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 by 2% compared with the same period last year, but in line with analyst expectations.
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