SpartanNash Releases Second Quarter Fiscal 2023 Results; Tony Sarsam Comments
GRAND RAPIDS, MI - SpartanNash has marked down another multi-billion-dollar quarter, revealing the financial results for its 12-week second quarter ended July 15, 2023. In its report, the grocery titan unveiled a net sales increase of 1.7 percent, rising to $2.31 billion from the $2.27 billion reported last year.
"Our team delivered solid results in the first half of 2023, leveraging transformational initiatives for growth and value. We are encouraged by the success to date, but also believe there is a long runway of benefits that will help us achieve our long-term strategic plan," said SpartanNash President and Chief Executive Officer Tony Sarsam. "We are now entering the next phase of our transformation, bolstering our go-to-market strategy and building on our Signature Strength of being the most customer-focused, innovative food solutions company. All of the elements of our long-term strategic plan differentiate SpartanNash as a growth-oriented organization, which further positions us to drive profitability and increase shareholder value."
In addition to its 1.7 percent increase in net sales, SpartanNash also reported:
- Retail comparable sales increased 3.9 percent, compared to the prior year quarter
- Net earnings of $19.5 million, compared to $5.1 million in the prior year quarter
- Adjusted EBITDA of $66.1 million, compared to $61.8 million in the prior year quarter
- Cash generated from operating activities was $49.7 million during the first half of fiscal 2023 compared to $28.5 million in the first half of the prior year
- Returned $33.6 million to shareholders during the first half of fiscal 2023 through $18.5 million in share repurchases and $15.1 million in dividends
- Continued long-term plan transformation work by implementing new ways of working across the company's go-to-market functions, launching in the third quarter of fiscal 2023
SpartanNash operates a scaled regional retail segment with 144 brick-and-mortar grocery stores; the company’s supply chain network serves wholesale customers that include independent and chain grocers, national retail brands, e-commerce platforms, and U.S. military commissaries and exchanges around the globe.
To view the full details of the retail solutions company’s report, click here.
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