Nash Finch boosts earnings in Q3

Minneapolis Nash Finch said Thursday it posted a 185.3% increase in quarterly earnings, boosted by the after-effects of a court settlement with Roundy’s.

The settlement to the Roundy’s dispute, related to Nash Finch’s 2005 acquisition of two Roundy’s Supermarkets distribution centers, allowed Nash Finch to recognize a $7.6 million gain from an adjustment in the purchase price for the two warehouses.

Along with lapping an $8.8 million inventory adjustment in last year’s third quarter, net earnings leaped to $21.9 million for the fiscal third quarter, which ended Oct. 10.

Sales were up 15.3% to $1.6 billion, but down by 0.9% excluding new acquisitions. Retail sales fell 4.4%, and comps were down 3.3%.