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Article: No more discounting profits at Pic 'N' Save Corp.: after surviving proxy battle, retailer changes its fortunes.
- Article from:
- Los Angeles Business Journal
- Article date:
- March 30, 1992
- Author:
CopyrightCOPYRIGHT 1992 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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Profits have picked up at the once-faltering Pic 'N' Save Corp., the result of efforts by new management to improve store operations, merchandising and security, according to retail analysts and a company spokeswoman.
Dominguez-based Pic 'N' Save reported a 98 percent increase in profit during fiscal 1991 compared with 1990. A good part of the surge, though, can be attributed to a one-time $19 million charge it incurred by fighting a proxy battle in 1990 and severance pay doled out to several managers who were replaced.
Excluding the restructuring charge, Pic 'N' Save's 1991 profits were still up 19.2 percent. By comparison, 1990 profits were down 7.1 percent ...