GRAND RAPIDS, Mich-- Food solutions company SpartanNash (the 'Company') (Nasdaq: SPTN) today reported financial results for its 12-week fourth quarter and 52-week fiscal year ended Dec. 30, 2023.
'Our team is proud of another strong year in which we have demonstrated year-over-year growth, delivered record profitability, and performed in line with our expectations, all in spite of a challenging macroeconomic environment,' said SpartanNash President and CEO Tony Sarsam. 'We are on track to achieve the objectives in our long-term strategic plan as we focus on creating enhanced customer value and capturing additional cost savings from our transformational initiatives. We expect 2024 to be another pivotal year of market share growth in our Wholesale and Retail segments. Our talented Associates have built a strong foundation for us to pursue both organic and inorganic opportunities.'
Fourth Quarter Highlights(2)
Net sales decreased 2.8% to $2.25 billion, driven by lower volumes in both the Wholesale and Retail segments.
Wholesale segment net sales decreased 2.0% to $1.60 billion due primarily to lower volume in the national accounts customer channel.
Retail segment net sales decreased 4.5% to $647.0 million, with comparable store sales down 2.8%. The net sales decrease was primarily driven by a reduction in food assistance program benefits and lower fuel sales.
Net earnings of $0.30 per diluted share, compared to $0.02 per diluted share in the prior year.
The increase was primarily due to a higher gross profit rate and lower incentive compensation. This favorability was partially offset by lower unit volumes and an increase in restructuring and asset impairment charges.
Adjusted EPS(3) of $0.35, compared to $0.28 in the prior year. Adjusted EBITDA(1) of $53.6 million, compared to $47.2 million in the prior year.
These measures exclude, among other items, the impact of the LIFO provision and restructuring and asset impairment charges.
Fiscal 2023 Highlights(4)
Net sales increased 0.9% to $9.73 billion.
Wholesale net sales increased 1.1% to $6.92 billion.
Retail increased 0.4% to $2.81 billion, with a comparable store sales increase of 2.0%.
Net earnings of $1.50 per diluted share increased compared to $0.95 per diluted share.
Adjusted EPS(3) of $2.18 decreased from $2.33. Adjusted EBITDA(1) of $257.4 million increased from $242.9 million.
Cash generated from operating activities of $89.3 million decreased from $110.4 million.
Net long-term debt(5) to adjusted EBITDA(1) ratio of 2.3x at year end increased sequentially compared to 2.1x at the end of the third quarter.
Capital expenditures and IT capital(6) of $127.4 million increased compared to $102.1 million.
Returned $48.3 million to shareholders through $18.6 million in share repurchases and $29.7 million in dividends compared to $62.2 million returned to shareholders in the prior year.
See full results at: https://www.spartannash.com/investors/news/release/?id=131150
SOURCE SpartanNash
SPARTANNASH COMPANY 
