Spartan triples its net earnings in fiscal 2Q
Jan 1, 2005 12:00 PM
Spartan Stores Inc, the nation's eighth-largest grocery distributor, reported financial results for its fiscal 2005 second quarter ended Sept 11, 2004.
“We are pleased to report a substantial increase in profitability during the second quarter,” said Craig C Sturken, chairman, president, and chief executive officer of the Grand Rapids MI-based company. “The second-quarter operating and net earnings are at the highest levels in the past three years.”
Consolidated net sales for the 12-week second quarter were $486.7 million compared with $491.4 million in the corresponding 12-week period a year ago. Second-quarter net earnings of $7.0 million were more than three times higher than 2003's second-quarter net earnings of $1.8 million.
Consolidated net sales for the 24-week year-to-date period rose 0.7% to $961.0 million from $953.9 million in the corresponding 24-week period in 2003. Net earnings for the 24-week period climbed to $8.5 million, compared with a net loss of $4.3 million in the corresponding period a year earlier.
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