SHEBOYGAN, Wis. -- Schultz Sav-O Stores here said last week sales for the 12-week fourth quarter ended Jan. 1 increased 4.6% to $121.5 million, and net earnings for the quarter rose 1% to $2.8 million.
attributed its fourth-quarter results to higher sales volumes, which resulted from such factors as the successful conversion to the Piggly Wiggly program of two new market stores from other wholesalers in the third quarter; a series of successful marketing events, including the 50th anniversary of Piggly Wiggly in Wisconsin; the rebound in sales in some stores that had been affected by competitive openings; the opening of a new market franchise in Cottage Grove, Wis.; and the replacement or expansion of stores in Fort Atkinson, Crivitz, Randolph, Beaver Dam and Kiel, Wis.
However, the company said although sales increased, total administrative and operating costs rose correspondingly. The company also said it incurred increased charges related to realization of receivables for certain independent operators. Also, the company said it incurred significant costs in a non-Y2K-related evaluation of its core business system.