Have your string items as :
<string-array name="menu_items" >
<item >Demo Mode</item>
<item >Inbox</item>
<item >Sent Items</item>
<item >Filing History</item>
</string-array>
<string-array name="menu_items_labels" >
<item ><FONT COLOR="#006600"><b>Demo Mode</b></FONT></item>
<item ><FONT COLOR="#006600"><b>Inbox</b></FONT></item>
<item ><FONT COLOR="#006600"><b>Sent Items</b></FONT></item>
<item ><FONT COLOR="#006600"><b>Filing History</b></FONT></item>
</string-array>
In your spinner code - use:
// For setting the html code "menu_items_labels" with font color white
Spinner spinner = (Spinner) findViewById(R.id.my_spinner);
spinner.setAdapter(
new ArrayAdapter<CharSequence>(this,
R.layout.multiline_spinner_dropdown_item,
myActivity.this.getResources().getTextArray(R.array.menu_items_labels)));
To retrieve the String value (Without HTML Formatting),
strTemp = getResources().getStringArray(R.array.menu_items)[spinner.getSelectedItemPosition()];