Spartan Stores Inc. (SPTN, Financial) filed Quarterly Report for the period ended 2011-01-01.
Spartan Stores has a market cap of $341.3 million; its shares were traded at around $15.08 with a P/E ratio of 11.6 and P/S ratio of 0.1. The dividend yield of Spartan Stores stocks is 1.4%. Spartan Stores had an annual average earning growth of 11.1% over the past 5 years.
Net sales for the third quarter in our Distribution segment increased $3.3 million, or 1.0%, from $343.6 million in the prior year third quarter to $346.9 million. Net sales for the current year-to-date period decreased $6.2 million, or 0.7%, from $847.0 million in the prior year-to-date period to $840.8 million. The year-to-date decrease was due to a comparable sales decrease of 0.6% to existing independent customers and a decrease in equipment sales of $1.2 million.
Gross margin for the third quarter decreased $0.7 million, or 0.4%, from $165.5 million in the prior year third quarter to $164.8 million. As a percent of net sales, gross margin for the third quarter increased to 21.1% from 21.0%. The increase was due primarily to improved retail margins partially offset by a higher mix of distribution and fuel center sales. Gross margin for the year-to-date period decreased $5.8 million, or 1.3%, from $432.5 million in the prior year-to-date period to $426.7 million. As a percent of net sales, gross margin for the year-to-date period increased to 21.8% from 21.7%. The year-to-date increase was due to improved retail margins and a $3.5 million pretax LIFO inventory valuation credit from the lower inventory levels related to the Companys warehouse consolidation initiative, partially offset by a higher mix of distribution and fuel center sales.
SG&A expenses for the third quarter decreased $0.5 million, or 0.3%, from $151.1 million in the prior year third quarter to $150.6 million. As a percent of net sales, SG&A expenses were 19.3% for the third quarter compared to 19.2% in the prior year third quarter. SG&A expenses for the year-to-date period decreased $7.1 million, or 1.9%, from $381.4 million in the prior year-to-date period to $374.3 million. As a percent of net sales, SG&A expenses were 19.1% for both the current year-to-date period and the prior year-to-date period.
Restructuring, Asset Impairment and Other Restructuring, asset impairment and other for the third quarter improved $3.1 million from $0.7 million of expense in the prior year third quarter to $2.4 million of income. This included the previously discussed pension curtailment income of $4.0 million, a lease termination adjustment of $5.9 million offset by $7.4 million in asset impairment charges. In the prior year third quarter costs of $0.7 million were incurred related to two closed stores.
Restructuring, asset impairment and other for the year-to-date period decreased $1.0 million from $1.3 million in the prior year-to-date period to $0.3 million. In addition to the previously mentioned third quarter income/charges the year-to-date total included charges related to the Plymouth warehouse facility closure of $1.8 million, severance costs of $0.5 million, warehouse closing costs of $0.3 million and an asset impairment charge of $0.2 million. In the prior year-to-date asset impairment and restructuring costs of $1.3 million were incurred related to three stores.
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Spartan Stores has a market cap of $341.3 million; its shares were traded at around $15.08 with a P/E ratio of 11.6 and P/S ratio of 0.1. The dividend yield of Spartan Stores stocks is 1.4%. Spartan Stores had an annual average earning growth of 11.1% over the past 5 years.
Highlight of Business Operations:
Net sales for the third quarter in our Retail segment decreased $8.0 million, or 1.8%, from $443.4 million in the prior year third quarter to $435.4 million. Net sales for the year-to-date period decreased $25.4 million, or 2.2%, from $1,146.2 million in the prior year-to-date period to $1,120.8 million. The third quarter decrease was primarily due to a comparable store sales decrease of 4.4% and $0.8 million of lost sales from closed/sold stores, partially offset by an increase in fuel center sales of $6.5 million and sales of $4.0 million related to new/replacement stores. The year-to-date decrease was primarily due to a comparable store sales decrease of 5.0% and $13.0 million of lost sales from closed/sold stores, partially offset by an increase in fuel center sales of $21.6 million and sales of $18.9 million related to new/replacement stores.Net sales for the third quarter in our Distribution segment increased $3.3 million, or 1.0%, from $343.6 million in the prior year third quarter to $346.9 million. Net sales for the current year-to-date period decreased $6.2 million, or 0.7%, from $847.0 million in the prior year-to-date period to $840.8 million. The year-to-date decrease was due to a comparable sales decrease of 0.6% to existing independent customers and a decrease in equipment sales of $1.2 million.
Gross margin for the third quarter decreased $0.7 million, or 0.4%, from $165.5 million in the prior year third quarter to $164.8 million. As a percent of net sales, gross margin for the third quarter increased to 21.1% from 21.0%. The increase was due primarily to improved retail margins partially offset by a higher mix of distribution and fuel center sales. Gross margin for the year-to-date period decreased $5.8 million, or 1.3%, from $432.5 million in the prior year-to-date period to $426.7 million. As a percent of net sales, gross margin for the year-to-date period increased to 21.8% from 21.7%. The year-to-date increase was due to improved retail margins and a $3.5 million pretax LIFO inventory valuation credit from the lower inventory levels related to the Companys warehouse consolidation initiative, partially offset by a higher mix of distribution and fuel center sales.
SG&A expenses for the third quarter decreased $0.5 million, or 0.3%, from $151.1 million in the prior year third quarter to $150.6 million. As a percent of net sales, SG&A expenses were 19.3% for the third quarter compared to 19.2% in the prior year third quarter. SG&A expenses for the year-to-date period decreased $7.1 million, or 1.9%, from $381.4 million in the prior year-to-date period to $374.3 million. As a percent of net sales, SG&A expenses were 19.1% for both the current year-to-date period and the prior year-to-date period.
Restructuring, Asset Impairment and Other Restructuring, asset impairment and other for the third quarter improved $3.1 million from $0.7 million of expense in the prior year third quarter to $2.4 million of income. This included the previously discussed pension curtailment income of $4.0 million, a lease termination adjustment of $5.9 million offset by $7.4 million in asset impairment charges. In the prior year third quarter costs of $0.7 million were incurred related to two closed stores.
Restructuring, asset impairment and other for the year-to-date period decreased $1.0 million from $1.3 million in the prior year-to-date period to $0.3 million. In addition to the previously mentioned third quarter income/charges the year-to-date total included charges related to the Plymouth warehouse facility closure of $1.8 million, severance costs of $0.5 million, warehouse closing costs of $0.3 million and an asset impairment charge of $0.2 million. In the prior year-to-date asset impairment and restructuring costs of $1.3 million were incurred related to three stores.
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