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Why SpartanNash Stock Dropped This Week

TheMotleyFool

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Why SpartanNash Stock Dropped This Week: https://g.foolcdn.com/editorial/images/722261/shopping-the-shelves-in-a-grocery-store.jpg

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

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