US regional grocer Gristede’s Foods has reported a wider quarterly loss, partly due to the impact of US$3.7m in non-cash charges.
The company posted a loss of $4.7m, or 24 cents a share, for the third quarter to 31 August, compared with a loss of $0.78m, or 4 cents a share, a year earlier.
Totals sales rose 6.9% to $64.7m from $60.5m a year earlier, due to the opening of new stores. Gristede’s said its third-quarter same-store sales declined 6.7%, partly due to losses of perishable goods during the mid-August blackout in the northeast.
The company said it expected to recover at least $5.9m through insurance payouts for losses related to the power cut, reported Dow Jones Business News.