MILWAUKEE — Net income fell 35.8% to $7.93 million at Roundy’s Inc., as third quarter sales edged down 0.3% to $973.6 million. Adjusted net income, which excludes onetime employee expenses, declined 29% to $8.8 million.
Net income fell 35.8% to $7.93 million at Roundy’s Inc., as third quarter sales edged down 0.3% to $973.6 million. Adjusted net income, which excludes onetime employee expenses, declined 29% to $8.8 million.
Chairman, president and chief executive officer Robert Mariano blamed the performance on the economic environment and heightened competition, as well as an ineffective promotion. The company consequently has cut its quarterly dividend to 12 cents per common share from 23 cents in order to bolster its cash position.
