Spartan Stores Posts Q3 Earnings Improvement
Grand Rapids, Mich., In the third quarter ended Jan. 1, Spartan Stores reported third-quarter net earnings from continuing operations of $5.8 million, compared to a net loss from continuing operations of $4.1 million in the same period last year. Third-quarter supermarket comparable-store sales increased 0.9%, but were offset by the lower sales at Pharm stores, resulting in a total third-quarter comparable-store sales decline of 1.2%. Consolidated net sales for the 16-week third quarter were $624.5 million compared with $644.1 million in the corresponding 16-week period last year. Retail sales in the company’s core supermarket operations increased 0.7% for the quarter, but were offset by lower sales at its Pharm stores and distribution operations.
Coach Posts 41% Jump in 2Q Profit
New York City, Handbag and accessory manufacturer and retailer Coach Inc. announced a 41% increase in net profits to $134 million, or 69? per share, compared with $95 million, or 50? per share, the prior year. Revenue climbed 29% to $532 million from $412 million last year. Comparable-store sales jumped 16.5%, with retail stores up 13.9% and factory outlet sales up 20.7%.
“This spring, as planned, we will add up to nine more retail stores in the U.S., bringing the total to about 20 new retail stores in fiscal 2005. We will also be adding at least two new locations in Japan during the second half, for a full-year total of at least 10 new locations,” said Lew Frankfort, chairman and CEO, Coach.
Looking ahead, Coach estimates fiscal 2005 sales will rise at least 26% to more than $1.66 billion, with earnings per share of at least $1.87. Analysts are forecasting full-year profit of $1.84 per share on revenue of $1.66 billion.