US grocery retailer and wholesaler Spartan Stores has booked a drop in first-quarter earnings but offered an optimistic outlook for the full year.
In the three months ended 22 June, net profit fell to US$4.7m compared to $6m in the prior year period. Spartan said it was hurt by a shift of Easter into the fourth quarter and one-time charges related to its deal to merge with food distributor Nash Finch Co.
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Excluding charges, net income totalled $6.5m, a 20.4% increase on last year. Operating profit fell 15.4% to $9.9m.
Net sales were up 1.4% to $612.4m in the period due to higher sales in the retailer’s distribution and retail segments.
Spartan said it expects 2014 fiscal revenues to exceed 2013, driven by higher profits in the first half of the year.
Click here to view the full earnings release.
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