Dallas-based grocery distribution giant Fleming Co. posted Q1 earnings up nearly 60% earlier today [Tuesday].
Sales in the quarter rose more than 13% to US$4.69bn. Net income rose to US$24.6m, or 52 cents a share, from US$15.5m, or 37 cents a share, in the previous year. Flemming said that excluding the costs linked to the bankruptcy filing of discount giant Kmart, a large Flemming customer, the company earned 57 cents per share.
The company said that its newly acquired businesses and costs savings programmes helped results.
Looking to the future, Fleming said that it plans to record charges of about US$25m in the Q2, however it has raised its earnings outlook for FY 2003.