US: Spartan Q4 plunges 62%
By: just-food.com | 13 May 2010
Spartan Stores posted a 62% drop in fourth-quarter profit on lower sales and charges.
The Michigan-based retailer said that profit for the quarter to 27 March fell to US$3.2m, down from $8.4m last year.
Earnings were hit by a $3.2m charge and falling sales, the company said.
Revenue dropped 3.8% to $558.8m as Michigan consumers reduced their spending in response to the weak regional economy.
However, Spartan predicted that revenues would pick up in the current quarter.
President and CEO Dennis Eidson said same-store sales trends, "while still not at satisfactory levels" were "better than we had been anticipating" in the current period.
Sectors: Financials, Retail
Companies: Spartan Stores
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