- SpartanNash Co (NASDAQ:SPTN) reported second-quarter FY22 sales growth of 7.9% year-on-year to $2.27 billion, beating the consensus of $2.13 billion.
- The company attributed the growth to net sales increases in all three segments, each of which were favorably impacted by inflation.
- Net sales for Food Distribution increased 5.9% Y/Y, Retail grew 8.5%, and Military climbed 12.4%.
- Gross profit rose 6% Y/Y to $354.2 million, and the margin contracted 20 basis points to 15.6%.
- The operating margin was 0.5%, and operating income for the quarter fell 52.4% to $12.3 million.
- The company held $21.2 million in cash and equivalents as of July 16, 2022. Cash provided by operating activities for the six months totaled $28.5 million.
- Adjusted EBITDA increased 13.7% to $61.8 million.
- Adjusted EPS of $0.66 beat the analyst consensus of $0.57.
- Outlook: SpartanNash raised its FY22 sales outlook to $9.3 billion – $9.6 billion from $9.0 billion – $9.3 billion, versus the consensus of $9.12 billion.
- The company continues to expect FY22 adjusted EPS of $2.17 – $2.32, against the consensus of $2.21.
- In addition, SPTN reaffirmed its 2025 long-term financial targets, with sales of more than $10 billion and Adjusted EBITDA of more than $300 million.
- Price Action: SPTN shares traded higher by 0.94% at $32.06 on the last check Thursday.
Wall Street Trading Could Undergo Biggest Changes In Nearly 20 Years After SEC Vote On Key Proposals
The U.S. Securities and Exchange Commission (SEC) is set to vote on whether to propose some of the biggest changes to the equity markets in close to two decades during its Dec.
