Nash Finch 3Q Profit Rises On Legal Settlement
MINNEAPOLIS (AP) ¿ Food distributor Nash Finch Co. said Thursday its third-quarter profit nearly tripled due to a gain from a lawsuit settlement and greater sales to the military.
Nash Finch said its profit jumped to $21.9 million, or $1.64 per share, from $7.7 million, or 58 cents per share, in the same period last year. The latest quarter included a gain of 47 cents per share from a lawsuit settlement.
In the third quarter of last year, the company recorded a charge of 45 cents per share to account for inventory.
Revenue rose 15 percent to $1.63 billion from $1.42 billion. Nash Finch said its food distribution sales fell 3 percent to $818.2 million because the company did less business with older customers. But military distribution revenue climbed 63 percent to $637.1 million. The company bought three military distribution centers in January.Retail revenue fell 4 percent to $178 million. The company's retail business includes Econofoods, Family Thrift Center, Avanza, Family Fresh Market, and Sun Market supermarkets. It distributes food in the U.S., Europe, Cuba, Puerto Rico, the Azores, and Egypt. Nash Finch also declared a quarterly dividend and a stock buyback plan.
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