Why SpartanNash Stock Dropped This Week
SpartanNash (NASDAQ: SPTN) investors underperformed a declining market this week. Shares were down 15% through early afternoon trading on Friday compared to a 2.8% slump in the S&P 500, according to data provided by S&P Global Market Intelligence. The food supplier's shares are now down 9% so far in 2023 compared to a 3% increase in the wider market.
This week's decline was sparked by management's fourth-quarter earnings report, which also contained an updated outlook for the 2023 year ahead.
SpartanNash announced a solid 10% sales increase for the period that ran through late December. Management said the results exceeded their expectations. However, Wall Street zeroed in on a few warning signs in the report .
Source Fool.com
