FMI Releases 2007 State of the Food Industry Review

FMI Releases 2007 State of the Food Industry Review
May 15, 2008

Las Vegas-based Food Marketing Institute (FMI) recently released its 2007 annual state of the industry review, revealing an overall supermarket sales increase of 4.6 percent, with same-store sales rising 4.2 percent. Mid-sized food retailers with 31 to 100 stores saw the highest growth, including a 7.4 percent sales increase and a same-store sales increase of 6.5 percent. Independent retailers with one to 10 stores experienced a 4.6 percent increase for overall sales; while same-store sales increased 4.4 percent. For large chains with 500 or more locations, overall sales grew 5.2 percent and same-store sales increased 4.2 percent. "The industry performed quite well in an extraordinarily challenging year," said Tim Hammonds, president and CEO of FMI. "Companies managed spikes in energy, commodity, healthcare and credit card interchange costs, along with relentless competition in the industry." In addition, 58.3 percent of retailers reported believing that a recessionary economy will reduce sales; while 41.7 percent expect it to increase profits. The FMI report is based on a survey of 89 companies, representing a total of 16,389 stores.

Produced by: Nielsen Business Media, a part of the Nielsen Company
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