Spartan Stores: 3Q Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Spartan Stores Inc. (SPTN) on Wednesday reported third-quarter net income of $17.5 million, after reporting a loss in the same period a year earlier.
The Grand Rapids, Michigan-based company said it had profit of 49 cents per share. Earnings, adjusted for one-time gains and costs, came to 50 cents per share.
The results matched Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 50 cents per share.
The grocery store operator and grocery distributor posted revenue of $1.89 billion in the period.
Spartan Stores expects full-year earnings in the range of $1.89 to $1.97 per share.
Spartan Stores shares have dropped 28 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.32, a fall of 18 percent in the last 12 months.