Food 4 Less Reports 7% Decrease in Sales
Food 4 Less Supermarkets Inc., the La Habra supermarket operator, generated sales of $2.7 billion for its fiscal year ended June 26. That was down 7% from sales of $2.9 billion for the previous 12 months.
The privately held company reported that operating cash flow for the year totaled $100 million, up 2% from $98.1 million. The company attributed the sales decline to closing 13 older stores during the year, the loss of four stores after last year’s riots in Los Angeles and continued economic weakness in Southern California.
For the fourth quarter, operating cash flow rose to $27.5 million from $7.2 million for the comparable quarter last year. Three-month sales declined 5% to $623 million from $653.6 million.
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