Spartan Stores sees sales sag in year-end tally
Jun 25, 2003 12:00 PM, from staff and wire reports
Grand Rapids MI-based Spartan Stores Inc, the nation’s ninth-largest grocery distributor, has reported financial results for its fiscal 2003 fourth quarter and year ending March 29, 2003.Consolidated net sales from continuing operations for fiscal 2003’s 12-week fourth quarter decreased 4.4% to $475.6 million from $497.6 million in 2002’s fourth quarter. Fourth-quarter grocery distribution sales declined 2.9% to $286.9 million from $295.6 million in fiscal 2002’s fourth quarter. Fourth-quarter retail sales fell 6.6% to $188.7 million from $202.0 million the year before.
For the 52-week fiscal 2003, Spartan reported a loss from continuing operations of $34.0 million on sales of $2.1 billion. The firm reported earnings from continuing operations of $12.8 million on sales of $2.3 billion for fiscal 2002.
Spartan has warehouse facilities in Grand Rapids and Plymouth MI. The company distributes more than 40,000 private-label and national brand products to 330 independent grocery stores in Michigan. Spartan also owns and operates 77 retail supermarkets and 21 deep-discount drug stores in Michigan and Ohio.
