Home » Unified Reports $17M Loss For Fiscal 2013
National West

Unified Reports $17M Loss For Fiscal 2013

Unified logo

Unified Grocers Inc. has released its results for the fiscal year ended Sept. 28.

The Los Angeles-based cooperative reported gross billings of $3.743 billion and net sales of $3.692 billion, a decrease of 1.4 percent and 1.9 percent, respectively, compared to the prior fiscal year ended Sept. 29, 2012. The company reported a net loss of $17.6 million, compared to earnings of $2.0 million for the same period in 2012.

The company says the year-end financials are in line with its expectations, given the previously announced actions the company took on some issues. These included a fee for the early extinguishment of senior secured notes ($9.8 million), which provides greater flexibility in day-to-day operations and lower ongoing borrowing costs; an increase in workers’ compensation reserves for claims exposure ($9.1 million); and disposal costs related to leases and equipment ($2.5 million).

“This was a year of transition, course corrections and establishing a solid foundation for growth,” said Bob Ling, president and CEO. “We have a strong leadership team in place and a plan that gives us a clear understanding of where the company is headed and how we’re going to improve sales and profits. The fourth quarter was particularly encouraging in terms of establishing growth momentum. Sales trends are improving, we have solid performance in our core operations and all of our important business fundamentals are headed in the right direction.

“I see similar positive signs for our retailers,” Ling added. “While some are experiencing ups and others downs, a significant number invested in the future growth and success of their businesses in 2013 by remodeling stores and in some cases opening new locations. This is an indication of confidence regarding future business prospects for independent retail grocers.”

Featured Photos

Featured Photo PLMA Annual Private Label Trade Show
Donald E. Stephens Convention Center
Chicago, Illinois
Share via
Copy link
Powered by Social Snap