SpartanNash Company reported a decrease in net sales for the fiscal year ending December 28, 2024, totaling $9.55 billion, down from $9.73 billion in the previous year. The decline of $179.9 million, or 1.8%, was primarily attributed to a 3.0% drop in the Wholesale segment, which generated $6.71 billion in sales, largely due to lower case volumes among national accounts and independent retailers. In contrast, the Retail segment saw a slight increase in sales to $2.84 billion, driven by new store acquisitions, although comparable store sales fell by 1.7% due to reduced consumer demand.
The company's profitability was significantly impacted, with net earnings of $299,000 compared to $52.2 million in the prior year, marking a 99.4% decrease. This decline was influenced by a $45.7 million goodwill impairment charge in the Retail segment, reflecting challenges in the competitive grocery environment. Adjusted EBITDA remained relatively stable at $258.5 million, slightly up from $257.4 million in 2023, indicating that operational efficiencies from ongoing transformation initiatives helped mitigate some of the financial pressures.
Strategically, SpartanNash expanded its footprint through acquisitions, including the purchase of Metcalfe Markets and Fresh Encounter, which added 52 stores to its portfolio. The company also focused on enhancing its supply chain and marketing strategies, which contributed approximately $50 million in incremental benefits during the year. The Wholesale segment continues to serve a diverse customer base, including military commissaries, while the Retail segment operates 196 corporate-owned stores across ten states.
Operationally, SpartanNash employed approximately 19,000 associates as of December 28, 2024, with a focus on improving employee engagement and retention, which saw a 7% decrease in turnover rates. The company also reported a 4% increase in the 90-day retention rate for new hires. Looking ahead, SpartanNash anticipates continued challenges from macroeconomic conditions, including inflation and changing consumer behaviors, but remains committed to its strategic initiatives aimed at driving growth and enhancing customer value.
About SpartanNash Co
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.