LANDOVER, Md. -- Giant Food here said aggressive promotional programs a year ago helped boost sales and earnings for the second quarter and 24 weeks ended Aug. 15. Giant is the process of being sold to Ahold, Zaandam, The Netherlands. Once the Federal Trade Commission approves its divestiture plan, the company said it will "proceed expeditiously toward a final closing."
d 146.3% to $18.8 million for the quarter and 71.8% to $38.7 million for the half.
The company said it attributed the earnings improvements to several factors, including "aggressive promotional programs" introduced a year earlier, "which required substantial markdowns in that period. At the time, Giant said those programs would have an immediate impact on earnings, although the goal was to build the sales base.