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Dec 31, 2022
SpartanNash Q4 2022 Earnings Report
Reported solid fourth-quarter results and fiscal 2022 performance that exceeded expectations.
Key Takeaways
SpartanNash reported a 10.3% increase in net sales for the quarter, reaching $2.3 billion. However, net earnings decreased to $0.7 million compared to $22.2 million in the prior year quarter. Adjusted EBITDA increased to $47.2 million from $43.0 million in the prior year quarter.
Net sales increased 10.3% to $2.3 billion.
Retail comparable sales increased 9.1%.
Net earnings were $0.7 million, compared to $22.2 million in the prior year quarter.
Adjusted EBITDA increased to $47.2 million from $43.0 million in the prior year quarter.
SpartanNash
SpartanNash
SpartanNash Revenue by Segment
Revenue by Segment
Wholesale Revenue
CapyFin.comRetail Revenue
CapyFin.com Forward Guidance
The Company provided guidance for fiscal year 2023, expecting net sales between $9.9 billion and $10.2 billion, adjusted EBITDA between $248 million and $263 million, and adjusted EPS between $2.20 and $2.35.
Positive Outlook
- Wholesale net sales to grow 4.0% to 7.0%, inclusive of the net sales from a recently acquired grocery wholesaler, Great Lakes Foods.
- Retail comparable sales to grow 2.0% to 5.0%.
- Net sales to more than $10.5 billion (previously $10 billion), an increase of at least 17% from fiscal 2021
- Adjusted EBITDA to more than $300 million, an increase of at least 40% from fiscal 2021
- Increasing net sales by more than $1 billion through customer acquisition and continued expansion into value-add offerings
Challenges Ahead
- Annual interest expense will range from $37 million to $42 million.
- During the first quarter of 2023, the Company will cycle a significant inflation-related price change benefit of nearly $10 million
- During the first quarter of 2023, $4 million in Retail wage investments.
- The Company expects the benefits from its supply chain and merchandising transformation initiatives will not fully offset these headwinds in the first quarter of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income