Arden Q1 Earnings Slow

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Arden Group Inc. said Tuesday that its first quarter net income was slightly higher than the previous year despite a slip in same-store sales and a weakening economy.


Arden owns and operates 18 Gelson’s Markets in Southern California.


Arden reported net income of $6.53 million ($2.07 per share) barely a 1 percent increase from $6.47 million ($2.05) in the same period a year earlier.


The Compton-based company reported sales for the three months ended March 29 of $119 million, slightly off the $120 million the company posted last year.


Sales in the quarter were negatively affected by increased competition in the company’s trade area and the slowing economy, Arden said. Same-store sales fell 1.3 percent during the quarter compared to last year.


Shares in Arden dropped 1.4 percent to $127.58 in afternoon trading Tuesday.

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