Economy Tempers Q2 Sales at Spartan

Stock in Spartan Stores here fell by more than 5% Thursday after the retailer reported that quarterly sales and earnings were down due to a soft Michigan economy and product price deflation.

GRAND RAPIDS, Mich. — Stock in Spartan Stores here fell by more than 5% Thursday after the retailer reported that quarterly sales and earnings were down due to a soft Michigan economy and product price deflation.

Competitive openings and cool weather that adversely affected Michigan tourism also hurt sales, which fell by 3% overall to $610.2 million in the second quarter, which ended Sept. 12.

Comparable-store sales fell by 5.1%. Net earnings of $10.4 million were down

Register to view the full article