US: Southeastern Grocers sees YTD gains
Winn-Dixie parent sees Q3 sales pressure
In a regulatory filing with the US Securities and Exchange Commission, Southeastern Grocers said sales rose to US$7.74bn in the nine months to 2 October, up from $6.26bn in the comparable period of last year.
The company's bottom line was boosted by lower losses from discontinued operations and higher pre-tax earnings from continuing operations. Net income rose to $221m, up from $54.2m in the comparable period of last year.
While Southeastern Grocers saw an overall improvement in year-to-date results, the company did feel the negative impact of increased competitive pressure in the third quarter. During the period, the group broke its run of 18 consecutive quarters of comparable sales growth, with comparable sales falling 0.2%. Total sales in the quarter rose 0.4% to $2.25bn.
Southeastern Grocers' filed for an initial public offering in September, but has not said when it plans to complete the stock sale. At the end of the third quarter, the grocer operated 684 stores in the south-eastern US. Following the completion of its acquisition of three chains from Delhaize Group, the company expects to increase its store count to 847 outlets.
Click here to view the SEC filing.
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