LONDON, UK / ACCESSWIRE / June 26, 2018 / If you want access to our free earnings report on SpartanNash Co. (NASDAQ: SPTN), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SPTN. The Company reported its first quarter fiscal 2018 operating and financial results on May 29, 2018. The distributor and retailer of grocery products updated its guidance for the first half of the fiscal year 2018 and reiterated its forecasts for the full fiscal year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the 16-week first quarter ended April 21, 2018, SpartanNash's consolidated net sales grew 1.3% to $2.39 billion from $2.35 billion in Q1 2017, driven by a continued sales growth in the food distribution and military segments. The Company’s revenue numbers beat analysts' estimates by $10.0 million.
During Q1 2018, SpartanNash’s gross profit was $343.2 million, or 14.4% of net sales, compared to $357.4 million, or 15.2% of net sales, in Q1 2017. The lower gross profit in the reported quarter was attributed to a change in the timing of certain supplier programs; a shift in sales mix to the food distribution and military segments; and margin investments within certain retail segment categories.
For Q1 2018, SpartanNash reported operating expenses of $317.5 million, or 13.3% of net sales, compared to $327.8 million, or 13.9% of net sales, in Q1 2017. The decline in expenses as a rate to sales was primarily attributable to the mix of business operations; lower healthcare and incentive compensation costs; and reduced merger/acquisition and integration expenses.
SpartanNash reported operating earnings of $25.7 million in Q1 2018 compared to $29.6 million in Q1 2017. The decrease was primarily attributable to restructuring and asset impairment charges; the margin impacts; as well as higher transportation costs. The Company's non-GAAP adjusted operating earnings were $35.8 million in the reported quarter versus $38.5 million in the prior year’s comparable quarter.
For Q1 2018, SpartanNash's earnings from continuing operations totaled $12.4 million, or $0.34 per diluted share, compared to $15.1 million, or $0.40 per diluted share, in Q1 2017. The Company’s adjusted earnings from continuing operations were $20.0 million in the reported quarter compared to $20.7 million in the prior year's corresponding quarter, representing $0.55 per diluted share in both periods. SpartanNash’s earnings exceeded Wall Street's estimates of $0.53 per share.
During Q1 2018, as part of its retail store rationalization plan, SpartanNash closed 3 retail stores, ending the quarter with 142 corporate-owned retail stores compared to 153 stores in the prior year’s same quarter.
During Q1 2018, SpartanNash's Food Distribution segment’s net sales increased 3.7% to $1.16 billion from $1.11 billion in Q1 2017, primarily due to a sales growth from existing customers. The segment's reported operating earnings were $24.5 million in the reported quarter, down 3% versus $25.3 million in the prior year’s comparable quarter, primarily attributable to the shift in timing of supplier programs and higher transportation costs. The segment's adjusted operating earnings were $29.5 million in Q1 2018, down 11% compared to $33.1 million in Q1 2017.
For Q1 2018, SpartanNash’s Military segment's net sales rose 3.2% to $663.6 million compared to $643.3 million in Q1 2017, primarily due to a new commissary business in the Southwest and an incremental volume from the private brand program. The segment’s operating earnings surged 67% to $1.5 million from $0.9 million in the prior year's corresponding quarter, driven by margin improvements and lower healthcare costs.
SpartanNash’s Retail segment reported net sales of $566.2 million in Q1 2018, down 5% compared to $596.2 million in Q1 2017, primarily attributable to $21.3 million in lower sales resulting from the closure and sale of retail stores, as well as a decrease in comparable store sales of 2.2%. The segment recorded an operating loss of $0.3 million in the reported quarter compared to an operating income of $3.4 million in the prior year's same quarter, due to lower comparable store sales, investments in margin, and higher restructuring charges in connection with store closures compared to Q1 2017.
During Q1 2018, SpartanNash’s cash flow provided by operating activities was $60.4 million compared to the $10.3 million used in operating activities in Q1 2017. The change was primarily due to the timing of working capital requirements.
During Q1 2018, SpartanNash repurchased 952,108 shares of its common stock for approximately $20.0 million. As of April 21, 2018, the Company had $45.0 million available for future repurchases.
For H1 2018, SpartanNash is expecting adjusted earnings per share (EPS) to be $0.02 to $0.06 below the prior year's adjusted EPS of $1.15, due to a shift in the timing of certain supplier programs, a delay in the launch of a significant new customer program, and a challenging retail environment.
For FY18, SpartanNash is projecting adjusted EPS from continuing operations of approximately $2.20 to $2.32, compared to $2.10 in FY17. The Company is estimating reported diluted EPS from continuing operations to be in the range of approximately $1.98 to $2.10 for FY18 compared to a loss per diluted share from continuing operations of $1.41 in FY17.
Stock Performance Snapshot
June 25, 2018 - At Monday’s closing bell, SpartanNash's stock advanced 3.00%, ending the trading session at $25.44.
Volume traded for the day: 256.22 thousand shares.
Stock performance in the last month - up 36.33%; and previous three-month period - up 48.51%
After yesterday’s close, SpartanNash's market cap was at $939.50 million.
The stock has a dividend yield of 2.83%.
The stock is part of the Services sector, categorized under the Food Wholesale industry.
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