SpartanNash Company reported its financial results for the 12 and 40 weeks ended October 5, 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. Total net sales for the 12 weeks were $2,250.7 million, a slight decrease of 0.6% from $2,264.2 million in the same period last year. For the 40 weeks, net sales also declined by 2.6%, totaling $7,287.7 million compared to $7,484.0 million in the prior year.
The company's gross profit for the 12 weeks increased to $354.6 million, up from $347.5 million, reflecting a gross profit margin improvement from 15.3% to 15.8%. However, operating earnings for the 12 weeks rose to $24.9 million from $23.1 million, while year-to-date operating earnings fell to $81.7 million from $83.2 million. Net earnings for the 12 weeks were $10.9 million, down from $11.1 million, and for the 40 weeks, net earnings decreased to $35.4 million from $41.9 million.
The wholesale segment experienced a decline in net sales, with a 1.6% drop to $1,576.1 million for the 12 weeks and a 3.3% decrease to $5,144.7 million for the 40 weeks. Conversely, the retail segment saw a 1.9% increase in net sales for the 12 weeks, totaling $674.6 million, although it reported a year-to-date decline of 0.9%.
Strategically, SpartanNash made significant investments, with capital expenditures rising to $97.9 million for the 40 weeks, compared to $86.2 million in the prior year. The company also incurred non-cash restructuring and asset impairment charges of $16.1 million for the year-to-date period, a notable increase from $1.3 million in the previous year.
As of October 5, 2024, total assets increased to $2,467.4 million from $2,355.6 million at the end of the previous fiscal year. Current liabilities rose, particularly accounts payable, which increased to $513.6 million. Long-term debt and finance lease liabilities also grew to $627.0 million from $588.7 million.
The company declared $7.6 million in dividends during the quarter, with a quarterly dividend rate increase of 1.2% effective March 7, 2024. The effective income tax rate for the 12 weeks was 28.3%, up from 23.7% in the prior year, attributed to state taxes and non-deductible expenses. Overall, SpartanNash's financial results reflect ongoing challenges in the wholesale segment while maintaining some growth in retail operations.
About SpartanNash Co
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