Smith's Food and Drug Centers, Inc, reported record sales and net income for the second quarter of 1990.
Sales for the 13 weeks ending June 30 were $501 million, compared to $422 million for the same period last year, an increase of 19 percent.Net income was $8.5 million, up 42 percent for the $6 million figure reported last year. Net income per common share, which was diluted by additional shares issued in connection with last year's public offering, was 34 cents compared to 30 cents.
During the first six months of 1990, Smith's opened nine new food and drug centers in Utah, Idaho, Nevada, New Mexico and Arizona.
Smith's closed 13 smaller stores, among them six in Idaho, and converted two stores to warehouse-type supermarkets. The chain also plans to open six stores by the end of the year. An ice cream plant under construction at Smith's distribution center in Layton should be completed by the end of 1990 as well.