Spartan Stores: 3Q Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Spartan Stores Inc. (SPTN) on Wednesday reported a third-quarter loss of $337,000, after reporting a profit in the same period a year earlier.
On a per-share basis, the Grand Rapids, Michigan-based company said it had a loss of 1 cent. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 30 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The grocery store operator and grocery distributor posted revenue of $2 billion in the period.
Spartan Stores expects full-year earnings in the range of $1 to $1.17 per share.
Spartan Stores shares have declined 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.83, a decline of 27% in the last 12 months.