Spartan Stores 2Q Profit Falls As Gas Prices Fall
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.
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