MINNEAPOLIS — Nash Finch here yesterday posted negative comparable-store sales and a decline in retail EBITDA for the second quarter. Alec Covington, president and chief executive officer, said the company is seeing good results from its Hispanic-oriented Avanza locations and has seen strong initial response to its new “family fresh market” prototype in Hudson, Wis., but the retail division overall posted comp-store sales declines of 3.9% in the quarter, including a 1.7% decline attributed to the fact that Easter occurred in the first quarter this year instead of the second. Retail EBITDA slid 20.9%, to $7 million, while total retail sales fell 2%, to $137.7 million. The company attributed the decline in earnings primarily to conversion costs for two acquired stores and to remodeling disruptions, plus a prior-year gain of $500,000. Overall, Nash Finch reported net income of $10.1 million for the second quarter, which ended June 14, a gain of 5.2%, while sales fell 2%, to $1.04 billion. Year-to-date net income was up 44%, to $21.4 million, on a sales decline of about 1.5%, to $2.06 billion. Both periods had several one-time items that impacted results.
Read More of Today's Headlines
