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UPDATE 1-Spartan Stores Q4 profit weighed down by charges
May 12, 2010 / 9:32 PM / 8 years ago

UPDATE 1-Spartan Stores Q4 profit weighed down by charges

* Q4 EPS $0.14 vs $0.38 yr ago.

* Q4 sales fall 4 percent

* Sees favorable operating environment in the H2 2011

* Shares rise 7 pct

May 12 (Reuters) - Grocery chain Spartan Stores Inc (SPTN.O) posted a lower fourth-quarter profit weighed down by restructuring charges, and forecast a favorable operating environment in the second half of 2011, sending its shares up 7 percent post market.

The company, which owns and operates retail supermarkets, forecast a growth in first-quarter 2011 same-store sales compared with fourth-quarter results.

Spartan posted fourth-quarter net earnings of $3.2 million, or 14 cents a share, compared with $8.4 million, or 38 cents a share, a year ago.

Excluding a $3.2 million charge, it earned 29 cents a share from continuing operations.

Revenue fell 4 percent to $558.8 million.

Shares of Grand Rapids, Michigan-based Spartan Stores were trading up 7 percent after the bell. They closed at $15.40 Wednesday on Nasdaq. (Reporting by Vidya Lakshmi in Bangalore; Editing by Jarshad Kakkrakandy)

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