SpartanNash Announces Second Quarter Fiscal 2020 Financial Results
Second Quarter Net Sales Increase 9.4% to $2.18 billion
Reports Second Quarter Retail Comparable Store Sales of 17.1%
Generates EPS of $0.80; Adjusted EPS Increases 115% to $0.73
Improves Leverage Through Pay Down of Over $40 Million in Long-Term Debt
Raises Fiscal Year 2020 Outlook
GRAND RAPIDS, Mich.–(BUSINESS WIRE)–SpartanNash Company (the “Company”) (Nasdaq: SPTN) today reported financial results for its 12-week second quarter ended July 11, 2020.
Second Quarter Fiscal 2020 Highlights
- Net sales growth of 9.4% to $2.18 billion from $2.00 billion in the prior year quarter, representing the seventeenth consecutive quarter of growth.
- Retail comparable store sales of 17.1% were positive for the fourth consecutive quarter, representing a continuation of trends driven by increased consumer demand related to the COVID-19 pandemic.
- EPS of $0.80 per share, compared to a loss of $0.19 per share in the prior year quarter; adjusted EPS of $0.73 per share, an increase of 115% over the prior year quarter.
- Adjusted EBITDA increase of 33.5%, to $59.2 million from $44.3 million in the prior year quarter.
- Cash generated from operating activities of $69.0 million during the second quarter, leading to an over $40 million pay down of long-term debt.
- Raised full year adjusted EPS outlook to a range of $2.40 to $2.60 per share, and full year reported EPS outlook to a range of $2.13 to $2.41 per share.
“The strength and resiliency of our team was demonstrated by their ability to continue to execute in a dynamic operating environment as they supported the surge in consumer demand related to the COVID-19 pandemic, which enabled us to exceed our financial expectations for the second quarter,” said Dennis Eidson, Interim President and Chief Executive Officer. “We are pleased with the collaboration across our organization and our ability to respond to the challenges associated with this incremental demand, while remaining focused on our priority of ensuring the wellbeing and safety of our associates and customers. Based on our strong year-to-date results and expectations for the remainder of the fiscal year, we are raising our full year guidance.”
Consolidated net sales for the second quarter increased $188.2 million, or 9.4%, to $2.18 billion from $2.00 billion in the prior year quarter. The increase in net sales was generated through higher sales attributable to increased consumer demand related to COVID-19 in the Retail and Food Distribution segments, as well as continued growth with existing Food Distribution customers.
Gross profit for the second quarter of fiscal 2020 was $338.4 million, or 15.5% of net sales, compared to $289.0 million, or 14.5% of net sales, in the prior year quarter. The improvement in gross profit rate was primarily driven by an increase in Retail segment sales, which traditionally generate higher margin rates, in proportion to total Company sales, as well as reduced levels of inventory shrink in the Retail segment.
Reported operating expenses for the second quarter were $304.4 million, or 13.9% of net sales, compared to $281.6 million, or 14.1% of net sales, in the prior year quarter. The decrease in expenses as a rate of sales compared to the prior year quarter was due to a decrease in restructuring charges, lower health insurance costs, and increased leverage of expenses from higher sales volume, particularly retail store labor and certain fixed costs. This decrease was partially offset by significant increases in incentive compensation due to improved overall Company performance, as well as increases in supply chain expenses as a rate to sales. The Company incurred direct costs associated with the COVID-19 pandemic, including additional compensation for frontline associates and increased cleaning and sanitation frequency within all operating locations. Incremental direct labor costs included appreciation bonuses and an additional $2 per hour for frontline workers for a portion of the quarter. Sanitation costs included additional cleaning of high-touch surfaces, fogging of distribution locations and providing masks and gloves to associates.
The Company reported operating earnings of $34.0 million compared to $7.4 million in the prior year quarter. The increase was attributable to the changes in margin and operating expenses mentioned above, primarily resulting from increased sales volume. Adjusted operating earnings(1) were $37.7 million compared to $23.5 million in the prior year quarter and are adjusted for the items detailed in Table 3.
Interest expense decreased $5.0 million from the prior year quarter due to multiple rate cuts implemented by the Federal Reserve during 2019 and in early 2020, as well as the Company’s pay down of the debt balance made possible by higher earnings and lower investment in working capital.
The Company reported earnings from continuing operations of $28.5 million, or $0.80 per diluted share, compared to a loss from continuing operations of $6.8 million, or $0.19 per diluted share, in the prior year quarter. The improvement reflects the operating earnings changes noted above and lower interest expense, as well as tax benefits associated with the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.
Adjusted earnings from continuing operations(2) for the second quarter were $26.1 million, or $0.73 per diluted share. Adjusted earnings from continuing operations for the prior year quarter were $12.2 million, or $0.34 per diluted share. In addition to the items noted above, adjusted earnings from continuing operations exclude tax benefits associated with the CARES Act. A reconciliation of reported earnings from continuing operations to adjusted earnings from continuing operations is included at Table 4.
Adjusted EBITDA(3) increased $14.9 million, or 33.5%, to $59.2 million compared to $44.3 million in the prior year quarter due to factors mentioned above.
Please see the financial tables at the end of this press release for a reconciliation of each non-GAAP financial measure to the most directly comparable measure, prepared and presented in accordance with GAAP.
Segment Financial Results
Food Distribution
Net sales for Food Distribution increased $154.5 million, or 16.5%, to $1.09 billion from $0.94 billion in the prior year quarter. The increase was due to incremental volume associated with increased consumer demand related to COVID-19, as well as sales growth with existing customers.
Reported operating earnings for Food Distribution were $14.4 million compared to $0.3 million in the prior year quarter. The increase in reported operating earnings was due to asset impairment charges associated with changes to the Fresh Production business in the prior year quarter, a current year quarter increase in sales volume associated with the impacts of COVID-19, as well as cycling prior year operational losses in the Fresh Production business. These increases in operating earnings were largely offset by higher incentive compensation and a higher rate of supply chain expenses, including additional compensation for frontline workers and additional sanitation measures. Second quarter adjusted operating earnings(1) were $17.9 million compared to $16.8 million in the prior year quarter. Adjusted operating earnings exclude asset impairment charges in both years and the allocation of one-time costs associated with Project One Team in the prior year quarter.
Retail
Net sales for Retail increased $61.3 million, or 10.8%, to $631.3 million from $570.0 million in the prior year quarter primarily due to incremental sales volume associated with increased consumer demand related to COVID-19, as discussed above. Comparable store sales of 17.1% were partially offset by the impact of lower fuel prices and gallons sold, as well as store closures. During the quarter, the Company experienced more than 300% growth in eCommerce and realized growth of over 24% in private label sales.
Reported operating earnings for Retail were $24.5 million compared to $8.7 million in the prior year quarter. The increase in reported operating earnings was due to the increase in sales volume, improvements in margin rates, including inventory shrink, as well as favorable variances in both labor rates and health insurance costs. These favorable variances were partially offset by higher incentive compensation and incremental compensation for frontline workers. Adjusted operating earnings(1) were $24.7 million compared to $8.2 million in the prior year quarter and exclude restructuring costs in the current year and restructuring gains and merger/acquisition and integration expenses in the prior year quarter.
Military Distribution
Net sales for Military Distribution decreased $27.6 million, or 5.6%, to $463.0 million from $490.6 million in the prior year quarter. Growth in export sales were more than offset by the impact of domestic base access and commissary shopping restrictions associated with COVID-19, which led to an overall decline of over 10% for the Defense Commissary Agency as a whole.
The reported operating loss for Military Distribution was $4.9 million compared to $1.6 million in the prior year quarter. The change was driven by increases in the rate of supply chain expenses, including additional compensation for frontline workers and additional sanitation measures, partially offset by improved margin rates. Adjusted operating loss(1) was $4.9 million compared to a loss of $1.5 million in the prior year quarter. Adjusted operating loss excludes the allocation of one-time costs associated with Project One Team in the prior year quarter.
Balance Sheet and Cash Flow
Cash flows provided by operating activities for the first half of fiscal 2020 were $198.2 million compared to $103.8 million in the prior year. The increase was due to reductions in working capital and improved profitability. The Company generated $167.6 million in free cash flow(4) in the first half of fiscal 2020 compared to $72.1 million in the prior year. The Company reduced net long-term debt(5) by $141.3 million during the first half of fiscal 2020, including net payments of over $40 million in the second quarter. These reductions, combined with increased profitability, resulted in an improvement in the Company’s net long-term debt to adjusted EBITDA ratio over this period from 3.7x to 2.5x, which is calculated on a trailing thirteen period basis.
Capital expenditures and IT capital(6) totaled $35.6 million in the first half of fiscal 2020 compared to $31.8 million in the first half of the prior year.
During the first half of fiscal 2020, the Company declared $13.9 million in quarterly cash dividends equal to $0.1925 per common share. The Company also repurchased 860,752 shares for a total of $10.0 million in the first half of fiscal 2020, an average price of $11.62 per share.
Outlook
For the 53-week fiscal year ending January 2, 2021, the Company continues to expect to benefit from higher consumer food-at-home consumption related to the effects of COVID-19, however, the duration and magnitude of the impact remain uncertain. Given this uncertainty, the Company is unable to fully estimate the impact COVID-19 will have on sales for the remainder of 2020, although it believes sales will materially exceed its initial 2020 guidance. The Company is updating its annual outlook, from what was previously provided on May 27, 2020, to reflect actual year-to-date financial results, as well as expectations for the remainder of the fiscal year related to earnings trends. Specifically, these updates include incremental adjusted earnings per share from continuing operations for the COVID-19 impact experienced to-date, as well as an estimate of the impact for the remainder of fiscal 2020.
For fiscal year 2020, the Company now anticipates adjusted earnings per share from continuing operations(7) of approximately $2.40 to $2.60 compared to its prior projection of $1.85 to $2.00. Reported earnings per share from continuing operations are expected to range from $2.13 to $2.41 compared to its prior projection of $1.48 to $1.81.
The Company now expects fiscal 2020 adjusted EBITDA of $232 million to $242 million compared to its prior guidance of $205 million to $215 million, consistent with the Company’s projected increases in operating earnings.
The Company’s guidance continues to reflect capital expenditures and IT capital in the range of $80.0 million to $90.0 million for fiscal year 2020. Depreciation and amortization are expected to range from $88.0 million to $92.0 million for the fiscal year. Interest expense is now expected to range from $17.5 million to $18.5 million in fiscal 2020. The Company’s guidance reflects an adjusted effective tax rate of 23.5% to 24.5% and a reported effective tax rate of 14.0% to 15.0%.
The Board of Directors continues to be engaged in a comprehensive process to identify the Company’s next Chief Executive Officer. As previously disclosed, on August 4, 2020 the Company extended the term of the agreement with Mr. Eidson to serve as Interim President and CEO for up to an additional 90 days.
Conference Call
A telephone conference call to discuss the Company’s first quarter 2020 financial results is scheduled for Thursday, August 13, 2020 at 8:00 a.m. ET. A live webcast of this conference call will be available on the Company’s website, www.spartannash.com/webcasts. Simply click on “For Investors” and follow the links to the live webcast. The webcast will remain available for replay on the Company’s website for approximately ten days.
About SpartanNash
SpartanNash (Nasdaq: SPTN) is a Fortune 400 company whose core businesses include distributing grocery products to a diverse group of independent and chain retailers, its corporate-owned retail stores and U.S. military commissaries and exchanges; as well as operating a premier fresh produce distribution network. SpartanNash serves customer locations in all 50 states and the District of Columbia, Europe, Cuba, Puerto Rico, Honduras, Bahrain, Djibouti and Egypt. SpartanNash currently operates 155 supermarkets, primarily under the banners of Family Fare, Martin’s Super Markets, D&W Fresh Market, VG’s Grocery and Dan’s Supermarket. Through its MDV military division, SpartanNash is a leading distributor of grocery products to U.S. military commissaries.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These include statements preceded by, followed by or that otherwise include the words “outlook,” “believe,” “anticipates,” “continue,” “expects,” “guidance,” “trend,” “on track,” “encouraged” or “plan” or similar expressions. The statements in the “Outlook” section of this press release are inherently forward looking. Forward-looking statements relating to expectations about future results or events are based upon information available to SpartanNash as of today’s date, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional risks and uncertainties include, but are not limited to, disruption associated with the COVID-19 pandemic and the Company’s ability to compete in the highly competitive grocery distribution, retail grocery, and military distribution industries. Additional information concerning these and other risks is contained in SpartanNash’s most recently filed Annual Report on Form 10-K, recent Current Reports on Form 8-K and other SEC filings. All subsequent written and oral forward-looking statements concerning SpartanNash, or other matters and attributable to SpartanNash or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. SpartanNash does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
(1) A reconciliation of operating earnings to adjusted operating earnings, a non-GAAP financial measure, is provided in Table 3 below.
(2) A reconciliation of earnings from continuing operations to adjusted earnings from continuing operations, a non-GAAP financial measure, is provided in Table 4 below.
(3) A reconciliation of net earnings to Adjusted EBITDA, a non-GAAP financial measure, is provided in Table 2 below.
(4) A reconciliation of net cash provided by operating activities to free cash flow, a non-GAAP financial measure, is provided in Table 6 below.
(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 5 below.
(6) A reconciliation of purchases of property and equipment to capital expenditures and IT capital, a non-GAAP financial measure, is provided in Table 7 below.
(7) A reconciliation of projected earnings per share from continuing operations to adjusted earnings per share from continuing operations, a non-GAAP financial measure, is provided in Table 8 below.
|
SPARTANNASH COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||||||
|
|
12 Weeks Ended |
|
|
28 Weeks Ended |
|
|
||||||||||||||
|
|
July 11, |
|
|
July 13, |
|
|
July 11, |
|
|
July 13, |
|
|
||||||||
|
(In thousands, except per share amounts) |
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
||||||||
|
Net sales |
$ |
|
2,184,101 |
|
|
$ |
|
1,995,929 |
|
|
$ |
|
5,040,557 |
|
|
$ |
|
4,538,304 |
|
|
|
Cost of sales |
|
|
1,845,727 |
|
|
|
|
1,706,922 |
|
|
|
|
4,278,616 |
|
|
|
|
3,871,568 |
|
|
|
Gross profit |
|
|
338,374 |
|
|
|
|
289,007 |
|
|
|
|
761,941 |
|
|
|
|
666,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
300,727 |
|
|
|
|
266,474 |
|
|
|
|
692,027 |
|
|
|
|
626,874 |
|
|
|
Merger/acquisition and integration |
|
|
— |
|
|
|
|
582 |
|
|
|
|
— |
|
|
|
|
1,364 |
|
|
|
Restructuring charges and asset impairment |
|
|
3,675 |
|
|
|
|
14,581 |
|
|
|
|
13,912 |
|
|
|
|
8,919 |
|
|
|
Total operating expenses |
|
|
304,402 |
|
|
|
|
281,637 |
|
|
|
|
705,939 |
|
|
|
|
637,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
|
33,972 |
|
|
|
|
7,370 |
|
|
|
|
56,002 |
|
|
|
|
29,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses and (income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
3,650 |
|
|
|
|
8,696 |
|
|
|
|
11,288 |
|
|
|
|
20,577 |
|
|
|
Postretirement benefit expense (income) |
|
|
101 |
|
|
|
|
8,821 |
|
|
|
|
(698 |
) |
|
|
|
9,456 |
|
|
|
Other, net |
|
|
(164 |
) |
|
|
|
(439 |
) |
|
|
|
(406 |
) |
|
|
|
(891 |
) |
|
|
Total other expenses, net |
|
|
3,587 |
|
|
|
|
17,078 |
|
|
|
|
10,184 |
|
|
|
|
29,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes and discontinued operations |
|
|
30,385 |
|
|
|
|
(9,708 |
) |
|
|
|
45,818 |
|
|
|
|
437 |
|
|
|
Income tax expense (benefit) |
|
|
1,918 |
|
|
|
|
(2,941 |
) |
|
|
|
1,949 |
|
|
|
|
(317 |
) |
|
|
Earnings (loss) from continuing operations |
|
|
28,467 |
|
|
|
|
(6,767 |
) |
|
|
|
43,869 |
|
|
|
|
754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of taxes |
|
|
— |
|
|
|
|
(47 |
) |
|
|
|
— |
|
|
|
|
(99 |
) |
|
|
Net earnings (loss) |
$ |
|
28,467 |
|
|
$ |
|
(6,814 |
) |
|
$ |
|
43,869 |
|
|
$ |
|
655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations |
$ |
|
0.80 |
|
|
$ |
|
(0.19 |
) |
|
$ |
|
1.22 |
|
|
$ |
|
0.02 |
|
|
|
Loss from discontinued operations |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Net earnings (loss) |
$ |
|
0.80 |
|
|
$ |
|
(0.19 |
) |
|
$ |
|
1.22 |
|
|
$ |
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
35,706 |
|
|
|
|
36,323 |
|
|
|
|
35,972 |
|
|
|
|
36,208 |
|
|
|
Diluted |
|
|
35,707 |
|
|
|
|
36,323 |
|
|
|
|
35,973 |
|
|
|
|
36,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPARTANNASH COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||||
|
|
July 11, |
|
|
December 28, |
|
||||
|
(In thousands) |
2020 |
|
|
2019 |
|
||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
|
34,645 |
|
|
$ |
|
24,172 |
|
|
Accounts and notes receivable, net |
|
|
374,394 |
|
|
|
|
345,320 |
|
|
Inventories, net |
|
|
552,379 |
|
|
|
|
537,212 |
|
|
Prepaid expenses and other current assets |
|
|
75,219 |
|
|
|
|
58,775 |
|
|
Property and equipment held for sale |
|
|
22,038 |
|
|
|
|
31,203 |
|
|
Total current assets |
|
|
1,058,675 |
|
|
|
|
996,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
562,806 |
|
|
|
|
615,816 |
|
|
Goodwill |
|
|
181,035 |
|
|
|
|
181,035 |
|
|
Intangible assets, net |
|
|
127,320 |
|
|
|
|
130,434 |
|
|
Operating lease assets |
|
|
266,765 |
|
|
|
|
268,982 |
|
|
Other assets, net |
|
|
99,948 |
|
|
|
|
82,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
|
2,296,549 |
|
|
$ |
|
2,275,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
|
489,412 |
|
|
$ |
|
405,370 |
|
|
Accrued payroll and benefits |
|
|
84,444 |
|
|
|
|
59,680 |
|
|
Other accrued expenses |
|
|
54,629 |
|
|
|
|
51,295 |
|
|
Current portion of operating lease liabilities |
|
|
43,398 |
|
|
|
|
42,440 |
|
|
Current portion of long-term debt and finance lease liabilities |
|
|
5,489 |
|
|
|
|
6,349 |
|
|
Total current liabilities |
|
|
677,372 |
|
|
|
|
565,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities |
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
57,681 |
|
|
|
|
43,111 |
|
|
Operating lease liabilities |
|
|
260,770 |
|
|
|
|
267,350 |
|
|
Other long-term liabilities |
|
|
39,269 |
|
|
|
|
30,272 |
|
|
Long-term debt and finance lease liabilities |
|
|
552,206 |
|
|
|
|
682,204 |
|
|
Total long-term liabilities |
|
|
909,926 |
|
|
|
|
1,022,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
Common stock, voting, no par value; 100,000 shares authorized; 35,842 and 36,351 shares outstanding |
|
|
483,484 |
|
|
|
|
490,233 |
|
|
Preferred stock, no par value, 10,000 shares authorized; no shares outstanding |
|
|
— |
|
|
|
|
— |
|
|
Accumulated other comprehensive loss |
|
|
(1,500 |
) |
|
|
|
(1,600 |
) |
|
Retained earnings |
|
|
227,267 |
|
|
|
|
198,905 |
|
|
Total shareholders’ equity |
|
|
709,251 |
|
|
|
|
687,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
|
2,296,549 |
|
|
$ |
|
2,275,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SPARTANNASH COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||||||
|
|
|
|
|
28 Weeks Ended |
|
|||||||
|
(In thousands) |
|
|
|
July 11, 2020 |
|
|
July 13, 2019 |
|
||||
|
Cash flow activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
|
$ |
|
198,248 |
|
|
$ |
|
103,836 |
|
|
Net cash used in investing activities |
|
|
|
|
|
(21,844 |
) |
|
|
|
(102,609 |
) |
|
Net cash (used in) provided by financing activities |
|
|
|
|
|
(165,931 |
) |
|
|
|
267 |
|
|
Net cash used in discontinued operations |
|
|
|
|
|
— |
|
|
|
|
(130 |
) |
|
Net increase in cash and cash equivalents |
|
|
|
|
|
10,473 |
|
|
|
|
1,364 |
|
|
Cash and cash equivalents at beginning of the period |
|
|
|
|
|
24,172 |
|
|
|
|
18,585 |
|
|
Cash and cash equivalents at end of the period |
|
|
|
$ |
|
34,645 |
|
|
$ |
|
19,949 |
|
|
SPARTANNASH COMPANY AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA
Table 1: Sales and Operating Earnings (Loss) by Segment (Unaudited) |
|||||||||||||||||||||||||||||||
|
|
12 Weeks Ended |
|
|
28 Weeks Ended |
|
||||||||||||||||||||||||||
|
(In thousands) |
July 11, 2020 |
|
|
July 13, 2019 |
|
|
July 11, 2020 |
|
|
July 13, 2019 |
|
||||||||||||||||||||
|
Food Distribution Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
|
1,089,861 |
|
|
49.9 |
% |
|
$ |
|
935,383 |
|
|
46.9 |
% |
|
$ |
|
2,459,357 |
|
|
48.8 |
% |
|
$ |
|
2,104,621 |
|
|
46.4 |
% |
|
Operating earnings |
|
|
14,409 |
|
|
|
|
|
|
|
272 |
|
|
|
|
|
|
|
25,799 |
|
|
|
|
|
|
|
24,864 |
|
|
|
|
|
Retail Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
631,257 |
|
|
28.9 |
% |
|
|
|
569,975 |
|
|
28.6 |
% |
|
|
|
1,413,824 |
|
|
28.0 |
% |
|
|
|
1,271,742 |
|
|
28.0 |
% |
|
Operating earnings (loss) |
|
|
24,453 |
|
|
|
|
|
|
|
8,701 |
|
|
|
|
|
|
|
37,098 |
|
|
|
|
|
|
|
7,875 |
|
|
|
|
|
Military Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
462,983 |
|
|
21.2 |
% |
|
|
|
490,571 |
|
|
24.5 |
% |
|
|
|
1,167,376 |
|
|
23.2 |
% |
|
|
|
1,161,941 |
|
|
25.6 |
% |
|
Operating loss |
|
|
(4,890 |
) |
|
|
|
|
|
|
(1,603 |
) |
|
|
|
|
|
|
(6,895 |
) |
|
|
|
|
|
|
(3,160 |
) |
|
|
|
|
Total: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
|
2,184,101 |
|
|
100.0 |
% |
|
$ |
|
1,995,929 |
|
|
100.0 |
% |
|
$ |
|
5,040,557 |
|
|
100.0 |
% |
|
$ |
|
4,538,304 |
|
|
100.0 |
% |
|
Operating earnings |
|
|
33,972 |
|
|
|
|
|
|
|
7,370 |
|
|
|
|
|
|
|
56,002 |
|
|
|
|
|
|
|
29,579 |
|
|
|
|
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with GAAP, the Company also provides information regarding Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“adjusted EBITDA”), adjusted operating earnings, adjusted earnings from continuing operations, total net long-term debt, free cash flow and projected adjusted earnings per diluted share from continuing operations.
Contacts
Investors:
Mark Shamber
Chief Financial Officer and Executive Vice President
(616) 878-8023
Katie Turner
Partner, ICR
(646) 277-1228
Media:
Meredith Gremel
Vice President Corporate Affairs and Communications
(616) 878-2830