Spartan's 4Q earnings hit a five-year high

Spartan Stores Inc reported financial results for its 12-week fourth quarter ended March 25, 2006.

Earnings from continuing operations for the fiscal 2006 fourth quarter increased 8.3%, reaching $5.7 million, compared with $5.3 million in the same period a year ago. Fourth-quarter operating earnings rose 31.4% to $10.4 million from $7.9 million in the same period a year earlier.

Consolidated net sales for the 12-week fourth quarter declined 1.1% to $452.8 million from $457.6 million in the prior-year's fourth quarter.

Fourth-quarter net earnings were $5.3 million, versus $5.8 million in the same period a year ago.

“We are very pleased to have achieved our highest level of fourth-quarter earnings from continuing operations in five years and a substantial improvement in both retail and distribution operating earnings,” said Craig C Sturken, Spartan chairman, president, and chief executive officer.