LOS ANGELES — Arden Group, parent company of Gelson's Markets, reported declines in earnings and sales for the fiscal second quarter and first half, which ended July 4.
Net income for the 13-week quarter fell 29.4% to $4.7 million, while sales and same-store sales dropped 7.5% to $107.9 million. For the 26-week period net income decreased 20.1% to $10.5 million, while sales and same-store sales fell 8% to $216.9 million.
The company said sales "continue to be negatively impacted by economic conditions and increased competition. In an economy in which consumers are increasingly motivated by price, our competitors have aggressively increased marketing activities, including price reductions. To remain competitive, [Gelson's] has instituted special pricing of selected items in an effort to retain customers and attract new clientele."
Arden operates 18 Gelson's Markets.
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