Last updated on February 11th, 2015 at 08:38 am
Unified Grocers has reported improved net sales of $17.9 million, up 1.9 percent, for its first quarter of fiscal 2015 ended Dec. 27, 2014.
This sales increase reflected ongoing improvement in the company’s core business.
“We are extremely pleased by the continued growth in sales,” said Bob Ling, president and CEO of Commerce, California-based Unified Grocers. “Our core wholesale distribution business is performing well and the most recent quarter’s results demonstrate the company’s strong fundamentals and the health of our retail customers.
“Last year was all about turning around the business and establishing positive momentum, and this year we’re focused on continuing that trend,” he added. “These are exciting times for Unified Grocers. The new business with Haggen in California, Arizona, Nevada, Oregon and Washington will be reflected in our results later in the year, and we are pursuing a number of other growth initiatives.”
The wholesaler reported a net loss for the quarter of $1.2 million, driven largely by a one-time charge of $3.2 million for early extinguishment of debt. This was incurred in connection with the company’s debt refinancing in December and the payoff of fixed rates notes, which is expected to be largely recovered in lower ongoing interest expense, the company says.
