Nash Finch Company (NASDAQ:NAFC), one of the leading food distribution companies in the United States, today announced financial results for the twelve weeks (second quarter) ended June 18, 2011.
Total company sales for the second quarter 2011 were $1.10 billion compared to $1.15 billion in the prior year quarter, a decrease of 4.8%. Excluding the impact of the sales decrease of $18.1 million attributable to the previously announced transition of a portion of a food distribution buying group to another supplier during 2010 and the effect of selling or closing eight retail stores, total company comparable sales decreased 2.5% relative to last year. Sales for the first twenty-four weeks of 2011 were $2.20 billion compared to $2.33 billion in the prior year period, a decrease of 5.8%. Excluding the impact of the sales decrease of $52.6 million attributable to the previously announced transition of a portion of a food distribution buying group to another supplier during 2010 and the effect of selling or closing eight retail stores, total company comparable sales decreased 3.1% relative to last year.
Consolidated EBITDA for the second quarter 2011 increased by 4.5% to $33.4 million, or 3.0% of sales, as compared to $31.9 million, or 2.8% of sales, for the prior year quarter. For the first twenty-four weeks of 2011, Consolidated EBITDA was $63.2 million, or 2.9% of sales, compared to $60.5 million, or 2.6% of sales, in the prior year period. Consolidated EBITDA is a non-GAAP financial measure that is reconciled to the most directly comparable GAAP financial results in the attached financial statements.“We are pleased with the consolidated EBITDA improvement for both the second quarter and year-to-date periods as compared to the prior year, as well as with the improvement in EBITDA margin rate,” said Alec Covington, President and CEO of Nash Finch. “We remain well positioned with a solid balance sheet which will allow us to continue to invest in our business to drive shareholder value.”
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