GRAND RAPIDS, Mich. -- The acquisition of 47 stores during its fiscal fourth quarter helped boost sales at Spartan Stores here, the company said.
$1.6 million in the fourth quarter a year ago. Same-store sales increased 0.33% for the quarter.
For the fiscal year, Spartan's sales were $3.05 billion, up 14.2%, and earnings increased 16.2% to $17.2 million. Same-store sales increased 2.3% for the year, which Spartan attributed to promotions and product line expansion.
Spartan's 1999 net income included an after-tax extraordinary charge of $1 million for the retirement of debt.
Results for both fiscal years include unusual items, Spartan said. Fiscal 2000's pretax earnings included a benefit of $4.5 million from the reversal of restructuring charges and a moderate increase from cigarette inventory gains during the year. These benefits were partially offset by a $1.3 million impairment loss in the fourth quarter. Fiscal 1999's pretax earnings included a $5.7 million restructuring charge that was more than offset by significant cigarette inventory gains throughout the first three quarters of the year.
Sales for Spartan's retail-grocery segment increased by $540.1 million during fiscal 2000. Grocery-distribution sales advanced 2.4% to $1.88 billion, while convenience-store distribution sales increased 11% to $934 million during the year.
