Smart & Final Reports Sharp Drop in Profit
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Warehouse supermarket chain Smart & Final Inc. reported first-quarter profit dropped sharply year-over-year, as sales were weakened by record rainfall in the company’s key Southern California region.
Net income fell to $3.2 million, or 11 cents a share, from $6.2 million, or 22 cents, a year earlier. Sales rose 1% to $427.6 million from $423.5 million, said the City of Commerce-based company.
During last year’s first quarter, revenue was boosted by $40 million from a labor action against three supermarket chains in California.
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