US grocery retailer and wholesaler Spartan Stores has booked a drop in first-half earnings and issued a warning for the second half of its financial year.
In the six months ended 16 September, net profit fell 9.8% to US$14.7m. Operating profit was also down, declining to $28m from $30.7m a year earlier. The company said after-tax expenses related to its deal to merge with food distributor Nash Finch Co. affected results.
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Sales, however, were up 3.3% to $1.26bn.
The retailer said it expects to face “progressively challenging” year-over-year comparisons in the third and fourth quarters as it begins to cycle the expansion of its store network and new distribution customers.
Nonetheless, Spartan said it expects fiscal 2014 net sales and adjusted earnings from continuing operations to exceed last year.
Click here to view the full earnings release.
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