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.
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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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