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Article: Strong profits still elude discounter Pic 'N' Save.
- Article from:
- Los Angeles Business Journal
- Article date:
- June 24, 1991
- Author:
CopyrightCOPYRIGHT 1991 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Strong profits still elude discounter Pic 'N' Save
Despite a management change and restructuring, Pic 'N' Save Corp. isn't making the profits historically associated with discount retailers during a recession. Analysts and company officials blame the lackluster performance at the cash register on a "transition phase" the company is going through.
Transition or no, in the months February through May, consumers became very picky at Pic 'N' Save: Same-store sales are off 8.4 percent from the like period a year ago, and total sales are down nearly 2 percent - a poor performance unprecedented in the company's 41-year history.
"They're in the midst of ...