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Spartan Stores: 3Q Earnings Snapshot

·1 min read

GRAND RAPIDS, Mich. (AP) _ Spartan Stores Inc. (SPTN) on Wednesday reported third-quarter net income of $20 million, after reporting a loss in the same period a year earlier.

The Grand Rapids, Michigan-based company said it had profit of 56 cents per share. Earnings, adjusted for one-time gains and costs, were 70 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.

The grocery store operator and grocery distributor posted revenue of $2.06 billion in the period.

Spartan Stores expects full-year earnings in the range of $2.42 to $2.50 per share.

Spartan Stores shares have risen 33% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.90, an increase of 60% in the last 12 months.

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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