GREAT FALLS, Mont. -- Buttrey Food & Drug Stores Co. here said sales for the 13-week third quarter ended Nov. 1 increased 3.7% to $96.3 million, compared with $92.8 million in the year-ago quarter. Comparable-store sales were down 0.3% due to remodeling activity, the company said.
year. Comparable-store sales increased 0.5%. Year-to-date, net income was $2.8 million, or 32 cents per share, an increase of 13.4% compared with $2.5 million, or 29 cents per share, in 1996.
In the quarter, Buttrey introduced a new mission statement, "At Buttrey, we're dedicated to delighting our guests by offering the freshest foods at great prices every day." The company also launched a new ad campaign, with the tag line, "We start fresh every day."
Joe Fernandez, chairman, president and chief executive officer, said, "We are pleased with our continued improvement in profitability despite heightened competitive activity, a disappointing summer tourism season and deflation in certain food categories."
Qtr Ended 11/1/97 11/2/96
Sales $96.3 million $92.8 million
Change + 3.7%
Same-store - 0.3%
Net Income $1.1 million $749,000
Change + 49%
Inc/Share 13 cents 9 cents
39 Weeks 1997 1996
Sales $292.3 million $275.1 million
Change + 6.3%
Same-store + 0.5%
Net Income $2.8 million $2.5 million
Change + 13.4%
Inc/Share 32 cents 29 cents
Includes a one-time charge of $1.274 million ($764,000 after tax) reflecting interest expense associated with the company's previously disclosed proposed settlement with the Internal Revenue Service.