Roundy’s reports net loss of $13.5 million for Q2
MILWAUKEE — Costs related to the exit of its Rainbow business in the Twin Cities markets, as well as the upcoming closure of a distribution center, helped push Roundy’s to a net loss of $13.5 million in the second quarter of fiscal 2014.
Net income for the quarter was $11.6 million, while net sales from continuing operations for second quarter 2014 were $971.9 million, an increase of 12% from $868.3 million for second quarter 2013. Same-store sales dropped 2.2%.
During the quarter, Roundy’s sold 18 Rainbow stores and closed the remaining nine not included in the sale, incurring an impairment charge. Roundy’s is also closing a distribution facility in Stevens Point, Wisconsin in the third quarter of the fiscal year, which has already incurred some costs.
Roundy’s expects to report net losses per share and negative same-store sales growth for the third quarter and full fiscal year 2013.
"We are confident that the strategic actions we started in the second quarter will improve our cost structure, operational efficiency and overall execution to provide positive long-term benefits to our business," chairman, president and CEO Robert A. Mariano said.
Fairway shrinks net loss for Q1
NEW YORK — Fairway Group Holdings Corp., the parent company of Fairway Market, shrank net loss to $9.7 million in first quarter fiscal 2015, compared with $27.95 million in the same quarter the prior year. Declining general and administrative expenses, resulting from the elimination of IPO- and consultant-related fees from the first quarter of fiscal 2014, helped reduce net loss.
Fairway Group plans to open a new 50,000-sq.-ft. Fairway Market store in the Staten Island Mall in Staten Island, N.Y., by the end of 2017. The store is a key part of the mall’s expansion plans.
Net sales increased 6.2%, to $198.3 million from $186.8 million in the first quarter of fiscal 2014. Net sales growth in the quarter was attributable to two new stores, partially offset by negative same store sales growth of 1.7%.
SafeHands preps for new school year
BOCA RATON, Fla. — SafeHands, an alcohol-free hand sanitizer company, announced that it will offer back-to-school "buy one, get one free" coupons, providing savings for teachers who want to eliminate germs in their classrooms this fall.
The active ingredient in SafeHands is benzalkonium chloride, the same ingredient found in mouthwash and eye drops. The product has shown in numerous studies to have the same efficacy against germs as alcohol, according to the company. The coupons are redeemable at local Walgreens, Albertsons, Safeway and online.