Spartan Stores Reports Q3 EPS of $.33 vs. $.26
Spartan Stores, Inc., (Nasdaq: SPTN) today reported financial results for its 16-week third quarter ended January 1, 2011.
Consolidated net sales for the 16-week third quarter were $782.3 million compared with $786.9 million in the same period last year. The slight decline in consolidated net sales was due primarily to lower supermarket sales, substantially offset by higher fuel center and distribution segment sales.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) for the quarter were $25.7 million, or 3.3 percent of net sales, equivalent to the percentage of net sales in the year-ago period.
Third quarter operating earnings were $16.6 million compared with $13.7 million in the year-ago period. Excluding non-cash income of $2.4 million this year and a non-cash $0.7 million charge last year, adjusted third quarter operating earnings were $14.2 million compared with $14.4 million in the previous year.
Third quarter earnings from continuing operations improved 42.0 percent to $7.5 million, or $0.33 per diluted share, from $5.3 million, or $0.23 per diluted share in the year-ago quarter.
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