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SpartanNash Co. reported net sales of $1.78 billion for the 12-week third quarter ended Oct. 10, a 1.9 percent decline from the $1.81 billion posted in the year-ago period, which the Grand Rapids, Mich.-based company attributed mainly to lower sales in its military and retail segments. Adjusted EBITDA was $55.2 million, versus $55.9 million for the prior year, representing 3.1 percent of net sales in each year.
Reported operating earnings came to $29.2 million, compared with $33.6 million for the prior-year quarter. According to SpartanNash, the decrease was primarily because of higher restructuring and asset impairment charges, as well as higher merger integration and acquisition expenses. Meanwhile, adjusted earnings from continuing operations for Q3 rose to $18.6 million, or 49 cents per diluted share, from $17.2 million, or 46 cents per diluted share, in Q3 last year.
"We are pleased with our ability to generate improved third-quarter adjusted earnings," said SpartanNash President and CEO Dennis Eidson. "While the sales environment remains more challenging than anticipated, our team continues to strengthen SpartanNash's value proposition as well as the quality and service that we offer customers across our retail, food distribution and military segments.
"During the quarter, we continued to invest in our Western store base, with the completion of six store remodels and grand reopenings in Omaha and through the initial rollout of our yes Rewards loyalty program into these remodeled stores. We are encouraged by the initial results at these six stores. In addition, we anticipate further benefits from merger integration and improved operational efficiencies through the optimization of our supply chain," Eidson added."