Regional US supermarket group and food distributor Spartan Stores has offered an optimistic outlook despite recorded a drop in full-year earnings and sales.
In the 12 months ended 30 March, net profit dropped 13.6% to US$27.4m. Adjusted for one-time charges such as costs related to financing debt, earnings amounted to $31.2m.
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Operating profit in the period was down 8.3% to $61m, while net sales slid 0.7% to $2.61bn.
The grocer said it expects its fiscal 2014 financial performance to “outpace” fiscal 2013 despite the negative effect of having two Easter holiday selling weeks in 2013.
