Food distributor Nash Finch has announced net earnings of $9.7m for the second quarter ended 18 June 2005, compared with a net loss $15.6m for the same period a year ago.
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Total sales for the second quarter were $1.085bn compared to $906.4m in the prior-year period, reflecting the company’s acquisition from Roundy’s Supermarkets, Inc. of wholesale food distribution divisions located in Lima, Ohio and Westville, Indiana effective 31 March, 2005.
“Integration of the Lima and Westville operations is proceeding according to plan,” said CEO Ron Marshall. “While we expected integration costs to affect food distribution margins in the short term, as occurred during the second quarter, we did not fully appreciate the degree to which the demands of integrating a significant acquisition would divert attention from daily operations and affect our day to day execution. Given the front-end loading of the integration costs and the steps we have taken to improve execution, we expect operating margins in this segment to rebound as we begin to realize the synergies inherent in this acquisition.”
