Fred Meyer Inc. logged record sales and income in its first fiscal quarter ended May 10 as net sales rose 9.6 percent to $620.1 million over the $565.7 million reported in the first quarter of last year. Comparable store sales increased 6.3 percent for the quarter.
First-quarter income was $13.1 million, an 11 percent increase over the $11.8 million reported a year earlier.The increase in income from operations from quarter to quarter reflects stronger sales and gross margins in our food operations, offset by overall lower gross margins in the non-food departments, a spokesman said.
"Sales were particularly soft in the jewelry division and were also down in the home improvement division as a result of initiating our new home decor format, which places less emphasis on building materials," the spokesman said.