US retailer Roundy’s Inc said a “more challenging economic and competitive environment” affected results in the third quarter as profits fell.
Earnings in the three months ended 1 October amounted to US$8.8m compared to $12.4m a year earlier. Adjusted EBITDA, excluding the impact of one-time employee expenses, fell 24% to $43.1m.
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Net sales in the period amounted to $973.6m, a drop of 0.3% on last year. Roundy’s posted a 3.6% decline in same-store sales. The company opened two new stores and one replacement store during the third quarter.
