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Spartan Stores, Inc. (Nasdaq: SPTN), a leading regional grocery distributor and retailer, today reported financial results for the fiscal 2014 first quarter ended June 22, 2013.
First Quarter Results
Consolidated net sales for the first quarter increased 1.4 percent to $612.4 million compared to $603.9 million last year, due to higher sales in the distribution and retail segments. As anticipated, first quarter sales were negatively affected by the calendar shift of the Easter holiday selling week into the fourth quarter of fiscal 2013. First quarter comparable store sales were also impacted by the cycling of the launch of the price-freeze campaign and unfavorable weather conditions as compared to the first quarter of fiscal 2013.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) for the quarter increased 5.2 percent to $23.8 million, or 3.9 percent of net sales, compared to $22.6 million, or 3.8 percent of net sales last year. (Reference Tables 2 to 5 for a reconciliation of GAAP and non-GAAP adjusted results.)
Adjusted earnings from continuing operations were $6.5 million, or $0.30 per diluted share, compared to $5.4 million, or $0.25 per diluted share, last year. For the first quarter of fiscal 2014, adjusted earnings from continuing operations excludes after-tax professional fees and expenses related to the previously announced merger agreement of $1.1 million, or $0.05 per diluted share, and an after-tax asset impairment charge of $0.6 million, or $0.03 per diluted share. For the first quarter of fiscal 2013, adjusted earnings from continuing operations excludes a net after-tax benefit of $0.6 million, or $0.03 per diluted share, as a result of changes to Michigan tax laws. Reported earnings from continuing operations for the first quarter of fiscal 2014 were $4.8 million, or $0.22 per diluted share, compared to $6.1 million, or $0.28 per diluted share, in the first quarter of fiscal 2013.