Originally published Wednesday, October 14, 2009 at 3:32 PM
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Spartan Stores 2Q profit falls as gas prices fall
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.
The Associated Press
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.
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