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Spartan Posts Comp-Store Gains in Q3

Spartan Stores yesterday said strong comparable-store sales in its retail division helped drive gains in profits on continuing operations for the 16-week third quarter, which ended Jan. 3.

GRAND RAPIDS, Mich. — Spartan Stores here yesterday said strong comparable-store sales in its retail division helped drive gains in profits on continuing operations for the 16-week third quarter, which ended Jan. 3.

Net income declined about 16% for the period, due primarily to a one-time tax benefit in the year-ago quarter, but operating earnings rose 17.4%, to $17.9 million. Sales for the third quarter were down about 0.75%, to $781.9 million.

In the retail segment, operating earnings were up 58%, to 6.8 million, on a 1.8% sales gain, to $384 million. Operating earnings in the distribution segment were up about 1.8%, to $11.1 million, on a 3.4% decline in sales, to $397.9 million.

The company attributed the decline in sales to lower pharmacy product sales of about $9.1 million and the loss of about $2.6 million in distribution sales to VG’s Food and Pharmacy, which Spartan acquired last year. Year-to-date, net income for the company as whole rose 14%, to $29.9 million, on a sales gain of 4.7%, to $2 billion.

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