RETAILING

Ralphs Quarterly Earnings Fall: The Los Angeles-based supermarket chain reported that first-quarter net income fell to $4.9 million from $8.4 million a year earlier. Ralphs Grocery Co. attributed the decline to aggressive promotional pricing and to union health and welfare benefit credits recognized in the first quarter of fiscal 1994. Sales increased 3.5% to $637.5 million. Ralphs also sold $450 million of notes to help finance Yucaipa Cos.’ acquisition of the Southern California grocery store chain. Ralphs recently agreed to be acquired by Yucaipa, parent of Food 4 Less and other grocery chains. The deal is expected to be completed later this month.