Regional US retailer Roundy’s saw its net sales grow almost 5% in the first quarter of the year but underlying revenue and earnings were lower year-on-year.
Nevertheless, Roundy’s, which has 160 stores in the US Mid-West, kept its full-year sales and profit forecasts.
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Net sales for the three months to the end of March were up 4.8% at US$983.5m. Same-store sales increased 1.3%, although that result was helped by the shifts in the New Year and Easter holiday periods this year, Roundy’s said. Adjusted for those calendar effects, same-store sales fell 0.8%.
Net income more than trebled to $8.6m but the result in last year’s first quarter was held back by a charge on the extinguishment of debt. Adjusted net income dropped 18.9%.
Roundy’s expects same-store sales to fall by up to 1.5% this year. It has also forecast adjusted EBITDA of $185-195m. Last year, adjusted EBITDA was $198.7m.
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