Mixed results reported by Thrifty and parent co

Drug Store News, Dec 11, 1989

Mixed results reported by Thrifty and parent co.

LOS ANGELES--Sharp discounting in key markets sapped Thrifty Corp.'s operating income for the third quarter ended Sept. 30, despite increased sales, according to company officials.

Operating income declined 15 percent, to $11 million for the quarter, from $13 million posted in the same period last year. Sales increased 19 percent to $763 million, as store count rose to 1,044 units; sales for stores open a year or more increased 3.8 percent.

Thrifty's parent company, Pacific Enterprises, saw third-quarter operating income rise from last year's $81 million to $84 million, while net income declined from $65 million last year to $49 million. A major real estate sale in last year's period boosted income levels by $16 million, noted Paul Miller, Pacific's chairman.