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New Food Distribution Customers Give Nash Finch 3Q Sales Boost

Nash Finch

Nash Finch today reported a 3.5 percent increase in third quarter 2013 sales compared to the same period a year ago. Sales for the company’s third quarter, ended Oct. 5, totaled $1.56 billion compared to $1.51 billion in the prior-year quarter. The Minneapolis-based wholesaler said the increase was “primarily attributable to sales to new customers in our food distribution segment.”

Nash Finch’s military segment net sales decreased 6.5 percent to $665.5 million in the third quarter compared to the prior year.

Noted Alec Covington, president and CEO of Nash Finch. “We continued to experience solid sales performance across all of our business segments in the third quarter. Excluding the impact of the government sequestration and shutdown, our total company sales growth would have been over 7 percent.

“Excluding the $60 million sales impact from the government shut down and sequestration, our third quarter military sales would have been above the prior year by approximately 1.9 percent,” he added. “We are pleased that the commissaries are all back open for business and delivering the important commissary benefit upon which our military heroes and their families have come to rely. We look forward to being able to serve even more of our military heroes and their families once our perishable and frozen addition at our Landover facility is open early next year. The combination of the expanded operations in Landover and leveraging our worldwide military distribution network should lead to additional growth in the military segment.”

The combined food distribution and retail segment sales increased 12.4 percent to $898.0 million in the third quarter of 2013 as compared to the prior-year period.

“I am extremely pleased with the sales performance of the food distribution and retail segments during the third quarter,” said Covington. “We continue to look for creative ways to expand our portfolio of business and to work with new and existing retailers in the growth of their businesses. We also added two new stores to our retail store base during the third quarter with the acquisition of two very successful stores from existing customers.”

Adjusted net earnings were $8.7 million in the third quarter compared to $18.0 million in the third quarter 2012. Net earnings were adjusted to exclude the impact of significant items totaling $2.7 million in 2013 and $3.3 million in 2012. Including the impact of significant items, the company’s reported net earnings for the third quarter were $6.0 million compared to $14.6 million in 2012. Read more here.

Nash Finch is in the process of merging with Spartan Stores.


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