Nash Finch Co. on Thursday reported a decline in quarterly sales and profit, primarily driven by softness in its business that distributes food to independent grocery stores.
Edina-based Nash Finch, one of the leading U.S. food distributors, posted first-quarter net earnings of $7.5 million, or 57 cents per share, compared with $7.9 million or 59 cents per share, a year ago.
That included one-time losses of 14 cents per share during 2011's first quarter, stemming from charges involving income taxes, asset write-downs and start-up and integration costs.
Nash Finch's first-quarter sales were $1.1 billion, down 6.8 percent from a year ago. Excluding a one-time item that reduced sales by $34.5 million, total sales were down 4 percent.
"While the overall top line continues to be a challenge, we have focused on on improving profitability through initiatives to increase margins, improve productivity and contain expenses," Chief Executive Alec Convington said in a news release.
Those efforts are reflected in Nash Finch's earnings before interest, tax and depreciation and amortization expenses, which rose almost 5 percent during the quarter compared with a year earlier.
Nash Finch shares rose 41 cents to close at $37.90.
Mike Hughlett • 612-673-7003
