SpartanNash (NASDAQ:SPTN) shares plummeted by 6.02% on Tuesday, following the company's third-quarter earnings report and revised full-year guidance. The grocery store operator and distributor reported adjusted earnings per share of $0.48 for the quarter, in line with analyst estimates, and revenue of $2.25 billion, slightly beating expectations of $2.24 billion.

However, the company narrowed its adjusted earnings per share outlook for fiscal 2024 to a range of $1.85 to $1.95, down from the previous guidance of $1.85 to $2.10. This reduced earnings guidance appears to be the primary factor behind the stock's sharp decline, as investors reacted negatively to the lower profit expectations.

Despite the positive commentary from SpartanNash on its strategic progress and sustained profitability, the market's focus seems to be on the reduced earnings outlook. While the company expects low single-digit topline growth and mid-single-digit adjusted EBITDA growth for fiscal 2025, the near-term earnings guidance revision appears to have overshadowed these longer-term projections.