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Nash Finch Posts Loss for 2012

MINNEAPOLIS — Nash Finch here posted a loss for 2012 after one-time charges totaling $133.5 million.

The company said net income without the impact of the charges was down about 50% for the fourth quarter, to $6.4 million, and down about 22.5% for the year, to $39.7 million. Including the one-time charges, the losses totaled $29 million in the fourth quarter and $93.9 million for the full year.

Sales for the fourth quarter fell 1.1%, to $1.14 billion, and sales for the year were down 0.7%, to $4.82 billion.

Following the acquisition of the Bag ’N Save and No Frill chains, both former wholesale customers, Nash Finch reported a gain in retail segment sales for the year, to $666.4 million, and a corresponding decline in distribution revenues of $119.7 million, to $1.84 billion. Combined retail/distribution sales were up 3.1% in the fourth quarter and 0.4% for the year.

Read more: Nash Finch Taps 7-Eleven Exec as EVP

Same-store sales were down 1.4% for the fourth quarter and 1.1% for the year.

Sales in the military distribution segment were down 5.3% for the fourth quarter, to $536.8 million, and down 1.8% for the year, to $2.31 billion.

“We are pleased to see the sales increase in our food distribution and retail segments, which was driven primarily by our retail acquisitions and the investments we made in our food distribution segment marketing programs,” said Alec Covington, president and chief executive officer, Nash Finch Co., in a statement. “We experienced a decline in sales in our military segment driven primarily by a softness in Military export sales. As a result, our total company sales were down slightly.”

He also said gross margins wre negatively impacted by lower food price inflation and lower contractual margin rates in the military segment.

”In 2013 we are focusing our efforts on sales growth and reducing expenses and are already beginning to see progress,” Covington added, citing the company’s agreement to distribute tobacco products to Dollar General.

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