THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Thursday, August 11, 1994 TAG: 9408110573
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY STEPHANIE STOUGHTON, STAFF WRITER
LENGTH: Short : 36 lines
Richfood Holdings Inc., the largest wholesale food distributor in the Mid-Atlantic region, on Wednesday announced a 10.4 percent increase in first-quarter profits.
The Richmond-based company earned $4.9 million, or 23 cents per share, for the 1995 quarter, up from $4.4 million, or 21 cents per share, for the same period a year earlier.
Richfood benefited when Norfolk-based Farm Fresh Inc., its largest customer, bought the Richmond-area Safeway stores in December.
Donald D. Bennett, president and chief executive office, said Richfood is focusing on controlling operating expenses and improving inventory management.
``Our continued emphasis in these areas will be key elements of our operating performance for fiscal 1995,'' Bennett said in a statement. ``We are committed to making investments to enhance further our operating efficiency and to position Richfood for the future.''
The company's sales were $296.5 million for the three months that ended July 23, up 1.1 percent from $293.4 million for the same period in 1994.
Inventory levels also rose to $75.1 million at the quarter's end, up from $70.6 million the same time a year earlier.
Richfood is one of the nation's largest wholesale food distributors. Its 1.3 million square-foot distribution center supplies more than 22,000 products to more than 750 retail grocery stores throughout the Mid-Atlantic. by CNB