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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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