GRAND RAPIDS, Mich. — A stabilizing Michigan economy as well as distribution efficiencies and a tax benefit helped Spartan Stores post a modest increase in net earnings despite sluggish sales during the fiscal second quarter ended Sept. 11, the retailer said Wednesday.
Earnings of $11.2 million, or 50 cents a share, improved by 7.7% as compared to the same period last year. Consolidated sales of $602 million fell by 1.3%. Comparable retail store sales, excluding fuel, declined 4.7%, which represented a 1.4% improvement over the prior quarter’s results.
Dennis Eidson, Spartan’s president and chief executive officer, in a statement attributed a recent warehouse consolidation effort for producing efficiencies and reducing operating expenses. “Data suggests that the Michigan economy appears to have stabilized, giving us somewhat more confidence than this time last year; however, the consumer remains cautious and the competitive environment is still challenging,” he said.
