LOS ANGELES — Unified Grocers, Inc. ("Unified" or the "Company"), the largest wholesale grocery distributor in the western United States, announced net sales of $991.1 million for the fiscal quarter ended December 31, 2011 ("2012 period"), compared to net sales of $980.3 million for the fiscal quarter ended January 1, 2011 ("2011 period"), an increase of 1.1 percent. The Company attributed the increase to additional sales to existing customers. The increase was partially offset by the loss of a significant customer during 2011 and the impact of customer store closures.
The Los Angeles-based cooperative reported net earnings of $4.1 million for the 2012 period, as compared to $3.5 million for the 2011 period. The increase in earnings was due to strong performance in its Market Centre subsidiary and the results of its cost containment efforts.
"The business environment is improving, albeit slowly," said Al Plamann, Chief Executive Officer, Unified Grocers. "Sales during the quarter were up, although the results were somewhat mixed among our retailers. Those with upscale formats, for example, experienced strong sales during the period as specialty and gourmet products were in great demand over the holidays.
"Overall, independent retailers throughout the western United States performed well during the quarter because they were able to respond more quickly to changing consumer preferences than were the chains," Plamann said. "Agility and adaptability are key components to success in this business environment."
Founded in 1922, Unified Grocers is a retailer-owned wholesale grocery distributor that supplies independent retailers throughout the western United States. Unified and its subsidiaries, which generated approximately $3.8 billion in sales during fiscal 2011, offer independent retailers all the resources they need to compete in the supermarket industry.
The Unified Grocers, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1214
An online version of Unified's Form 10-K, filed with the Securities and Exchange Commission, is available on Unified's website at www.unifiedgrocers.com and at www.sec.gov/edgar.shtml.
Safe Harbor Statement
This press release contains forward-looking statements about the future performance of Unified Grocers based on Management's assumptions and beliefs in light of information currently available to it. There are a variety of factors that could cause actual and future results to differ materially from those anticipated by the statements made above. These factors are outlined in the Company's Form 10-K and other interim reports filed with the Securities and Exchange Commission. Furthermore, Unified undertakes no obligation to update, amend or clarify forward-looking statements whether as a result of new information, future events, or otherwise.
| Unified Grocers, Inc. | ||||
|
(dollars in thousands) |
For the Fiscal Quarter Ended | |||
| December 31, 2011 | January 1, 2011 | |||
| Net sales | $991,123 | $980,275 | ||
| Operating income | $10,909 | $11,990 | ||
|
Earnings before patronage dividends and income taxes |
$7,835 |
$8,753 |
||
| Patronage dividends | $1,677 | $3,406 | ||
| Net earnings | $4,125 | $3,648 | ||
Source: Unified Grocers, Inc.
