Arden Group Q1 net income falls on lower revenue
Los Angeles Arden Group, parent company of supermarket operator Gelson's Markets, said Wednesday that its first-quarter net income dropped 12% on lower sales.
Earnings fell to $5.1 million from $5.8 million a year earlier.
Revenue for the period ended April 3 decreased 4% to $104.8 million, from $108.8 million.
Same-store sales fell 3.7% on soft economic conditions and competitive pressures, the company said.
Gelson's runs 18 full-service supermarkets in Southern California.