LOS ANGELES — Arden Group, parent company of Gelson's Markets, Encino, Calif., said it is implementing new marketing programs to retain and attract customers in the face of increased competition that generally reduced its financial results for the third quarter.
Arden operates 18 upscale Gelson's stores. Net income for the 13-week quarter rose 13.5% to $4.7 million — due primarily to a significant reduction in expenses related to stock appreciation rights, the company noted — while sales fell 9.1% to $103.8 million and comparable-store sales also fell 9.1%. For the 39-week period net income dropped 12.1% to $15.2 million, while sales declined 8.3% to $320.5 million and comps were also down 8.3%.
Read More of Today's Headlines