Arden Group’s Earnings Up Sharply
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Arden Group Inc., the parent of Gelson’s Markets, said that it continued to see increased sales stemming from the Southern California grocery strike.
The Encino-based company reported profit of $5.77 million, or $1.70 per share, for its fiscal second quarter ended July 3, compared with $3.28 million, or 97 cents, a year earlier. Sales jumped 19.3% at stores open at least a year.
During the 141-day strike that began in October, many shoppers ventured to smaller chains such as Gelson’s, which has 18 stores in Southern California. While some customers resumed their previous shopping patterns after the strike, Gelson’s said it retained some of the new customers.
Arden’s shares rose $3.50 to $81 on the Nasdaq.
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