Spartan Stores Q2 Profit Rises; Backs FY14 Sales Outlook - Quick Facts

(RTTNews) - Spartan Stores Inc. (SPTN) Wednesday reported second-quarter profit of $17.3 million, or $0.46 per share, compared to $8.0 million, or $0.36 per share in the comparable quarter last year.

Earnings from continuing operations were $17.4 million, or $0.46 per share, compared to $8.1 million, or $0.37 per share in the prior year period. Adjusted earnings from continuing operations for the latest second quarter quarter were $19.1 million or $0.50 per share, up from $10.2 million or $0.46 per share last year.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.43 per share for the quarter. Analysts' estimates typically exclude special items.

Sales jumped 178.0 percent to $1.81 billion from $651.13 million last year, primarily due to $1.2 billion in sales generated as a result of the November 2013 merger with Nash Finch Company. Analysts expected revenues of $1.83 billion.

Looking ahead to the third quarter of fiscal 2014, the company anticipates that net earnings from continuing operations per share will be at, or slightly below, last year's comparable third quarter results of $0.43 per share, excluding merger integration costs and any other one-time expenses. Analysts expect earnings of $0.53 per share for the third quarter.

For fiscal 2014, the company is narrowing its earnings to a range of $1.70 to $1.75 per share, compared to its earlier range of $1.65 to $1.70 per share. Analysts now expect earnings of $1.75 per share.

The company continues to expect fiscal 2014 sales in the range of $7.90 billion to $8.04 billion. Analysts currently expect revenue of $7.89 billion.