Spartan Stores Q3 Profit Rises; Net Sales Up More Than 15 Percent
GRAND RAPIDS, Mich. -- Spartan Stores here posted third-quarter net income of $10.6 million or $49 cents per share, vs. $5.9 million, or 27 cents per share, in the same quarter last year. Consolidated net sales for the 16-week third quarter ended Jan. 5 reached a five-year high, increasing 15.6 percent to $826.1 million, from $714.4 million in last year's third quarter. The net sales improvement was due primarily to the acquisition of Felpausch stores, strong comparable-store sales growth of 3.4 percent (excluding fuel center sales), and incremental distribution sales to new and existing customers.