GRAND RAPIDS, Mich. — Spartan Stores here on Wednesday said net earnings were down by 22% in the fiscal first quarter resulting in part from impairment charges and from fees associated with its recently announced acquisition of Nash Finch Co.
For the period ending June 22, Spartan reported net earnings of $4.7 million on sales of $612.4 million. Total sales increased by 1.4%. Adjusted earnings from continuing operations, which excludes impairment charges and professional fees, increased by 20%, Spartan said, reflecting slightly improved margins and a consolidated sales increase of 1.4%. Sales were negatively affected by the timing of the Easter holiday, which shifted sales to the prior period.
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Spartan’s retail division saw sales increase 2.4% to $353.8 million, resulting mainly from new and acquired stores, and offset by a 2.9% decrease in comparable-store sales. Comps were negatively impacted by the Easter shift and by cycling the launch of a prize freeze initiative and new-store openings last year. Unfavorable weather conditions also affected sales negatively.
Spartan said sales in its distribution segment increased 0.1% to $258.6 million.
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