SALISBURY, N.C. -- Food Lion here said the initial success of its MVP frequent shopper program spurred the company to increased sales and income for the first quarter ended March 25.
1.9 billion, up 3.5% from $1.8 billion the previous year. Same-store sales increased 4.3%.
During the quarter, the company opened three new stores and remodeled or expanded 10 existing stores, adding 100,000 square feet of retail space. The company said it plans to open 50 new stores and remodel 120 others by the end of the year.
"We believe the first quarter results confirm that our business plan is right on track," said Tom E. Smith, chairman, president and chief executive officer of Food Lion. "Our remodeling and expansion efforts are going well, and we are encouraged by the early success of our MVP program."