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Jul 17, 2021
SpartanNash Q2 2021 Earnings Report
Reported strong second quarter results despite labor and supply chain headwinds.
Key Takeaways
SpartanNash reported a decrease in net sales by 3.6% to $2.11 billion compared to the prior year quarter, primarily due to decreased consumer demand related to the COVID-19 pandemic. EPS was $0.47, and adjusted EPS was $0.54. The company increased the low end of its fiscal 2021 profitability outlook range.
Net sales declined 3.6% year-over-year to $2.11 billion due to decreased consumer demand related to the COVID-19 pandemic.
Retail comparable store sales decreased 2.7% for the quarter but increased 12.1% on a two-year basis.
EPS was $0.47 per share, and adjusted EPS was $0.54 per share.
Cash generated from operating activities was $105.4 million, leading to a $75.8 million net pay down of long-term debt.
SpartanNash
SpartanNash
SpartanNash Revenue by Segment
Revenue by Segment
Retail Revenue
CapyFin.com Forward Guidance
The Company is updating its full year guidance for 2021. Total net sales are expected to be between $8.8 billion and $9.0 billion. Adjusted EPS is expected to be between $1.70 and $1.80.
Positive Outlook
- Total net sales are expected to be between $8.8 billion and $9.0 billion.
- Retail comparable sales decline between (5.0%) and (2.0%).
- Food Distribution sales decline between (3.0%) and (1.0%).
- Adjusted EBITDA is expected to be between $200 million and $210 million.
- Adjusted EPS is expected to be between $1.70 and $1.80.
Challenges Ahead
- Military sales decline between (13.0%) and (9.0%).
- Capital expenditures and IT capital between $80 million and $90 million.
- Depreciation and amortization between $90 million and $100 million.
- Interest expense between $14 million and $15 million.
- Income tax rate between 24.5% and 25.5%.