Freehold, New Jersey-based Foodarama Supermarkets revealed a 22% increase in fourth quarter profits yesterday [Wednesday].
Foodarama explained that the rise was due to increased same-store sales, up 5.6%, taking into account that there was an extra week in the company’s fiscal 2001. Net income for the 14-week fourth quarter rose to US$763,000 from US$627,000, or 66 cents from 56 cents per diluted share, for the 13-week Q4 of 2000.
Overall, sales increased to US$249.7m from US$219.5m year on year.
For the full year ended 3 November 2001, Foodarama reported an increase in net income from US$2.38m, or US$2.13 per share, to US$3.94m, or US$3.5 per share, year on year.