Super Rite Corp., a Harrisburg, Pa.-based food wholesaler and retailer, said profit increased by 15.6 percent in its first quarter thanks to lower interest costs and higher sales in its Baltimore-area Metro grocery stores.
Super Rite earned $3.56 million, or 37 cents per share, for the quarter that ended June 3. Revenue for the period rose by 6.4 percent, to $373.54 million.
The company said its wholesale business turned in a "strong performance," with a 6.3 percent increase in operating income and a 16 percent decline in interest expense.
Sales in Super Rite's nine Metro stores, most of which are in the Baltimore area, rose by 28 percent for the period, thanks to two new stores.
The company, which plans to open another Metro store soon, in Towson, also operates six Basics grocery stores.
Its wholesale division supplies 238 supermarkets from New Jersey to West Virginia.
Super Rite shares closed at $18.50 yesterday, up 18.75 cents.