BEDFORD HEIGHTS, Ohio -- Riser Foods here said it achieved net earnings of $2.4 million in the second quarter ended Jan. 15, which marked a turnaround from a loss of $1 million in last year's second quarter.
ores in northeast Ohio.
The company also reported increased sales in the 12-week second quarter, which it said was a reflection of "a better-than-expected holiday selling season."
Sales in the quarter rose 2.7% to $270.8 million from $263.6 million in last year's second quarter. Sales increased less than 1% in the 28-week first half, to $598.7 million from $594.4 million.
Riser's same-store sales fell 0.8% in the quarter and 1.3% for the 28-week period, according to Riser.
Earnings for the 28-week period include a credit of $6.9 million, or 85 cents per share, related to the cumulative effect of accounting changes for income taxes. Excluding the accounting change, net would have totaled $4.48 million, or 54 cents per share.
Net earnings in the 28-week period last year totaled $1.03 million, or 12 cents per share.
Anthony C. Rego, chairman and chief executive officer, attributed the earnings increase to a successful holiday selling season coupled with continuing cost-control programs. Rego said that northeast Ohio's cold snap had a positive impact on Riser's sales.
"The bad weather forced consumers into more one-stop shopping," he said. "With the roads and the parking lots covered with snow, consumers didn't want to make two and three stops to complete their shopping trip."
Rego also said the company's strict cost-control policies leveraged the sales increase into higher earnings.
Charles A. Rini Sr., Riser's president and chief operating officer, said Riser added some $200 million in new wholesale sales and opened a new distribution facility for general merchandise and health-and-beauty items over the past year.