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Spartan Q4 Comps Down 6.9%

Spartan Stores here Thursday said comparable-store sales fell 6.9% in the fourth quarter amid deflation, economic pressures and competitive activity.

GRAND RAPIDS, Mich.Spartan Stores here Thursday said comparable-store sales fell 6.9% in the fourth quarter amid deflation, economic pressures and competitive activity.

Net income for the quarter, which ended March 27, fell about 62%, to $3.24 million, on a 3.9% drop in sales, to $558.8 million. For the year net income fell about 31% to $25.56 million, on a slight dip in sales, to $2.55 billion, compared with year-ago results. Deflation contributed about 1.8% to the comp-sales decline, the company said in a conference call with analysts.

Excluding a $4.8 million pre-tax charge for restructuring costs, fourth-quarter adjusted operating earnings were $13.7 million, compared with $17.3 million a year ago. As reported, fourth-quarter operating earnings were $8.9 million.

“Although we continued to confront a challenging economic and market environment, this is the second consecutive year that we have achieved annual adjusted EBITDA of more than $100 million,” said Dennis Eidson, Spartan’s president and chief executive officer, in a prepared statement. “We continue to remain cautious in the near term, but are encouraged by the more positive trends in consumer confidence, discretionary spending and employment stability.”

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