36 cents for the quarter, they rose 1% to 73 cents for the half as a result of the

SALT LAKE CITY -- Smith's Food & Drug Centers here said earnings and same-store sales declined while total sales increased during the second quarter and first half ended July 1.

Net income fell 24% to $9 million for the 13-week quarter and 13% to $18.5 million for the half. However, while earnings per share fell 12% to 36 cents for the quarter, they rose 1% to 73 cents for the half as a result of the company's stock repurchase program.

Sales rose 3% for the quarter to $770

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