Spartan Stores 2Q profit falls as gas prices fall

Spartan Stores 2nd-quarter profit falls with gas prices and as consumer buy private label

• On 6:31 pm EDT, Wednesday October 14, 2009

GRAND RAPIDS, Mich. (AP) -- Grocery store chain Spartan Stores Inc. said Wednesday that quarterly profit fell as gas prices fell and consumers bought more private-label products to cope with the tough economy.

Spartan, based in Grand Rapids, Mich., said second-quarter profit fell 2 percent to $10.4 million, or 46 cents per share, from $10.6 million, or 48 cents per share, a year earlier. The quarter ended on Sept. 12.

The per-share profit met a 46 cent per share consensus estimate of analysts surveyed by Thomson Reuters.

Revenue fell 3 percent to $610.2 million from $626.8 million. The company also said it was hurt by price deflation for certain products.

It runs stores under the names Family Fare Supermarkets, Glen's Markets, D&W Fresh Markets, Felpausch Food Centers and VG's Food and Pharmacy.

Spartan shares fell 39 cents to $14.74 in aftermarket trading after closing at $15.12 on Wednesday.