Nash Finch Co.'s (NAFC) first-quarter reported net earnings slid to $2.1 million or $0.16 per share, from $5.5 million or $0.42 per share a year ago.
Adjusted net earnings for the period were $2.7 million or $0.20 per share. On average, 2 analysts polled by Thomson Reuters expected earnings per share of $0.14 for the quarter. Analysts' estimates typically exclude one-time items. Net earnings were adjusted to exclude the impact of significant items totaling $0.6 million or $0.04 per share in 2013 and $0.7 million or $0.05 per share in the 2012 quarter, the company added.
However, total company sales for the quarter were $1.09 billion, up 2.3% compared with $1.07 billion in the prior-year quarter. The acquisition of eighteen No Frills stores in the third quarter of 2012 and twelve Bag 'N Save stores in the second quarter of 2012 contributed to a net increase in total company sales of $35.0 million, according to Nash Finch.
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