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Apr 24, 2021
SpartanNash Q1 2021 Earnings Report
Reported a decline in net sales due to decreased consumer demand related to the COVID-19 pandemic, but overall profitability was consistent with expectations.
Key Takeaways
SpartanNash reported a decrease in net sales for the first quarter of 2021, primarily due to the cycling of increased consumer demand related to the COVID-19 pandemic in the prior year. However, the company's profitability remained consistent with expectations, driven by improvements in gross margin and strategic investments in supply chain processes and leadership team.
Net sales decreased by 7.0% to $2.66 billion compared to the prior year quarter.
Retail comparable store sales declined by 7.0% for the quarter, but increased by 9.3% on a two-year basis.
EPS was $0.54 per share, and adjusted EPS was $0.56 per share.
Adjusted EBITDA was $64.8 million, compared to $74.0 million in the prior year quarter.
Revenue by Segment
Forward Guidance
The Company re-affirmed its full year total Company fiscal 2021 outlook, initially provided on Feb. 24, 2021. While the Company is re-affirming net sales guidance for fiscal 2021, it now expects that Retail comparable sales will be negative 5.0% to 7.0% for 2021.
Positive Outlook
- EPS expected to range from $1.48 to $1.67 per diluted share.
- Adjusted EPS ranging from $1.65 to $1.80 per diluted share.
- Adjusted EBITDA ranging from $195 to $210 million.
- Capital expenditures and IT capital between $80,000 to $90,000.
- Depreciation and amortization between $90,000 to $100,000.
Challenges Ahead
- Retail comparable sales will be negative 5.0% to 7.0% for 2021.
- Food Distribution sales are still expected to decline 1.0% to 3.0% in 2021.
- Military Distribution sales are now expected to decline 6.0% to 10.0% in 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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