SpartanNash Reveals Quarter Three Earnings
GRAND RAPIDS, MI - It was announced back in September that Tony Sarsam had been appointed as SpartanNash’s new President and Chief Executive Officer. A short nine weeks later, Sarsam weighed in on the retailer’s quarter three (Q3) earnings call, detailing the potential he sees in SpartanNash and a few areas of investment that he will focus on. In addition to positive numbers reflected in the report, it seems that this strategic appointment has sparked some exciting growth for SpartanNash.
“I plan to share more specific objectives for the organization over the coming months. However, my immediate goal is to ensure that we are leveraging our existing competencies to yield improvements in our operating performance,” Sarsam said, according to a transcript released by The Motley Fool. “I will work to pair the insights I have gained with the operational strategies to unlock the true potential of our organization.”
Marking the 18th straight quarter of growth, SpartanNash’s Q3 results included a consolidated net sales increase of 3.1 percent. Sales increases were primarily attributed to higher consumer demand in retail and food distribution segments. Gross profit rose 11.8 percent year over year to $324.8 million; adjusted operating earnings came in at $35.8 million; and adjusted EBITDA jumped 37.2 percent to $57 million in the third quarter.
While some impressive numbers were reported, Sarsam went on to note that significant operational investments may be in the pipeline.
“Among other areas of focus, I believe that we need to act with a certain level of urgency to make meaningful improvements in our supply chain,” he said. “We will make investments in human capital, in our facilities, and in other resources to ensure our supply chain has the support it needs to operate with efficiency and a high level of execution.”
Stick with us as we at ANUK keep an eye out for Sarsam’s next move.