The healthcare IT integration simply means putting information technology IT to work in healthcare.
SPTN today reported financial results for the week second quarter and week period ended July 14, The increase in net sales was driven by continued sales growth in the food distribution and military segments of 4. Our business will be driven by an efficient and versatile supply chain that services our highly complementary business units of food distribution, military distribution and retail.
In line with our strategy, the food distribution and military segments completed another quarter of strong sales growth and we realized sequential improvements in comparable store sales at retail for the second consecutive quarter as we enhance and develop innovative solutions for our diverse customer base.
As a result, we remain excited about the opportunities to grow our business, despite a difficult operating environment," said David Staples, President and Chief Executive Officer. As a percent of net sales, the change in gross margin was primarily due to an increased mix of Food Distribution and Military sales as a percentage of the total sales combined with investments in margin.
The decrease in expenses as a rate of sales compared to the prior year quarter was primarily attributable to a shift in the mix of business operations to segments with lower operating expense rates, cost-saving initiatives and gains on sales of real estate, partially offset the reinvestment of some of our tax savings and certain higher operating expenses.
The decrease was attributable to the items noted above. Please see the financial tables at the end of this press release for a reconciliation of each non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP. There was no material impact from net adjustments in this year's second quarter.
The decrease in reported operating earnings was primarily attributable to product recall expenses, lower inflation, higher healthcare costs and higher transportation and warehousing costs resulting from the rapid expansion of volumes in certain of our regions.
In JuneCaito Foods "Caito" announced a voluntary product recall for certain fresh-cut products produced at the Caito facility in Indianapolis, Indiana, and the Company temporarily suspended production and distribution of the recalled products due to potential contamination with salmonella.
Testing was performed within the manufacturing environment by third party food safety experts as well as the Food and Drug Administration "FDA" and no evidence of salmonella contamination was detected in any of the tests.
It is worth noting that not one of the over tests taken by the various parties showed positive evidence of salmonella. I believe these results are a testament to our commitment to operating a high quality manufacturing process.
Staples commented, "Additionally, to support the rapid growth of our customers in certain regions of our distribution business and maintain our high level of customer service, we incurred higher than anticipated supply chain costs during the second quarter. We are confident in our ability to execute the plans to begin mitigating these short-term challenges within our supply chain network during the second half of the year and look forward to increasing contribution margins on this growing business.
The increase was primarily due to the commissary business in the Southwest obtained in last year's third quarter and incremental volume from the private brand program, partially offset by lower comparable sales at Defense Commissary Agency "DeCA" operated locations.
The increase was primarily attributable to sales growth, margin improvements and a gain on the sale of real estate, partially offset by higher transportation, warehousing and healthcare costs. These decreases were partially offset by higher fuel sales compared to the prior year quarter.
The decrease in reported operating earnings was primarily attributable to the re-investments of tax savings in margin and store labor, lower comparable store sales and higher fees paid to pharmacy benefit managers, partially offset by the closure of underperforming stores.
During the second quarter, as part of its retail store rationalization plan, the Company closed one retail store and sold one retail store, ending the quarter with corporate owned retail stores compared to stores for the prior year quarter.
The change was primarily due to the timing of working capital requirements, particularly improvements in inventory and accounts receivable, compared to the prior year. Staples continued, "We expect to see continued strong distribution sales growth during the back half of fiscal and into As I stated previously, we remain excited about our long-term strategic objectives as we continue to build our distribution businesses, move forward with the rebranding of our Family Fare banner and grow our fresh product offering.
However, we will continue to face some challenges as we move into the second half of the year. Within our military segment, all parties are very pleased with the performance of the private brand products released to-date, and we continue to expect growth for the remainder of this year and significant growth in fiscal However, the release of new products under the program for the back half of the year is now expected to be much slower than our original plan for fiscal We also anticipate lower sales and profit growth than originally expected from our food processing operations.
Despite strong interest in our offerings, the new business development timeline is taking longer than anticipated and production efficiency improvements are running behind plan partially due to disruption caused by the voluntary product recall. Lastly, within the food distribution segment, the roll out of one of our significant customer programs is taking longer than our initial expectations.
While this program has now launched, and we believe it will provide substantial volume going forward, the volume and profit contributions to the business for the second half of will be below our initial forecast.
We expect all of these efforts to benefit our fiscal results. Food distribution sales are expected to grow at an even stronger rate during the second half, while military sales become slightly negative as we cycle the new business obtained in the prior year's third quarter.
We also expect the retail segment sales trend to continue improving over the second half of the year as we remodel and launch more stores with our repositioning and also begin inserting elements of the repositioning into additional stores.
The adjusted guidance reflects an effective tax rate of Conference Call A telephone conference call to discuss the Company's second quarter of fiscal financial results is scheduled for Thursday, August 16, at 8: A live webcast of this conference call will be available on the Company's website, www.
Simply click on "For Investors" and follow the links to the live webcast. The webcast will remain available for replay on the Company's website for approximately ten days.Introduction.
The global sourcing market in India continues to grow at a higher pace compared to the IT-BPM industry. India is the leading sourcing destination across the world, accounting for approximately 55 per cent market share of the US$ billion global services sourcing business in Genesis HealthCare, Inc.
(NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than skilled nursing centers and assisted/senior living communities in 34 states nationwide.
UNIVERSITIES: University of Alabama Mike Jones, ATC/L BRTW 3rd Ave, South Birmingham, AL Skip to content. About. Mission & Staff; Become a Member; Investor Member Directory; Service Providers.
For all of , total construction starts grew 3% to $ billion, which followed the 6% increase reported for The full year gain was dampened . Get detailed information on Tai Sin Electric (SI) including stock quotes, financial news, historical charts, company background, company fundamentals, company financials, insider trades, annual reports and historical prices in the Company Factsheet.