BEDFORD HEIGHTS, Ohio -- Riser Foods here reported increased sales and earnings for the fourth quarter and year ended July 1.
For the 12-week period, income was up 26.7% to $3.8 million. Net income soared 37.8% to $11.6 million for the 52 weeks.
Results for the 1994 fiscal year were affected by a $12 million pre-tax restructuring charge. Net income for the first quarter last year was affected by a $6.9 million gain related to a change in accounting principles.
Net sales for the quarter rose 6.6% to $280.8 million. Net sales increased 5.7% to a record $1.19 billion for the fiscal year. Same-store sales rose 11.9% for 12 weeks and 9.1% for 52 weeks.
During the year, Riser launched its Preferred Shoppers Club program. The company also opened two of its larger-sized Marketplace units and remodeled two of its traditional Stop-N-Shop supermarkets.
Anthony C. Rego, chairman and chief executive officer of Riser, said, "With a particularly strong showing from our retail operations, we posted solid sales growth and productivity gains in an environment of continued competitive pressures and relatively stagnant food prices." During fiscal 1996, the company plans to continue remodeling its stores, according to Ronald Ocasek, chief financial officer. Of Riser's 38 locations, 15 have been newly opened or remodeled within the past three years.
"In terms of [capital expenditures], we have four stores that we plan to do remodeling on and our cap ex budget will be approaching $34 million this year. Last year we were at $28 million," Ocasek said.