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UWG Sales Up, Net Income Down

LOS ANGELES -- Unified Western Grocers here yesterday said net income for its first fiscal quarter, which ended Dec. 30, was down by about 40%, to $3.46 million, compared with year-ago levels, but operating income was down slightly less, to $16.3 million, vs. $16.6 million a year ago.

LOS ANGELES -- Unified Western Grocers here yesterday said net income for its first fiscal quarter, which ended Dec. 30, was down by about 40%, to $3.46 million, compared with year-ago levels, but operating income was down slightly less, to $16.3 million, vs. $16.6 million a year ago. The company said both patronage dividends and income taxes increased in the most recent quarter, compared with the preceding-year period. In the wholesale division, which does not include the company‘s insurance operations, operating income was up 13%, $15.6 million in the most recent quarter. The company attributed the increase primarily due to revenue growth and reductions in certain benefits costs, workers‘ compensation expenses and transportation expenses. Sales for the 13-week period were up 4.1%, to $781.4 million, which the company attributed largely to expansion by existing customers and growth in the company‘s perishables and specialty divisions.