US-based food distribution company,Nash Finch,has reported a net loss of$84.97m for Q2 2012,compared to a net profit of$10.05m for the same quarter of fiscal 2011.
The company's total revenues for the second quarter of fiscal 2012 were$1.09bn,down 0.6%,compared to$1.10bn for Q2 2011.
The US company noted an increase in total costs and expenses for the three-month period of 2012 to$202.09m,compared to$73.96m in the second quarter of fiscal 2011.
For the first half of fiscal 2012,Nash Finch posted a drop in its revenues to$2.15bn,compared to$2.19bn in the corresponding period a year ago.
Nash Finch president and CEO Alec Covington said that the acquisitions of Bag'N Save and No Frills provide the company with an opportunity to increase geographic footprint in Nebraska and to incorporate successful businesses into its corporate-owned store base.
"While we are disappointed that the economic conditions continue to be challenging,we are pleased with the sales improvement achieved in our Food Distribution and Retail businesses and we will continue to make short term investments in new initiatives which we believe will promote future growth in both businesses,"Covington added.
Nash Finch Company is one of the major food distribution companies,that serves independent retailers and military commissaries in 36 US states,the District of Columbia,Europe,Cuba,Puerto Rico,the Azores,Bahrain and Egypt.