SpartanNash Announces Second Quarter Fiscal 2018 Financial Results
GRAND RAPIDS, MI - SpartanNash sure knows how to spread the love. The company’s net distribution sales increased by 4.2 percent during 12-week period ending July 14th, according to its recently released second quarter fiscal 2018 financial results. SpartanNash also remarked excellent performance from its distribution and military segments.
“We continue to make progress towards our long-term strategic objective of becoming a growth company focused on developing a national, highly efficient distribution platform that services a diverse customer base and is known for solving unique and complex logistical issues. Our business will be driven by an efficient and versatile supply chain...In line with our strategy, the food distribution and military segments completed another quarter of strong sales growth, and we realized sequential improvements in comparable store sales at retail for the second consecutive quarter as we enhance and develop innovative solutions for our diverse customer base,” David Staples, President and Chief Executive Officer, shared in a press release.
In that release, SpartanNash reported the following highlights:
- Second quarter EPS from continuing operations of $0.50 per diluted share
- An increase of net sales of $39.8 million, or 2.1 percent, to $1.90 billion from $1.86 billion in the prior year quarter
- Continued sales growth in the food distribution and military segments of 4.3 percent and 3.9 percent, respectively
- Gross profit of $265.7 million, or 14.0% of net sales, compared to $271.0 million, or 14.6% of net sales, in the prior year quarter
The company’s operating earnings for the food distribution segment went down, from $23.2 million last year to $18.7 million this year for the same quarter. Reflective of the change in food distribution for the company are its net sales—which increased $28.6 million, or 4.3 percent, to $941.7 million from $903.1 million in the year prior’s quarterly. While its food distribution had some bumpy patches, it has seen an overall boost.
Staples noted SpartanNash's optimistic attitude despite a trying market, remarking: "we remain excited about the opportunities to grow our business, despite a difficult operating environment."
Moving forward, the company hopes for continued growth well into 2019 and beyond.
“We expect to see continued strong distribution sales growth during the back half of fiscal 2018 and into 2019,” Staples shared. “...We remain excited about our long-term strategic objectives as we continue to build our distribution businesses, move forward with the rebranding of our Family Fare banner, and grow our fresh product offering. However, we will continue to face some challenges as we move into the second half of the year."
To read SpartanNash's statement in its entirety, click here.
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