US food distributor Nash Finch has announced that its net earnings for the 52 week fiscal 2004 year, ended 1 January 2005, were $14.9m, compared to $35.1m, for the 53 week 2003 year.
Fiscal 2004 earnings from continuing operations included several events which had a net unfavourable impact of $24.0m, the largest of which was a special charge of $21.0m, involving costs associated with the disposition of 21 retail stores.
Total sales for fiscal 2004 were $3.9bn versus $4.0bn in fiscal 2003. Excluding $68.4m of extra sales from the 53rd week, fiscal 2003 sales would have been $3.9bn.
For the fourth quarter of 2004, total sales were $920m compared to $1.011bn in the prior-year period. Excluding $68.4m of extra sales from the additional week in the 2003 fourth quarter, fourth quarter 2003 sales would have been $942.6m. Net earnings were $11.2m for the 12 week period of 2004, compared to $13.0m, in the year-ago period. Fourth quarter 2004 earnings from continuing operations were $11.2m compared to $12.5m for the fourth quarter 2003.