SpartanNash to Webcast First Quarter 2024 Earnings Conference Call


GRAND RAPIDS, Mich., May 16, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) will announce its financial results before the stock market opens on Thursday, May 30, 2024, for the 16-week first quarter ended April 20, 2024.

The Company will host a conference call to discuss its quarterly results with additional comments and details on Thursday, May 30, 2024, at 8:30 a.m. ET. There will also be a simultaneous, live webcast made available at SpartanNash’s website at www.spartannash.com/webcasts under the “Investor Relations” section and will remain archived on the Company’s website through Thursday, June 13, 2024.

A supplemental quarterly earnings presentation will also be available on the Company’s website at www.spartannash.com/investor-presentations.

About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

INVESTOR CONTACT:
Rose & Company
[email protected]

MEDIA CONTACT:
Adrienne Chance
SVP, Communications
[email protected]

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SpartanNash Expands Our Family® Scholarship Program to Celebrate Community-Engaged Students


Second annual scholarship program will award $2,500 scholarships to 30 students making a difference in their communities

GRAND RAPIDS, Mich., May 2, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) today announced its Our Family® Scholarship program is growing in its second year to reward more students with larger scholarships than were offered in the program’s inaugural year. Celebrating its 120th year this summer, Our Family is the flagship private brand distributed exclusively by SpartanNash.

“Our Family is rooted in strengthening the communities we serve, making them better places to live, play and grow,” said SpartanNash Executive Vice President and Chief Customer Officer Amy McClellan. “The Our Family Scholarship program is one of many ways we help our independent customers give back to the communities they serve, closely aligned with our mission to deliver the ingredients for a better life. We’re thrilled to also invite our Associates, customers and retail store guests to apply for these scholarships.”

The scholarship aims to recognize and reward students who demonstrate a dedication to community involvement. Community members who live in one of the states served by SpartanNash-owned stores or the company’s independent customers are eligible to apply for the scholarship to support undergraduate, graduate or vocational education.

Qualifying students can apply online for one of the $2,500 scholarships between now and Aug. 31, 2024. Recipients will be selected based on their community engagement, including extracurricular activities, charity work and other good deeds. Funds may be used toward any form of higher education, including two- and four-year universities, trade schools or secondary education programs.

“The recipients of last year’s Our Family Scholarship were tremendous role models who worked hard to make their neighborhoods a better place,” said SpartanNash independent customer and Our Family retailer Todd Taylor. “These scholarships are a great opportunity to shine a light on students who give back and promote meaningful change in their communities. We have a lot of incredible young associates who are true community leaders, and we hope to recognize them through this program.”

For more information about the Our Family Scholarship, including additional application criteria, please visit www.ourfamilyfoods.com/scholarships.

About SpartanNash

SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

CONTACT:
Adrienne Chance
SVP, Communications
SpartanNash
[email protected]

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SpartanNash ‘Ramps Up’ Plastic Bag Recycling for Earth Day


Company Partners with Trex® and Home Repair Services to Convert Plastic Grocery Bags into Accessible Ramps for Veterans’ Homes

GRAND RAPIDS, Mich., April 22, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) is joining forces with Home Repair Services and Trex® Company to transform recycled plastic grocery bags from its stores into five accessible home ramps for local veterans with disabilities in honor of Earth Day.

“The upcycling of plastic bags into accessible ramps for veterans with disabilities is a People First program that gives our nation’s heroes the gift of mobility and the opportunity to more easily enjoy life outside of their homes,” said SpartanNash Senior Vice President of Communications Adrienne Chance. “We are grateful to the Associates and shoppers in our stores who recycle their plastic grocery bags so that SpartanNash can make these kinds of donations possible.”

The collaboration with Home Repair Services, a local organization providing income-based home repair for those in need, and Trex, an eco-friendly decking company, utilizes plastic bags collected at SpartanNash-operated stores – including Family Fare, D&W Fresh Market, Forest Hills Foods and others – to produce decking for ramps. Each ramp requires approximately 157,500 recycled bags. This effort recycles plastics not typically accepted in standard recycling programs to create low-maintenance and durable composite decking projected to last years longer than traditional wood.

“We are proud to partner with SpartanNash on this important and worthwhile project,” said Trex Company Senior Director of Supply Chain Excellence Dave Heglas. “With the help of dedicated retail partners like SpartanNash, and their eco-minded store guests, we can divert millions of pounds of plastic waste from landfills and give it new life as beautiful and sustainable Trex decking. Making this project even more meaningful is the fact that those deck boards are being used to provide support that helps our veterans live more comfortably.”

Plastic bag recycling bins are available year-round at SpartanNash-operated retail stores. Since the program started in 2023, over 1,000 pounds of plastic bags have been recycled. More information on SpartanNash’s environmental initiatives can be found in the company’s annual ESG report.

About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

Trex® is a registered trademark of Trex Company, Inc.

CONTACT:
Adrienne Chance
SVP, Communications
SpartanNash
[email protected]

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SpartanNash Foundation and Special Olympics Celebrate Successful In-Store Fundraiser


2024 campaign donated $240,000 to support and empower athletes across nine states

GRAND RAPIDS, Mich., April 18, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) today announced the successful outcome of its annual in-store foundation fundraiser benefiting Special Olympics. The in-store campaign donated $240,000 from community members and the SpartanNash Foundation.

“We are proud to celebrate four decades of partnership with Special Olympics and the change this organization is making on a local and national scale,” said SpartanNash Senior Vice President of Communications and SpartanNash Foundation Executive Director Adrienne Chance. “We are proud of the support we’ve seen from our store guests, Associates and communities who have joined us in our passion for inclusion and who value the power of sports to build confidence and unity.”

The in-store fundraiser occurred from March 20 through April 6. Donations support Special Olympics athletes in Indiana, Iowa, Michigan, Nebraska, North Dakota, Ohio, South Dakota, Minnesota and Wisconsin. Funds raised in each state are sent directly to the corresponding local Special Olympics affiliates.

“Year after year, we are astounded by the SpartanNash Foundation’s enduring partnership and commitment to our cause,” said Special Olympics Michigan President and CEO Tim Hileman. “The company’s dedication to our athletes, generous contributions to fund our mission and tireless volunteerism truly exemplify the spirit of Special Olympics.”

Throughout its 40-year partnership with Special Olympics, the SpartanNash Foundation has raised more than $10.3 million for the organization, while SpartanNash Associates have contributed tens of thousands of volunteer hours to support games, events and other initiatives. Additionally, over 25 Special Olympics athletes are employed by SpartanNash, collectively serving guests for 157 years at Company-operated grocery stores.

To learn more, visit spartannash.com/foundation-scans/.

About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com/.

CONTACT:
Adrienne Chance
SVP, Communications
SpartanNash
[email protected]

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SOURCE SpartanNash

SpartanNash Welcomes John Taylor as Vice President and Associate General Counsel


New hire strengthens leadership, further positions Company for strategic growth

GRAND RAPIDS, Mich., April 16, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) today announced the appointment of John Taylor as Vice President and Associate General Counsel. Taylor will join the Company’s best-in-class legal team as it seeks new market opportunities and advances toward its long-term growth goals.

“John has earned the trust of his peers and clients for his strategic counsel and practical and innovative approach to conflict resolution in a dynamic operating environment. We look forward to the value he will bring to our team of skilled legal professionals as we support the Company’s growth plans,” said SpartanNash Executive Vice President, Chief Legal Officer and Corporate Secretary Ileana McAlary.

Taylor joins SpartanNash after nearly a decade of experience at Wolverine Worldwide, where he developed expertise in cybersecurity, indirect procurement, compliance, transactional work and asset protection. His experience managing complex legal matters and strategic initiatives will be important as the Company explores organic and inorganic growth opportunities as part of its strategic master action plan. Taylor will also advise on governance issues related to securities law and the use of artificial intelligence, supporting SpartanNash’s commitment to leading innovation in food solutions.

Taylor earned both his Juris Doctor and an MBA from Michigan State University and undergraduate degree from Aquinas College.

For more information about SpartanNash career opportunities, visit careers.spartannash.com.

About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

CONTACT:
Adrienne Chance
SVP, Communications
SpartanNash
[email protected]

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SOURCE SpartanNash

SpartanNash Acquires Metcalfe’s Market


The food solutions company has acquired the three-store Wisconsin grocer, continuing employment for all Metcalfe’s Market employees

GRAND RAPIDS, Mich., April 15, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) today announced its acquisition of Metcalfe’s Market, a three-store grocery chain in Wisconsin. Upon close of the sale, the Madison and Wauwatosa, Wis. locations will be continuing employment for all employees. The Metcalfe’s Market storefront, branding and core shopper experience will remain in place.

Founded in 1917 by Henry and Teresa Hess, Metcalfe’s Market is a community staple, specializing in premium quality foods, sustainability practices, and an extensive focus on local products featuring Metcalfe’s Food Miles program. Former owners Tim and Kevin Metcalfe – the great-grandsons of Metcalfe’s Market founders – will join the SpartanNash family of Associates.

“Metcalfe’s Market has been a successful family-owned and operated business for four generations, and we are honored that the Metcalfe family is entrusting SpartanNash to build upon their legacy and bring new offerings to its team members and grocery shoppers,” said SpartanNash CEO Tony Sarsam. “As a People First company, we welcome Tim, Kevin and the entire Metcalfe’s Market team into the SpartanNash family, and we look forward to earning the loyalty of our newest store guests. As a food solutions company, we provide the ingredients for family meals and traditions – just like Metcalfe’s Market has for more than 100 years.”

Metcalfe’s Market will expand SpartanNash’s footprint in Wisconsin to seven stores. Shoppers can look forward to the same great products they enjoyed at Metcalfe’s Market in addition to a wide assortment of SpartanNash private label offerings, including the Our Family® portfolio of products. The Company will also offer its enhanced loyalty and rewards program featuring digital coupons and weekly grocery savings.

“We are incredibly grateful for the support of our communities for more than a century, and we are confident that with SpartanNash, guests at Metcalfe’s Market will continue to enjoy the same high level of service, quality and variety of products they have come to expect here at Metcalfe’s,” said Tim Metcalfe, co-owner of Metcalfe’s Market. “We are thrilled to join the SpartanNash family, and we can’t wait to contribute to their People First culture. SpartanNash has the same commitment to quality and community that Metcalfe’s has been known for over the past four generations.”

As part of the acquisition, full-time Metcalfe’s Market team members will continue to receive a benefits package featuring a variety of medical, vision and dental plans, as well as additional investments in paid time off, wellness perks, tuition reimbursement and more. Those interested in Careers for a Better Life can continue to apply for positions at all three Metcalfe’s Market locations at shopmetcalfes.com and will have expanded opportunities across the SpartanNash network as well.

The transaction is expected to be completed in spring 2024, subject to customary closing conditions. Terms of the deal were not disclosed.

About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is approximately 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

CONTACT:
Adrienne Chance
SVP, Communications
SpartanNash
[email protected]

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SpartanNash Foundation Celebrates 40-Year Partnership with Special Olympics, Launches In-Store Fundraiser to Support Athletes


Donations made between today through March 31 will support year-round programming for Special Olympics athletes

GRAND RAPIDS, Mich., March 20, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) will host its annual fundraising campaign through the SpartanNash Foundation, supporting athletes, raising awareness for Special Olympics, and helping fund its State Summer Games in nine states. The in-store fundraiser will run today through March 31.

“Throughout our 40-year partnership with Special Olympics, we’ve seen the true power of inclusion and the incredible impact it has on the lives of the athletes, including some of our own Associates,” said SpartanNash Senior Vice President of Communications and SpartanNash Foundation Executive Director Adrienne Chance. “As a People First company, we’re proud to support an organization that cultivates a community of strength, support and unity.”

The SpartanNash Foundation has raised more than $10.1 million for Special Olympics throughout its 40-year partnership, and SpartanNash Associates have volunteered tens of thousands of hours to the non-profit. In addition, SpartanNash employs more than 25 Special Olympics athletes who have served guests for a combined 157 years at Company-operated grocery stores.

“Our athletes light up when provided with community support and engagement, and many only have the opportunity to get involved thanks to the generosity of our donors,” said President and CEO of Special Olympics Michigan Tim Hileman. “The commitment SpartanNash has shown to us over the years, including hundreds of volunteer hours, shows they are invested in our athletes as family.”

Store guests can donate to Special Olympics at participating SpartanNash-operated retail stores, including Family Fare, Martin’s Super Markets, D&W Fresh Market and fuel centers. Between today and March 31, guests can donate by rounding up their purchase or adding an additional $1, $5 or $10 at any checkout lane. Online purchases are also possible through Fast Lane.

Donations will support Special Olympics athletes in Indiana, Iowa, Michigan, Nebraska, North Dakota, Ohio, South Dakota, Minnesota and Wisconsin. Funds raised will go directly to the corresponding Special Olympics affiliates in that state.

To learn more, visit spartannash.com/foundation-scans.

About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

CONTACT:
Adrienne Chance
SVP, Communications
SpartanNash
[email protected]

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SOURCE SpartanNash

SpartanNash Promotes Nicole Zube to Executive Vice President, Chief Human Resources Officer


Zube most recently served as Senior Vice President, Chief Human Resources Officer, leading the company’s strategy to put People First

GRAND RAPIDS, Mich., March 19, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) today announced the promotion of Nicole Zube from Senior Vice President to Executive Vice President, Chief Human Resources Officer. Since joining SpartanNash in September 2022, Zube has played a critical role in advancing the Company’s People First strategy to attract, develop and retain top talent.

Under Zube’s leadership, SpartanNash achieved its 2023 Key Performance Indicators for safety and Associate retention, performing in the top-quartile among peers with the Occupational Safety and Health Administration (OSHA) and reducing turnover by more than 9%. Zube also led the creation and launch of SpartanNash’s first People Philosophy and Competencies, which are measurable skills the Company uses to help guide candidate interviews, goal setting, professional development and the overall Associate career experience. She has additionally championed enhancements to SpartanNash’s Total Rewards offering, including pay increases for all entry-level roles in Retail and Supply Chain, expanded bonus program eligibility, a new service awards program, a higher discount for the Associate Stock Purchase Plan and more.

Since Zube joined SpartanNash, the Company has earned accolades that include the Great Place to Work® certification, a spot on Newsweek’s America’s Greatest Workplaces for Diversity 2024 list, and a No. 12 ranking on Indeed.com’s Top 25 Most Flexible Companies list.

“Nicole’s work to support our family of 17,000 Associates has better positioned the Company to deliver on our promise of customer-focused innovation,” said SpartanNash CEO Tony Sarsam. “Nicole has driven remarkable, measurable impact that is felt by every individual Associate across the organization, and we are proud to recognize her talent, leadership and passion with this well-deserved promotion.”

Prior to SpartanNash, Zube most recently served as Head of HR – U.S. Commercial at Kellogg Company. She worked in a variety of human resources roles during her decade-long tenure at Kellogg, including a three-year stint in the United Kingdom, where she was Senior HR Director, European Supply Chain and Senior HR Director, European Talent and Diversity. Prior to Kellogg, Zube worked in various HR positions during her eight-year career at Procter & Gamble. Zube earned her bachelor’s degree from Northern Kentucky University and her master’s degree from Xavier University.

About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

CONTACT:
Adrienne Chance
SVP, Communications
SpartanNash
[email protected]

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SpartanNash Unveils New Premium Private Label Brand “Finest Reserve”


Finest Reserve by Our Familyfeatures elevated flavors and attainable indulgence across a variety of product categories

GRAND RAPIDS, Mich., Feb. 20, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) today announced the launch of its new private label brand, Finest Reserve by Our Family. The collection is currently a curated offering of artisan-crafted frozen pizzas, upscale pastas, sauces, dressings and marinades, premium spices, salts and seasoning blends, chocolate and wine – with more products to come. Featuring elevated flavors and attainable indulgence, the new line is a testament to Finest Reserve’s ethos that everyone deserves the opportunity to enjoy food at its finest.

“Research tells us that nearly half of today’s shoppers view value and affordability as the most important factors when deciding what groceries to purchase,” said SpartanNash Vice President, OwnBrands Jason Cunningham. “We’re doubling down on our investment in our popular OwnBrands offerings to help shoppers maximize their budgets while still enjoying their favorite indulgences.”

Finest Reserve uses fresh and authentic ingredients to create gourmet flavors for friends and families to savor, share and remember. The new private label is an extension of Our Family, SpartanNash’s flagship brand, that has notably captured the attention of the Company’s customer base.

“Since 1904, shoppers have loved the Our Family brand because of its exceptional flavors, diverse variety and competitive prices,” said independent grocery store owner and Finest Reserve retailer Randy Jaeger of Marketplace Foods. “We’re excited to bring Finest Reserve to our shelves to build on this momentum and provide our shoppers with an even more refined and indulgent experience.”

Finest Reserve is defined by three core values collectively informing its products and purpose:

  • Authentic: As a responsible steward, Finest Reserve will only offer products, recipes and ingredients that are unique, original, verified in origin and utilize the best practices in quality control.
  • Culinary: The brand is committed to providing recipes and sophisticated flavors that highlight the culinary creativity and passion behind every offering. This results in a contemporary twist on traditional offerings to invite conversations about the joy of food.
  • Cordial: Finest Reserve is a brand that promotes inclusivity, presenting high-end offerings at an accessible price point.

To continue providing shoppers with an extensive suite of value-based options, SpartanNash OwnBrands products, including Finest Reserve, will be available at Company retail locations and at its independent grocer customer stores across the country.

For more information about Finest Reserve and to browse products, visit ourfamilyfoods.com/finest-reserve/.

About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

CONTACT:
Adrienne Chance
SVP, Communications
SpartanNash
[email protected]

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SOURCE SpartanNash

SpartanNash Announces Fourth Quarter and Fiscal 2023 Results


Delivers Fiscal 2023 Growth in Net Earnings of 51% and Adjusted EBITDA(1) of 6%

Provides Fiscal 2024 Outlook

GRAND RAPIDS, Mich., Feb. 15, 2024 /PRNewswire/ — Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) today reported financial results for its 12-week fourth quarter and 52-week fiscal year ended Dec. 30, 2023.

“Our team is proud of another strong year in which we have demonstrated year-over-year growth, delivered record profitability, and performed in line with our expectations, all in spite of a challenging macroeconomic environment,” said SpartanNash President and CEO Tony Sarsam. “We are on track to achieve the objectives in our long-term strategic plan as we focus on creating enhanced customer value and capturing additional cost savings from our transformational initiatives. We expect 2024 to be another pivotal year of market share growth in our Wholesale and Retail segments. Our talented Associates have built a strong foundation for us to pursue both organic and inorganic opportunities.”

Fourth Quarter Highlights(2)

  • Net sales decreased 2.8% to $2.25 billion, driven by lower volumes in both the Wholesale and Retail segments.
    • Wholesale segment net sales decreased 2.0% to $1.60 billion due primarily to lower volume in the national accounts customer channel.
    • Retail segment net sales decreased 4.5% to $647.0 million, with comparable store sales down 2.8%. The net sales decrease was primarily driven by a reduction in food assistance program benefits and lower fuel sales.
  • Net earnings of $0.30 per diluted share, compared to $0.02 per diluted share in the prior year.
    • The increase was primarily due to a higher gross profit rate and lower incentive compensation. This favorability was partially offset by lower unit volumes and an increase in restructuring and asset impairment charges.
  • Adjusted EPS(3) of $0.35, compared to $0.28 in the prior year. Adjusted EBITDA(1) of $53.6 million, compared to $47.2 million in the prior year.
    • These measures exclude, among other items, the impact of the LIFO provision and restructuring and asset impairment charges.

Fiscal 2023 Highlights(4)

  • Net sales increased 0.9% to $9.73 billion.
    • Wholesale net sales increased 1.1% to $6.92 billion.
    • Retail increased 0.4% to $2.81 billion, with a comparable store sales increase of 2.0%.
  • Net earnings of $1.50 per diluted share increased compared to $0.95 per diluted share.
  • Adjusted EPS(3) of $2.18 decreased from $2.33. Adjusted EBITDA(1) of $257.4 million increased from $242.9 million.
  • Cash generated from operating activities of $89.3 million decreased from $110.4 million.
  • Net long-term debt(5) to adjusted EBITDA(1) ratio of 2.3x at year end increased sequentially compared to 2.1x at the end of the third quarter.
  • Capital expenditures and IT capital(6) of $127.4 million increased compared to $102.1 million.
  • Returned $48.3 million to shareholders through $18.6 million in share repurchases and $29.7 million in dividends compared to $62.2 million returned to shareholders in the prior year.

(1)

A reconciliation of net earnings to adjusted EBITDA, a non-GAAP financial measure, is provided in Table 2.

(2)

All comparisons are for the fourth quarter of 2023 compared with the fourth quarter of 2022, unless otherwise noted.

(3)

A reconciliation of net earnings to adjusted earnings from continuing operations, as well as per diluted share (“adjusted EPS”), a non-GAAP financial measure, is provided in Table 3.

(4)

All comparisons are for the fiscal year 2023 compared with the fiscal year 2022, unless otherwise noted.

(5)

A reconciliation of long-term debt and finance lease obligations to net long-term debt, a non-GAAP financial measure, is provided in Table 4.

(6)

A reconciliation of purchases of property and equipment to capital expenditures and IT capital, a non-GAAP financial measure, is provided in Table 5.

Fiscal 2024 Outlook

The following table provides the Company’s guidance for fiscal 2024:

Fiscal 2023

Fiscal 2024 Outlook

(In millions, except adjusted EPS(3))

Actual

Low

High

Total net sales

$

9,729

$

9,700

$

9,900

Adjusted EBITDA(1)

$

257

$

255

$

270

Adjusted EPS(3)

$

2.18

$

1.85

$

2.10

Capital expenditures and IT capital(6)

$

127

$

135

$

145

Guidance incorporates the Company’s long-term strategic initiatives, including all transformational programs and tuck-in acquisitions.

Conference Call & Supplemental Earnings Presentation

The Company will host a conference call to discuss its quarterly results with additional comments and details on Thursday, February 15, 2024, at 8:30 a.m. ET. There will also be a simultaneous, live webcast made available at SpartanNash’s website at www.spartannash.com/webcasts under the “Investor Relations” section and will remain archived on the Company’s website through Thursday, February 29, 2024.

A supplemental quarterly earnings presentation will also be available on the Company’s website at www.spartannash.com/investor-presentations.

About SpartanNash

SpartanNash (Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. Committed to fostering a People First culture, the SpartanNash family of Associates is approximately 17,000 strong. SpartanNash operates two complementary business segments – food wholesale and grocery retail. Its global supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges. The Company distributes products for every aisle in the grocery store, from fresh produce to household goods to its OwnBrands, which include the Our Family® portfolio of products. On the retail side, SpartanNash operates 144 brick-and-mortar grocery stores, primarily under the banners of Family Fare, Martin’s Super Markets and D&W Fresh Market, in addition to dozens of pharmacies and fuel centers. Leveraging insights and solutions across its segments, SpartanNash offers a full suite of support services for independent grocers. For more information, visit spartannash.com.

Forward-Looking Statements

The matters discussed in this press release and in the Company’s website-accessible conference calls with analysts and investor presentations include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), about the plans, strategies, objectives, goals or expectations of the Company. These forward-looking statements may be identifiable by words or phrases indicating that the Company or management “expects,” “projects,” “anticipates,” “plans,” “believes,” “intends,” or “estimates,” or that a particular occurrence or event “may,” “could,” “should,” “will” or “will likely” result, occur or be pursued or “continue” in the future, that the “outlook,” “trend,” “guidance” or “target” is toward a particular result or occurrence, that a development is an “opportunity,” “priority,” “strategy,” “focus,” that the Company is “positioned” for a particular result, or similarly stated expectations. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date made. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies may affect actual results and could cause actual results to differ materially. These risks and uncertainties include the Company’s ability to compete in an extremely competitive industry; the Company’s dependence on certain major customers; the Company’s ability to implement its growth strategy and transformation initiatives; the Company’s ability to implement its growth strategy through acquisitions and successfully integrate acquired businesses; disruptions to the Company’s information security network, including security breaches and cyber-attacks; impacts to the availability and performance of the Company’s information technology systems; changes in relationships with the Company’s vendor base; changes in product availability and product pricing from vendors; macroeconomic uncertainty, including rising inflation, potential economic recession, and increasing interest rates; difficulty attracting and retaining well-qualified Associates and effectively managing increased labor costs; failure to successfully retain or manage transitions with executive leaders and other key personnel; impacts to the Company’s business and reputation due to an increasing focus on environmental, social and governance matters; customers to whom the Company extends credit or for whom the Company guarantees loans may fail to repay the Company; changes in the geopolitical conditions; disruptions associated with severe weather conditions and natural disasters, including effects from climate change; disruptions associated with disease outbreaks; the Company’s ability to manage its private brand program for U.S. military commissaries, including the termination of the program or not achieving the desired results; impairment charges for goodwill or other long-lived assets; the Company’s level of indebtedness; interest rate fluctuations; the Company’s ability to service its debt and to comply with debt covenants; changes in government regulations; labor relations issues; changes in the military commissary system, including its supply chain, or in the level of governmental funding; product recalls and other product-related safety concerns; cost increases related to multi-employer pension plans; and other risks and uncertainties listed under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and in subsequent filings with the Securities and Exchange Commission. Additional risks and uncertainties not currently known to the Company or that the Company currently believes are immaterial also may impair its business, operations, liquidity, financial condition and prospects. The Company undertakes no obligation to update or revise its forward-looking statements to reflect developments that occur or information obtained after the date of this press release.

INVESTOR CONTACT:
Kayleigh Campbell
Head of Investor Relations
[email protected]

MEDIA CONTACT:
Adrienne Chance
SVP, Communications
[email protected]

SPARTANNASH COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)

12 Weeks Ended

52 Weeks Ended

December 30,

December 31,

December 30,

December 31,

(In thousands, except per share amounts)

2023

2022

2023

2022

Net sales

$

2,245,183

$

2,309,040

$

9,729,219

$

9,643,100

Cost of sales

1,906,214

1,967,601

8,243,663

8,145,625

Gross profit

338,969

341,439

1,485,556

1,497,475

Operating expenses

Selling, general and administrative

306,451

333,361

1,366,238

1,427,783

Acquisition and integration, net

1,157

245

3,416

343

Restructuring and asset impairment, net

7,819

(933)

9,190

805

Total operating expenses

315,427

332,673

1,378,844

1,428,931

Operating earnings

23,542

8,766

106,712

68,544

Other expenses and (income)

Interest expense, net

9,669

8,027

39,887

22,791

Other, net

(790)

(778)

(3,300)

(1,162)

Total other expenses, net

8,879

7,249

36,587

21,629

Earnings before income taxes

14,663

1,517

70,125

46,915

Income tax expense

4,358

867

17,888

12,397

Net earnings

$

10,305

$

650

$

52,237

$

34,518

Net earnings per basic common share

$

0.30

$

0.02

$

1.53

$

0.98

Net earnings per diluted common share

$

0.30

$

0.02

$

1.50

$

0.95

Weighted average shares outstanding:

Basic

34,039

34,732

34,211

35,279

Diluted

34,670

35,866

34,901

36,313

SPARTANNASH COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

December 30,

December 31,

(In thousands)

2023

2022

Assets

Current assets

Cash and cash equivalents

$

17,964

$

29,086

Accounts and notes receivable, net

421,859

404,016

Inventories, net

575,226

571,065

Prepaid expenses and other current assets

62,440

62,244

Total current assets

1,077,489

1,066,411

Property and equipment, net

649,071

610,220

Goodwill

182,160

182,160

Intangible assets, net

101,535

106,341

Operating lease assets

242,146

257,047

Other assets, net

103,174

84,382

Total assets

$

2,355,575

$

2,306,561

Liabilities and Shareholders Equity

Current liabilities

Accounts payable

$

473,419

$

487,215

Accrued payroll and benefits

78,076

103,048

Other accrued expenses

57,609

62,465

Current portion of operating lease liabilities

41,979

45,453

Current portion of long-term debt and finance lease liabilities

8,813

6,789

Total current liabilities

659,896

704,970

Long-term liabilities

Deferred income taxes

73,904

66,293

Operating lease liabilities

226,118

239,062

Other long-term liabilities

28,808

33,376

Long-term debt and finance lease liabilities

588,667

496,792

Total long-term liabilities

917,497

835,523

Commitments and contingencies

Shareholders equity

Common stock, voting, no par value; 100,000 shares

authorized; 34,610 and 35,079 shares outstanding

460,299

468,061

Preferred stock, no par value, 10,000 shares

authorized; no shares outstanding

Accumulated other comprehensive income

796

2,979

Retained earnings

317,087

295,028

Total shareholders equity

778,182

766,068

Total liabilities and shareholders equity

$

2,355,575

$

2,306,561

SPARTANNASH COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

52 Weeks Ended

(In thousands)

December 30, 2023

December 31, 2022

Cash flow activities

Net cash provided by operating activities

$

89,327

$

110,350

Net cash used in investing activities

(116,517)

(100,948)

Net cash provided by financing activities

16,068

9,018

Net (decrease) increase in cash and cash equivalents

(11,122)

18,420

Cash and cash equivalents at beginning of the period

29,086

10,666

Cash and cash equivalents at end of the period

$

17,964

$

29,086

SPARTANNASH COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA

Table 1: Sales and Operating Earnings by Segment
(Unaudited)

12 Weeks Ended

52 Weeks Ended

(In thousands)

December 30, 2023

December 31, 2022

December 30, 2023

December 31, 2022

Wholesale Segment:

Net sales

$

1,598,169

71.2

%

$

1,631,503

70.7

%

$

6,919,217

71.1

%

$

6,845,236

71.0

%

Operating earnings

21,681

303

87,701

55,137

Retail Segment:

Net sales

647,014

28.8

%

677,537

29.3

%

2,810,002

28.9

%

2,797,864

29.0

%

Operating earnings

1,861

8,463

19,011

13,407

Total:

Net sales

$

2,245,183

100.0

%

$

2,309,040

100.0

%

$

9,729,219

100.0

%

$

9,643,100

100.0

%

Operating earnings

23,542

8,766

106,712

68,544

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, the Company also provides information regarding adjusted earnings from continuing operations, as well as per diluted share (“adjusted EPS”), net long-term debt, capital expenditures and IT capital, and adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”). These are non-GAAP financial measures, as defined below, and are used by management to allocate resources, assess performance against its peers and evaluate overall performance. The Company believes these measures provide useful information for both management and its investors. The Company believes these non-GAAP measures are useful to investors because they provide additional understanding of the trends and special circumstances that affect its business. These measures provide useful supplemental information that helps investors to establish a basis for expected performance and the ability to evaluate actual results against that expectation. The measures, when considered in connection with GAAP results, can be used to assess the overall performance of the Company as well as assess the Company’s performance against its peers. These measures are also used as a basis for certain compensation programs sponsored by the Company. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate with the Company request its financial results in these adjusted formats.

Current year adjusted earnings from continuing operations, and adjusted EBITDA exclude, among other items, LIFO expense, organizational realignment, severance associated with cost reduction initiatives, a non-routine settlement related to a legal matter resulting from a previously closed operation that was resolved during the year and operating and non-operating costs associated with the postretirement plan amendment and settlement. Current year organizational realignment includes consulting and severance costs associated with the Company’s change in its go-to-market strategy as part of its long-term plan, which relates to the reorganization of certain functions. Costs related to the postretirement plan amendment and settlement include non-operating expenses associated with recognition of plan settlement losses and amortization of the prior service credit related to the amendment of the retiree medical plan, which are adjusted out of adjusted earnings from continuing operations. Postretirement plan amendment and settlement costs also include operating expenses related to payroll taxes which are adjusted out of all non-GAAP financial measures. Prior year adjusted earnings from continuing operations, and adjusted EBITDA exclude, among other items, LIFO expense, costs related to shareholder activism, operating and non-operating costs associated with the postretirement plan amendment and settlement, non-operating costs associated with the write off of certain unamortized deferred financing costs related to the debt modification, organizational realignment, and severance associated with cost reduction initiatives. Costs related to shareholder activism include consulting, legal and other expenses incurred in relation to shareholder activism activities. Prior year organizational realignment includes benefits for associates terminated as part of leadership transition plans, which do not meet the definition of a reduction-in-force.

Each of these items are considered “non-operational” or “non-core” in nature.

The Company is unable to provide a full reconciliation of the GAAP to non-GAAP measures used in the Fiscal 2024 Outlook section of this press release without unreasonable effort because it is not possible to predict certain adjustment items with a reasonable degree of certainty since they are not yet known or quantifiable, and do not relate to the Company’s normal operating activities. These adjustments may include, among other items, restructuring and asset impairment activity, acquisition and integration costs, severance, costs related to the postretirement plan amendment and settlement, and organizational realignment costs, and the impact of adjustments to the LIFO inventory reserve. This information is dependent upon future events, which may be outside of the Company’s control and could have a significant impact on its GAAP financial results for fiscal 2024.

Table 2: Reconciliation of Net Earnings to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
(Adjusted EBITDA)
(A Non-GAAP Financial Measure)
(Unaudited)

12 Weeks Ended

52 Weeks Ended

(In thousands)

December 30,
2023

December 31,
2022

December 30,
2023

December 31,
2022

Net earnings

$

10,305

$

650

$

52,237

$

34,518

Income tax expense

4,358

867

17,888

12,397

Other expenses, net

8,879

7,249

36,587

21,629

Operating earnings

23,542

8,766

106,712

68,544

Adjustments:

LIFO (benefit) expense

(6,341)

13,907

16,104

56,823

Depreciation and amortization

23,394

21,906

98,639

94,180

Acquisition and integration, net

1,157

245

3,416

343

Restructuring and asset impairment, net

7,819

(933)

9,190

805

Cloud computing amortization

1,349

956

5,034

3,650

Organizational realignment, net

529

5,239

1,859

Severance associated with cost reduction initiatives

7

36

318

831

Stock-based compensation

2,463

1,381

12,536

8,589

Stock warrant

280

499

1,559

2,158

Non-cash rent

(505)

(753)

(2,599)

(3,444)

(Gain) loss on disposal of assets

(45)

1,141

259

1,073

Legal settlement

900

Postretirement plan amendment and settlement

94

133

Costs related to shareholder activism

7,335

Adjusted EBITDA

$

53,649

$

47,151

$

257,401

$

242,879

Table 2: Reconciliation of Net Earnings to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization, continued
(Adjusted EBITDA)
(A Non-GAAP Financial Measure)
(Unaudited)

12 Weeks Ended

52 Weeks Ended

(In thousands)

December 30,
2023

December 31,
2022

December 30,
2023

December 31,
2022

Wholesale:

Operating earnings

$

21,681

$

303

$

87,701

$

55,137

Adjustments:

LIFO (benefit) expense

(4,346)

13,144

12,388

48,282

Depreciation and amortization

12,370

10,999

51,535

47,601

Acquisition and integration, net

27

239

216

239

Restructuring and asset impairment, net

7,860

(147)

8,548

(2,363)

Cloud computing amortization

915

664

3,414

2,537

Organizational realignment, net

330

3,269

1,160

Severance associated with cost reduction initiatives

7

27

303

689

Stock-based compensation

1,601

903

8,216

5,646

Stock warrant

280

499

1,559

2,158

Non-cash rent

4

(94)

(134)

(382)

(Gain) loss on disposal of assets

(72)

696

(83)

512

Legal settlement

900

Postretirement plan amendment and settlement

59

83

Costs related to shareholder activism

4,577

Adjusted EBITDA

$

40,657

$

27,233

$

177,891

$

165,876

Retail:

Operating earnings

$

1,861

$

8,463

$

19,011

$

13,407

Adjustments:

LIFO (benefit) expense

(1,995)

763

3,716

8,541

Depreciation and amortization

11,024

10,907

47,104

46,579

Acquisition and integration, net

1,130

6

3,200

104

Restructuring and asset impairment, net

(41)

(786)

642

3,168

Cloud computing amortization

434

292

1,620

1,113

Organizational realignment, net

199

1,970

699

Severance associated with cost reduction initiatives

9

15

142

Stock-based compensation

862

478

4,320

2,943

Non-cash rent

(509)

(659)

(2,465)

(3,062)

Loss on disposal of assets

27

445

342

561

Postretirement plan amendment and settlement

35

50

Costs related to shareholder activism

2,758

Adjusted EBITDA

$

12,992

$

19,918

$

79,510

$

77,003

Notes: Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“adjusted EBITDA”) is a non-GAAP operating financial measure that the Company defines as net earnings plus interest, discontinued operations, depreciation and amortization, and other non-cash items including share-based payments (equity awards measured in accordance with ASC 718, Stock Compensation, which include both stock-based compensation to employees and stock warrants issued to non-employees) and the LIFO provision, as well as adjustments for items that do not reflect the ongoing operating activities of the Company.

Adjusted EBITDA and adjusted EBITDA by segment are not measures of performance under GAAP and should not be considered as a substitute for net earnings, cash flows from operating activities and other income or cash flow statement data. The Company’s definitions of adjusted EBITDA and adjusted EBITDA by segment may not be identical to similarly titled measures reported by other companies.

Table 3: Reconciliation of Net Earnings to
Adjusted Earnings from Continuing Operations, as well as per diluted share (“adjusted EPS”)
(A Non-GAAP Financial Measure)
(Unaudited)

12 Weeks Ended

December 30, 2023

December 31, 2022

per diluted

per diluted

(In thousands, except per share amounts)

Earnings

share

Earnings

share

Net earnings

$

10,305

$

0.30

$

650

$

0.02

Adjustments:

LIFO (benefit) expense

(6,341)

13,907

Acquisition and integration, net

1,157

245

Restructuring and asset impairment, net

7,819

(933)

Organizational realignment, net

529

Severance associated with cost reduction initiatives

7

36

Postretirement plan amendment and settlement

(763)

(758)

Write off of deferred financing costs

236

Total adjustments

2,408

12,733

Income tax effect on adjustments (a)

(693)

(3,213)

Total adjustments, net of taxes

1,715

0.05

9,520

0.26

*

Adjusted earnings from continuing operations

$

12,020

$

0.35

$

10,170

$

0.28

* Includes rounding

52 Weeks Ended

December 30, 2023

December 31, 2022

per diluted

per diluted

(In thousands, except per share amounts)

Earnings

share

Earnings

share

Net earnings

$

52,237

$

1.50

$

34,518

$

0.95

Adjustments:

LIFO expense

16,104

56,823

Acquisition and integration, net

3,416

343

Restructuring and asset impairment, net

9,190

805

Organizational realignment, net

5,239

1,859

Severance associated with cost reduction initiatives

318

831

Pension refund from annuity provider

(200)

Legal settlement

900

Postretirement plan amendment and settlement

(3,174)

(776)

Costs related to shareholder activism

7,335

Write off of deferred financing costs

236

Total adjustments

31,993

67,256

Income tax effect on adjustments (a)

(8,218)

(17,083)

Total adjustments, net of taxes

23,775

0.68

50,173

1.38

Adjusted earnings from continuing operations

$

76,012

$

2.18

$

84,691

$

2.33

(a)

The income tax effect on adjustments is computed by applying the effective tax rate, before discrete tax items, to the total adjustments for the period.

Notes: Adjusted earnings from continuing operations, as well as per diluted share (“adjusted EPS”), is a non-GAAP operating financial measure that the Company defines as net earnings plus or minus adjustments for items that do not reflect the ongoing operating activities of the Company and costs associated with the closing of operational locations.

Adjusted earnings from continuing operations is not a measure of performance under GAAP and should not be considered as a substitute for net earnings, cash flows from operating activities and other income or cash flow statement data. The Company’s definition of adjusted earnings from continuing operations may not be identical to similarly titled measures reported by other companies.

Table 4: Reconciliation of Long-Term Debt and Finance Lease Obligations to Net Long-Term Debt
(A Non-GAAP Financial Measure)
(Unaudited)

(In thousands)

December 30, 2023

December 31, 2022

Current portion of long-term debt and finance lease liabilities

$

8,813

$

6,789

Long-term debt and finance lease liabilities

588,667

496,792

Total debt

597,480

503,581

Cash and cash equivalents

(17,964)

(29,086)

Net long-term debt

$

579,516

$

474,495

Notes: Net long-term debt is a non-GAAP financial measure that is defined as long-term debt and finance lease obligations plus current maturities of long-term debt and finance lease obligations less cash and cash equivalents. The Company believes both management and its investors find the information useful because it reflects the amount of long-term debt obligations that are not covered by available cash and temporary investments. Net long-term debt is not a substitute for GAAP financial measures and may differ from similarly titled measures of other companies.

Table 5: Reconciliation of Purchases of Property and Equipment to Capital Expenditures and IT Capital
(A Non-GAAP Financial Measure)
(Unaudited)

52 Weeks Ended

(In thousands)

December 30, 2023

December 31, 2022

Purchases of property and equipment

$

120,330

$

97,280

Plus:

Cloud computing spend

7,040

4,817

Capital expenditures and IT capital

$

127,370

$

102,097

Notes: Capital expenditures and IT capital is a non-GAAP financial measure calculated by adding spending related to the development of cloud computing applications to capital expenditures, the most directly comparable GAAP measure. Cloud computing spend only includes costs incurred during the application development phase and does not include ongoing costs of hosting or maintenance associated with these applications, which are expensed as incurred. The Company believes it is a useful indicator of the Company’s investment in its facilities and systems as it transitions to more cloud-based IT systems. Capital expenditures and IT capital is not a substitute for GAAP financial measures and may differ from similarly titled measures of other companies.

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SOURCE SpartanNash