GRAND RAPIDS, Mich. -- Spartan Stores here said the acquisition of J.F. Walker Co. last November helped boost sales for the year ended March 26 to record levels.
If the effect of an accounting change is excluded, income would have increased 26% or $1.5 million in fiscal 1994, Spartan said.
J.F. Walker, a convenience-store distributor, contributed "a major portion" of the sales increase, James B. Meyer, Spartan's senior vice president and chief financial officer, said. At the time of the acquisition, J.F. Walker's sales volume was about $325 million.
Meyer also said Spartan had paid $17.6 million in incentive rebates to retailers. The sum is virtually unchanged from a year ago when Spartan paid $17.7 million in incentive rebates to its retailers.
Spartan distributes groceries to 475 independent supermarkets in Michigan, Indiana and Ohio.
At Spartan's annual meeting, four directors were re-elected to the board. They are Patrick Quinn, president and chief executive officer of Spartan; Glen Catt, Glen's Markets, Gaylord, Mich.; Daniel Deering, Tom's Food Markets, Traverse City, Mich., and Parker Feldpausch, Felpausch Food Centers, Hastings, Mich.