US supermarket retailer and grocery wholesaler Fresh Brands has reported a fourth-quarter net loss, mainly due to charges related to store closures.
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The company posted a net loss of US$4.7m, or 96 cents per share, for the fourth quarter of 2003, compared to a profit of $2.8m, or 54 cents per share, in the year-ago period. Fourth-quarter sales rose 13.2% to $165.5m.
For the full year 2003, the company posted a net loss of $0.5m or 9 cents per share, compared to net earnings of $8.0m, or $1.54 per share, in the previous year. Full-year sales increased 6.3% to $658.0m.
Comparable store sales for company-owned and franchised supermarkets increased 11.9% during the fourth quarter of 2003 and 3.6% during 2003, compared to the same periods of 2002. However, both 2003 and the fourth quarter of fiscal 2003 had one more week than in the previous year. Excluding the effects of the extra week, comparable store sales would have increased 3.2% in the fourth quarter of 2003 and 1.6% for 2003.
Fresh Brands said it had booked after-tax charges of around $6.9m, or $1.39 per share, in the fourth-quarter. The company said it expects to record charges of up to $3.6m, or $0.72 per share, in 2004 related to store closures.
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