Food Industry
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MMR, Jan 26, 2009
SCOREBOARD
Quarter Dollar %
RETAILERS ended Sales Change
Family Dollar 11/29 1.75 bil 4.2
A&P (1) 11/29 2.12 bil 69.5
Jean Coutu (2) 11/29 620.3 mil 6.4
Supervalu (3) 11/29 10.17 bil -0.4
Net-to-
Net Income % Sales
RETAILERS (Loss) Change Ratio
Family Dollar 59.3 mil 14.1 3.4
A&P (1) (3.0 mil) N/A N/A
Jean Coutu (2) (399.2 mil) N/A N/A
Supervalu (3) (2.94 mil) N/A N/A
(1.) A&P's results are from continuing operations and reflect the
December 2007 acquisition of Pathmark Stores. The loss for the most
recent quarter reflects $5.51 million, pretax, in special items.
The company had income from continuing operations of $73.1 million
in the prior-year period, after recording a $106.1 million pretax
gain on the sale of shares in Metro Inc., which was partially
offset by $8.99 million in special items. After including $10.6
million in losses from discontinued operations, the company had a
net loss of $13.6 million in the most recent quarter. This
contrasts to net income of $573 million a year earlier, which
included $15.8 million in losses from discontinued operations.
(2.) Jean Coutu's results are stated in Canadian currency. The net
loss reflects a $357.8 million preliminary provision to write down
the carrying value of Coutu's 30% stake in Rite Aid Corp., as well
as a $73.9 million loss for its share of Rite Aid's loss in the
most recent quarter. The company had net income of $9.5 million in
the prior-year period, which included $31.6 million in losses from
the Rite Aid investment and a $3.5 million charge for an adjustment
to the previously recorded gain on the sale of Coutu's United
States operations to Rite Aid.
(3.) Supervalu's loss in the most recant quarter reflects a $3.1
billion after-tax charge to write down intangible assets. The
company had net income of $141 million in the prior-year period,
which included a $7 million after-tax charge related to the
acquisition of the prime assets of Albertsons Inc. in 2006.
Quarter Dollar %
MANUFACTURERS ended Sales Chance
American Greetings (1) 11/28 454.1 mil -6.5
Helen of Troy (2) 11/30 185.6 mil -11.8
Net Net-to-
Income % Sales
MANUFACTURERS (Loss) Change Ratio
American Greetings (1) (193.3 mil) N/A N/A
Helen of Troy (2) 15.1 mil -33.9 8.1
(1.) American Greetings' loss for the most recent quarter reflects
the following after-tax items: $207.1 million in goodwill and other
asset-impairment charges and $4.7 million in severance charges,
which were partially offset by a $7.5 million reduction of variable
compensation expense. The company had net income of $29 million in
the prior-year period, which included a $104,000 loss from
discontinued operations.
(2.) Helen of Troy's earnings in the prior-year period reflected
$4.98 million in pretax impairment charges, partially offset by a
$3.61 million gain on the sale of land.
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