Why Grocery Store Retailer SpartanNash's Shares Are Plunging Today
Portfolio Pulse from Akanksha Bakshi
SpartanNash Company reported a 1.4% YoY decline in Q3 FY23 sales to $2.264 billion, missing the consensus of $2.298 billion. The company attributed the decrease to declines in the Wholesale and Retail segments, impacted by a reduction in volume, partially offset by inflationary trends. Adjusted EPS of $0.54 missed the consensus of $0.59. The company revised its FY23 revenue outlook to $9.65 billion-$9.85 billion, down from the previous $9.65 billion-$9.95 billion. SPTN shares are trading lower by 10.79%.
November 08, 2023 | 5:47 pm
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SpartanNash's Q3 FY23 sales and EPS missed consensus, leading to a drop in share price.
SpartanNash's Q3 FY23 sales and EPS missed consensus estimates, which is likely to negatively impact investor sentiment and lead to a decrease in the company's share price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100