Net income for Giant Food Inc. during the 36 weeks ending Nov. 2 was incorrectly stated yesterday in the Business section. It was $36.99 million or 2.43 percent of sales.
Giant Food Inc., a Washington-based food and drug supermarket chain, yesterday reported a 30 percent increase in net income for the 36 weeks ended Nov. 2 compared with the same period a year ago.
Giant had net income of $35.9 million ($1.24 a share) on sales of $1.5 billion for the 36-week period, compared with net income of $27.5 million (93 cents) on sales of $1.4 billion for the same period last year. The net income for the period was 1.9 percent of sales.
For the 12 weeks ended Nov. 2, the company reported net income of $12.1 million (41 cents) on sales of $507 million, compared with net income of $8.5 million (29 cents) on sales of $484.4 million for the same period last year.
The company stated that its prior year's earnings were adversely affected by Giant's conversion of its pharmacy division to Giant Discount Drug Stores.
*Cerberonics Inc., a Baileys Crossroads company providing defense support services to the government, yesterday said its profits had plummeted 55 percent in its first quarter, which ended Sept. 30.
The company reported profits of $174,000 (12 cents a share) on revenue of $3 million in the first quarter, compared with profits of $385,000 (26 cents) on revenue of $8.3 million in the same period a year ago. The company attributed the loss to the previously announced loss of two principal aircraft material support contracts.