Spartan Stores: 2Q Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Spartan Stores Inc. (SPTN) on Wednesday reported second-quarter net income of $28.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Grand Rapids, Michigan-based company said it had net income of 80 cents. Earnings, adjusted for one-time gains and costs, were 73 cents per share.
The results beat 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 $2.18 billion in the period.
Spartan Stores expects full-year earnings in the range of $2.40 to $2.60 per share.
Spartan Stores shares have increased 57% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.36, more than doubling in the last 12 months.
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