Spartan Stores: Q1 Earnings Snapshot
GRAND RAPIDS, Mich. (AP) — GRAND RAPIDS, Mich. (AP) — Spartan Stores Inc. (SPTN) on Thursday reported first-quarter net income of $11.3 million.
On a per-share basis, the Grand Rapids, Michigan-based company said it had net income of 32 cents. Earnings, adjusted for one-time gains and costs, came to 64 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The grocery store operator and grocery distributor posted revenue of $2.91 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.96 billion.
Spartan Stores expects full-year earnings in the range of $2.20 to $2.35 per share, with revenue in the range of $9.9 billion to $10.2 billion.
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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
