Mr. Eidson continued, “Although we are seeing signs of improvement in the Michigan economic indices, the overall pace of recovery is slower than we had originally anticipated and the majority of our consumers are still highly price sensitive. We remain focused on all aspects of our business in order to drive sales and are encouraged by the initial benefits of our recent pricing and promotional efforts, as well as the new Valu Land store format. We will continue to make strategic promotional and capital investments to drive higher volumes, while focusing on improving profitability.”
For the remainder of fiscal 2013 comparable store sales are expected to trend favorably compared to the second quarter due to the Company’s promotional programs, store remodeling efforts and a shift in the calendar. Diluted earnings per share from continuing operations for the remainder of the year are expected to slightly exceed the prior year’s results, excluding the 53
week last year and the previously disclosed items that are not expected to recur in this year’s fourth quarter. The net effect of these items in the prior year’s fourth quarter was a benefit of $0.05 to $0.06 per diluted share, predominately related to a LIFO credit, favorable incentive compensation expenses and occupancy costs.
The Company reiterates its previous guidance for capital expenditures for fiscal year 2013 to be in the range of $42.0 million to $44.0 million, with depreciation and amortization in the range of $39.0 million to $40.0 million and total interest expense in the range of $13.0 to $14.0 million.
A telephone conference call to discuss the Company’s second quarter of fiscal 2013 financial results is scheduled for 9:00 a.m. Eastern Time, Thursday, October 25, 2012. A live webcast of this conference call will be available on the Company’s website,
. Simply click on “For Investors” and follow the links to the live webcast. The webcast will remain available for replay on the Company’s website for approximately ten days.
About Spartan Stores
Grand Rapids, Michigan-based Spartan Stores, Inc. (Nasdaq:SPTN) is the nation's tenth largest grocery distributor with 1.4 million square feet of warehouse, distribution, and office space located in Grand Rapids, Michigan. The Company distributes more than 40,000 private and national brand products to approximately 375 independent grocery locations in Michigan, Indiana and Ohio, and to our 97 corporate owned stores located in Michigan, including Family Fare Supermarkets, Glen's Markets, D&W Fresh Markets, VG's Food and Pharmacy, and Valu Land.