INDIANAPOLIS -- Marsh Supermarkets here said last week efforts to differentiate itself with fresh ideas and its new lifestyle format produced improved results in the second half ended March 27.
ncome for the year rose to $3 million, compared to $52,000 a year ago -- results affected a year ago by a non-cash charge of $3.6 million, or 44 cents per share, related to new accounting procedures for vendor consideration.
For the 12-week fourth-quarter, sales rose 1.8% to $376.4 million, comps dropped 1.7%, including gas, and 3.3%, excluding gas. The company had a net loss of $1.2 million, compared with a loss of $4.5 million a year ago.
Marsh opened its new lifestyle store during the fourth quarter, "and we are pleased with the new concept and encouraged by initial customer comments," Don E. Marsh, chairman and chief executive officer, said.
During the quarter, the company also closed two Village Pantry convenience stores; converted one Marsh unit to a LoBill Foods; and opened its first casual, quick-serve restaurant, Trios Di Tuscanos, and a floral shop adjoining the restaurant.