Lower Quarter for Gelsons’ Parent

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Arden Group Inc., owner of the Gelsons Markets chain, said Wednesday that its second-quarter earnings fell 29 percent due to lower same-store sales.

After the markets closed, the Los Angeles company reported net income of $4.7 million ($1.48 per share) for the quarter ended July 4, compared with $6.6 million ($2.09) a year ago.

Sales fell more than 7 percent to less than to $109 million. Same-store sales at locations open at least a year dropped 7.5 percent.

Arden, which has 18 upscale Gelsons locations in southern California, said sales were affected by the poor economy and increased price competition from its competitors. The company has launched marketing programs, including special pricing of selected items to retain customers and attract new ones.

Before the announcement, shares closed up $2.15, or 2 percent, to $130.15 on the Nasdaq.

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