Arden Group's Q3 net income drops 26%

Los Angeles Supermarket retailer Arden Group reported Wednesday that the company earned $3.5 million in the quarter ended Oct. 2, compared with net income of $4.7 million in the year-ago period.

The parent of Southern California supermarket chain Gelson's Markets cited economic conditions and competition for the profit decline.

Revenue decreased 3% to $100.3 million. Same-store sales fell 3.3%.