Lucky Stores Inc. on Monday reported higher first-quarter earnings and revenue, which the company attributed to better-than-expected performance by its California supermarkets.
The Dublin, Calif., supermarket chain said first-quarter profit from continuing operations was $30.2 million, up 50% from the same quarter last year.
Revenue from the continuing food store operations rose to $1.75 billion for the three months, an increase of 12% from a year earlier.
Lucky said net income, which included discontinued operations, rose 148% to $52.4 million from the same 1986 period. The 1987 total included after-tax gains on the sale of assets, principally Yellow Front Stores, and $5.9 million net income of the Hancock Fabrics subsidiary, which was spun off to Lucky stockholders immediately after the quarter ended. Net earnings for the 1986 quarter included $1 million from discontinued operations.