Latest News by Industry
GRAND RAPIDS, Mich. (AP) — GRAND RAPIDS, Mich. (AP) — Spartan Stores Inc. (SPTN) on Wednesday reported third-quarter earnings of $11.1 million.
On a per-share basis, the Grand Rapids, Michigan-based company said it had profit of 32 cents. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The grocery store operator and grocery distributor posted revenue of $2.26 billion in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $2.31 billion.
Spartan Stores expects full-year earnings in the range of $2.20 to $2.28 per share, with revenue in the range of $9.65 billion to $9.85 billion.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPTN at https://www.zacks.com/ap/SPTN