GRAND RAPIDS, Mich. -- Spartan Stores here said last week sales for the third quarter ending Jan. 5 and full year ending in March will fall short of market expectations.
hat "weak market conditions" in western Michigan have also affected the Spartan's sales.
The company said it expects to report sales in the range of $1.1 billion to $1.5 billion for the quarter and $3.5 billion to $3.6 billion for the year. Last year, Spartan had third-quarter sales of $1.1 billion and annual sales of $3.5 billion.
Spartan also said it expects comp-store sales to decline from 2% to 3% for the year. Synergies gained from recently acquired retail operations will not be enough to offset the decline in sales and will result in third-quarter and full-year earnings below previous guidance, according to the company.
Spartan added that it expects earnings per share for the full year to come in between $1.33 and $1.38, compared with the previous year's $1.35.
