Fresh Brands Inc, a Sheboygan WI-based grocery wholesaler and supermarket retailer, has reported results for its third quarter and year-to-date ended Oct 8, 2005.
The company said operating difficulties at three underperforming stores caused it to take a non-cash after-tax impairment charge of $8.9 million, resulting in a net loss for the third quarter and 40 weeks ended Oct 8, 2005. Two of those stores are to be sold or closed. The loss totaled $8.2 million for the third quarter and $7.8 million for the year-to-date.
Net sales for the quarter increased 4.1% to $160,528,000, compared with $154,263,000 for the third quarter of 2004. For the first three quarters of 2005, net sales were $522,413,000, versus $513,806,000 for the same period in 2004.