LOS ANGELES — Arden Group, parent company of Gelson's Markets, said Tuesday's financial results for the third quarter were stronger than in the prior year.
Net income for the quarter, which ended Sept. 29, rose 51% to $5.1 million, with sales increasing 3.3% to $108.2 million and comparable-store sales up 5.8%. For the 39-week period, net income rose 1.7% to $12.9 million, while sales grew 2.6% to $323.1 million and comps were up 4.5%.
Arden operates 17 Gelson's stores. It closed a store in Northridge last February and assigned the lease in May to a third party.
The company said the sales increase was due mainly to increased transactions, inflation and the shift of Yom Kippur to the third quarter this year from last year's fourth quarter.
It also said it had purchased 90,098 shares of Class A common stock in April 2011, which increased net income per share for the first nine months of 2012; income for the period was also affected by a pre-tax operating loss of $1.9 million resulting from closing the Northridge store.
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