TLC Beatrice Profit up 32 Percent in Quarter
Jul. 29, 1996
NEW YORK (AP) _ Food distributor TLC Beatrice International Holdings Inc., the nation's largest black-owned business, on Monday reported its second-quarter earnings rose 32 percent from a year ago.
TLC Beatrice, which distributes groceries and beverages in Paris, sells ice cream in Europe and makes potato chips in Ireland, said it earned $7.6 million, or 83 cents a share, up from $5.8 million, or 63 cents a share, in the same period a year earlier.
Sales rose to $585.7 million from $561.6 million.
The company's food distribution segment, largely wholesale and retail grocery distribution operations in France, saw operating income improve 18 percent in the quarter.
Its grocery products segment, accounting for ice cream, snack and beverage marketing in Europe, saw earnings fall 4 percent.
For the first six months of the year, TLC Beatrice's earnings rose to $8.8 million, or 97 cents a share, from $6.8 million, or 74 cents a share, in the first half of 1995. Sales rose to $1.12 billion from $1.01 billion.