LANDOVER, Md. -- Giant Food here said sales for the 53-week fiscal year ended Feb. 28 increased 8.7% to $4.23 billion in the previous fiscal year, which had 52 weeks.
For the 17-week fourth quarter, sales increased 17.4% to $1.42 billion compared with the year-ago quarter, which had 16 weeks. Adjusted for the extra week, sales increased 10.5% overall and 6.9% for stores in operation both years.
Net income was $36.4 million, or 60 cents per share.
Giant Food said comparisons with the prior year and fourth quarter are difficult because of a five-week truck driver strike in the fourth quarter of fiscal 1997. In addition to lower sales and earnings caused by the strike, Giant Food said it invested heavily after the strike in promotions designed to rebuild sales volume.
Fourth-quarter selling and general and administrative expenses were impacted by several nonrecurring items, including a $24 million reduction in overall employee benefit costs.
Qtr Ended 2/28/98 2/22/97
Sales $1.42 billion $1.21 billion
Change + 17.4%
Same-store + 3.4%
Net Income $36.4 million $17.7 million
Change + 105%
Inc/Share 60 cents 29 cents
53/52 Weeks 1998 1997
Sales $4.23 billion $3.89 billion
Change + 8.7%
Same-store + 6.9%
Net Income $71.2 million $85.5 million
Change - 16.7%
Inc/Share $1.18 $1.42
Notes: An extra week in fiscal 1997 fell in the fourth quarter. Fiscal 1997 results were negatively impacted by a five-week truck driver strike.