USA: Spartan Stores sees Q4 net sales drop 11.7%, to focus on growth in 2003
Grand Rapids, Michigan-based Spartan Stores grocery chain has reported financial results for the Q4 and FY 2002, ended 30 March 2002. Consolidated net sales for the Q4 decreased 11.7% to US$764.8m, year on year. Excluding the effect of an early Easter holiday this year and the 53rd week of sales in last year's Q4, consolidated net sales would have been US$756.3m this year compared with US$800.6m last year, a decline of 5.5%. Adjusting for the early holiday and the extra week of sales in fiscal 2001's Q4, retail comparable-stores sales declined 6.6% for the quarter. Sales were affected by the competitive market conditions in the company's Ohio region, continuing difficult economic conditions in its Michigan markets, and unfavourably mild winter weather in its northern Michigan resort areas.
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