GRAND RAPIDS, Mich. — Spartan Stores here yesterday said fourth-quarter net income rose about 9.9% in the fourth quarter, to $8.9 million, which the company attributed in part to growth in private-label sales.
Fourth-quarter operating earnings rose 13.6%, to $17.3 million. Sales in the quarter were up 1.9%, to $581.3 million. Retail sales were up 21.5% to $332 million, due primarily to the VG’s acquisition and the 1.2% gain in comparable-store sales, excluding fuel sales and the impact of Easter.
Fourth quarter retail operating earnings were $2.7 million, down 37.2%, which the company attributed to higher inventory charges, costs associated with the start-up of VG's and other items.
Distribution sales were down 16.2%, to $249.2 million, primarily because of $35 million in sales related to the VG’s acquisition now being classified as retail sales, plus and lower pharmacy product sales of about $7.5 million. Distribution segment operating earnings increased 33.9%, to $14.6 million.
Read More of Today's Headlines
