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Spartan Stores, Inc. (NASDAQ:SPTN) reported its results for the first quarter. Spartan Stores is a regional grocery distributor and grocery retailer, operating mainly in Michigan and Indiana.
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Spartan Stores Earnings Cheat Sheet for the First Quarter
Results: Net income for the company was $5 million (22 cents per share).
Actual vs. Wall St. Expectations: Spartan Stores, Inc. beat the mean analyst estimate of 21 cents per share. Analysts were expecting revenue of $807.2 million.
Quoting Management: “We are pleased with our ability to generate third quarter earnings in line with our expectations and to consistently increase sales in our Distribution segment for the fifth consecutive quarter, despite a more challenging sales environment than anticipated,” stated Dennis Eidson, Spartan’s President and Chief Executive Officer. “Our Retail team continues to find ways to provide the consumer with value and a quality shopping experience. Our most recent effort, the Yes loyalty program, provides many benefits including free groceries and the best prescription drug program in our markets. In addition, our expanded Speedway fuel rewards partnership allows us to offer fuel rewards to the majority of our consumers in Michigan and provides existing distribution customers an opportunity to offer similar services. We remain confident that our consumer centric focus will continue to resonate well with both existing distribution customers and the end consumer as we position Spartan Stores for increased long-term growth.”
The company beat estimates last quarter after falling short in the previous two quarters. In the fourth quarter of the last fiscal year, it missed the mark by one cent, and in the third quarter of the last fiscal year, it fell short by one cent.
Looking Forward: The average estimate for the second quarter remains unchanged at 44 cents a share. The average estimate for the fiscal year has remained at $1.42 per share.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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