US: Earnings, sales rise at retailer Spartan Stores
Spartan enjoyed sales and profit jump in Q2
US grocer and distributor Spartan Stores has posted a rise in second-quarter sales and profits.
The company's adjusted EBITDA increased 3.8% to US$31.1m for the three months ending 10 September. Net sales for the quarter increased 2.9% to $619.6m.
Dennis Eidson, Spartan's president and CEO, said improving "overall consumer satisfaction" and a chain-wide loyalty card were a major factor in the rise in sales and profits.
The retail arm posted net sales of $363.4m, up from $353.5m in the same period last year. Operating earnings for the quarter decreased 1.3% to $11.2m.
The distribution segment had net sales of $256.2m for the quarter, a rise of 3.1% on the same period last year. Thanks to new customer growth, improvement in pharmacy-related sales and increased sales to existing customers, the company said.
Operating earnings for the segment were an adjusted $10m compared to $10.7m in the same period last year.
"We continue to remain cautiously optimistic about our operating outlook and the continued improvement of our key financial metrics in fiscal 2012," Eidson added.
The company expects to report earnings per share in the range of $0.20 to $0.23 for the third quarter.
Shares in Spartan Stores rose 1.32% to 16.88 as of 14.54 BST.
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