SpartanNash's Tony Sarsam Discusses Recent Momentum in Second Quarter Results
GRAND RAPIDS, MI - Another successful quarter is in the books for SpartanNash as the company used its strategic industry prowess to continue overcoming challenges facing retailers. With the release of its second quarter fiscal 2022 results for the period ending July 16, the grocer revealed net sales of $2.3 billion, a 7.9 percent increase.
"We are pleased with the significant momentum in our business as evidenced by our strong second quarter results, including impressive gains in sales and profits," said President and Chief Executive Officer Tony Sarsam. "These results were driven by our continued turnaround in the Military business and the margin improvements across our distribution businesses. With the launch of our Merchandising Transformation, we are doubling down on our efforts to maintain price competitiveness in this highly inflationary environment. We believe that when the end consumer wins, we all win."
In addition to its increase in net sales, other highlights from the quarter include:
- Retail comparable sales increased 6.5 percent for the quarter
- Adjusted EBITDA of $61.8 million, a significant increase of 13.7 percent, compared to $54.4 million in the prior year’s quarter
- The company continued to make additional progress on its Supply Chain Transformation, concluding the quarter with a 9 percent improvement in throughput rate year-over-year
- Gross profit for the second quarter was $354.2 million compared to $333.6 million for the same quarter last year
Based on the success of the first and second quarters of 2022, SpartanNash has once again updated its full-year outlook, now estimating total net sales ranging from $9.3–9.6 billion, up from $9–9.3 billion.
"Due to our strong performance to date and the success of our Supply Chain Transformation, we are raising our full-year outlook for the second time this year," Sarsam continued. "We remain steadfastly committed to delivering strong results and creating sustainable shareholder value through Our Winning Recipe™, which leverages our three Core Capabilities: People, Operational Excellence, and Insights That Drive Solutions."
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With this winning strategy already in motion, what will the third quarter hold for SpartanNash? Stick with AndNowUKnow for answers.