- SpartanNash Co (NASDAQ:SPTN) reported first-quarter FY23 sales growth of 5.2% year-on-year to $2.91 billion, missing the consensus of $2.95 billion.
- The company attributed the increase to sales growth in both the Wholesale and Retail segments, thanks to inflation trends.
- Retail comparable sales increased 5.4% Y/Y.
- Gross margin contracted 90 basis points to 15.4% due to lower inflation-related price change benefits in the Wholesale segment and reduced Retail pharmacy margins.
- The company held $17 million in cash and equivalents and used $41.6 million in free cash flow.
- Adjusted EPS of $0.64 beat the analyst consensus of $0.63.
- Outlook: SpartanNash reiterated its FY23 sales outlook to $9.90 billion – $10.20 billion versus the consensus of $10.04 billion.
- The company expects FY23 adjusted EPS of $2.20 – $2.35, against the consensus of $2.21.
- In addition, SPTN reaffirmed its 2025 long-term financial targets, with Adjusted EBITDA of more than $300 million.
- Price Action: SPTN shares traded higher by 8.95% at $20.85 on the last check Thursday.
Valens Semiconductor To Cut Workforce By 15%; Reiterates Q2 Revenue $23.9M-$24.1M Vs $23.98M Est, Expects Q3 Revenue $14.0M-$14.2M Vs $22.02M Est, Cuts FY23 Revenue To $83.8M-$84.2M (Prior $97M-$100M) Vs $97.74M Est,
Valens Semiconductor Ltd. (NYSE: VLN), a premier provider of high-performance connectivity solutions for the audio-video and automotive markets announced the company's plan to improve operational efficiency andValens Semiconductor Ltd.
