SpartanNash Q2 Profit Rises

(RTTNews) - Food distributor SpartanNash Co. (SPTN) on Wednesday reported an increase in profit for the second quarter, as operating costs dropped.

Grand Rapids, Michigan-based SpartanNash's second-quarter profit rose to $20.3 million or $0.54 per share from $17.3 million or $0.46 per share last year.

Excluding items, adjusted earnings from continuing operations for the quarter were $19.8 million or $0.53 per share, up from $19.06 million or $0.50 per share in the prior-year quarter. On average, analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter dropped to $1.80 billion from $1.81 billion in the prior-year period. Analysts had a consensus revenue estimate of $1.82 billion for the quarter.

Sales for the quarter were impacted by offset closed stores, lower comparable store sales, significantly lower retail fuel prices, and lower sales in the military segment.

Total operating expenses dropped to $225.2 million from $232.5 million last year.

Looking forward to the third quarter, the company expects earnings from continuing operations to "slightly exceed" last year's results of $0.46 and $0.44 per share, respectively.

For the full year, the company is maintaining its adjusted earnings guidance of $1.89 to $1.98 per share. Analysts currently estimate earnings of $1.96 per share for the year.

SPTN closed Wednesday's trading at $32.56, down $0.64 or 1.93%, on the Nasdaq.