Marsh Supermarkets Increases Net Income

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Marsh Supermarkets Increases Net Income

INDIANAPOLIS -- Marsh Supermarkets Inc. reported a net income for the second quarter of $375,000, compared to $306,000 last year, according to PrimeZone Media Network. Last year's results included an $18,000 loss on the disposal of discontinued operations net of tax, and a $708,000 gain net of tax resulting from an increase in cigarette state excise taxes. Gains from sales of real estate were comparable in both years. Diluted earnings per common share were $0.05 compared to $0.04 last year, according to the report.

However, sales and other revenues for the second quarter were $508,955,000, down from $512,722,000 last year, which equals a 0.7 percent decrease. Sales in comparable supermarkets and convenience stores decreased 1.9 percent to $472.1 million from $481.1 million, while sales in comparable stores excluding fuel sales decreased 3.3 percent to $434.8 million from $449.7 million.

The decline is believed to be attributable to a weak economy, high unemployment and competitive new supermarket square footage, the report stated. The company excludes fuel sales from its analysis of revenues and comparable store sales because fuel prices fluctuate widely and frequently.

Marsh operates 167 Village Pantry convenience stores, 66 Marsh supermarkets, 36 LoBill Foods stores, 1 Savin and 9 O'Malia Food Markets in central Indiana and western Ohio.