Earnings Decline 7% at Parent of Gelson’s
From a Times Staff Writer
Arden Group Inc., parent of Gelson’s Markets, said third-quarter profit fell as rising sales were offset by higher workers’ compensation and pension and benefit costs.
Net income fell 7% to $2.98 million, or 88 cents a share, from $3.21 million, or 95 cents, a year earlier. Sales rose 3.7% to $101.2 million as newer and remodeled stores prospered.
Gelson’s operates 18 upscale markets in Southern California. Arden’s third quarter ended Sept. 30, 11 days before the Southland supermarket strike and ensuing lockout began.
Arden shares rose $1 to $71 on Nasdaq.
From a Times Staff Writer
