Spartan tallies five positive quarters in a row
May 5, 2005 9:20 AM, from staff and wire reports
Spartan Stores Inc reported financial results for its 12-week fourth quarter and fiscal 2005 year ended March 26, 2005.
The Grand Rapids MI-based grocery distributor had fourth-quarter net earnings of $5.3 million from continuing operations, compared with a net loss of $1.5 million from continuing operations in the same period a year ago. The latest figures represent the fifth consecutive quarter of improved earnings. Net earnings for the year were $18.8 million, versus a net loss of $6.7 million for the year ended March 27, 2004.
Consolidated net sales for the 12-week fourth quarter were $457.6 million compared with $456.9 million in the same 12-week period a year earlier. Retail sales rose $0.9 million for the quarter.
“We are pleased to continue our positive earnings momentum, particularly in our fourth quarter, the lowest volume seasonal period,” said Craig C Sturken, chairman, president, and chief executive officer. “Excluding the favorable tax adjustment, this year’s quarterly profit is still the best fourth-quarter performance we reported in more than three years."
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