Group 1 - Reynolds Consumer Products Inc. will replace SpartanNash Co. in the S&P SmallCap 600 [1] - The change will take effect prior to the opening of trading on Wednesday, September 24 [1]

Core Viewpoint - SpartanNash Co, Camping World Holdings Inc, and Sonic Automotive, Inc. are set to trade ex-dividend on September 15, 2025, with respective upcoming dividends announced [1]. Dividend Announcements - SpartanNash Co will pay a quarterly dividend of $0.22 on September 30, 2025 [1]. - Camping World Holdings Inc will pay a quarterly dividend of $0.125 on September 29, 2025 [1]. - Sonic Automotive, Inc. will pay a quarterly dividend of $0.38 on October 15, 2025 [1]. Expected Price Adjustments - Based on the recent stock price of $26.58 for SpartanNash Co, the dividend represents approximately 0.83%, indicating shares may open 0.83% lower on September 15, 2025 [1]. - Camping World Holdings Inc is expected to open 0.74% lower, while Sonic Automotive, Inc. is anticipated to open 0.47% lower, all else being equal [1]. Historical Dividend Stability - Historical dividend data can provide insights into the stability of future dividends, which is crucial for assessing annual yield expectations [7]. - Current estimated annualized yields are 3.31% for SpartanNash Co, 2.97% for Camping World Holdings Inc, and 1.87% for Sonic Automotive, Inc. [7]. Recent Trading Performance - In recent trading, SpartanNash Co shares are down about 0.5%, Camping World Holdings Inc shares are down about 5.5%, and Sonic Automotive, Inc. shares are down about 2.5% [8].

Group 1 - Shareholders of SpartanNash voted to approve the merger with C&S Wholesale Grocers [2] - Approximately 82.1% of the outstanding shares of common stock voted in favor of the merger agreement [2]

Core Insights - SpartanNash is expanding its Supermercado Nuestra Familia banner by opening a new store in Topeka, Kansas, in November 2025, marking the first location in the state and the fifth overall under this brand [1][2][5] - The new store will provide a full-service Hispanic grocery experience, catering to the local community's needs just in time for the holiday shopping season [1][2][5] Company Overview - SpartanNash is a food solutions company with a workforce of 20,000 associates, operating in two main segments: food wholesale and grocery retail [7] - The company runs nearly 200 grocery stores under various banners, including Family Fare, Martin's Super Markets, and D&W Fresh Market, and also provides a wide range of products through its global supply chain network [7] Store Features - The Topeka location will feature nearly 50,000 square feet dedicated to Hispanic flavors and culture, serving neighborhoods such as Highland Crest, Central Highland Park, and Oakland [3] - The store will offer a variety of fresh produce, meats, and traditional Hispanic foods, including fresh-cut fruits, a full-service carniceria, and a tortilleria for freshly made tortillas [4] Community Engagement - SpartanNash is actively hiring associates for the new store and plans to hold a grand opening celebration for the community [6] - The company emphasizes a "People First" culture, aiming to integrate new associates into its operations and provide them with necessary training and tools for success [5]

Core Insights - Spartan Stores reported quarterly earnings of $0.54 per share, exceeding the Zacks Consensus Estimate of $0.45 per share, but down from $0.59 per share a year ago, indicating an earnings surprise of +20.00% [1] - The company generated revenues of $2.27 billion for the quarter ended June 2025, slightly missing the Zacks Consensus Estimate by 1.38%, but showing an increase from $2.23 billion year-over-year [2] - Spartan Stores has outperformed the S&P 500, with shares rising approximately 45% since the beginning of the year compared to the S&P 500's 10% gain [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.39 on revenues of $2.29 billion, and for the current fiscal year, it is $1.66 on revenues of $9.93 billion [7] - The estimate revisions trend for Spartan Stores was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Food - Natural Foods Products industry, to which Spartan Stores belongs, is currently in the top 25% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

[SpartanNash Second Quarter Fiscal 2025 Results](index=1&type=section&id=SpartanNash%20Second%20Quarter%20Fiscal%202025%20Results) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) SpartanNash's Q2 FY2025 net sales rose 1.8% to $2.27 billion, net earnings fell to $6.2 million, but Adjusted EBITDA increased to $68.7 million Q2 Fiscal 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales (Billions $) | $2.27 | $2.23 | +1.8% | | Net Earnings (Millions $) | $6.2 | $11.5 | -46.1% | | Diluted EPS ($) | $0.18 | $0.34 | -47.1% | | Adjusted EPS ($) | $0.54 | $0.59 | -8.5% | | Adjusted EBITDA (Millions $) | $68.7 | $64.5 | +6.5% | - The ratio of net long-term debt to adjusted EBITDA improved sequentially to **2.7x** from **2.9x** at the end of the first quarter[6](index=6&type=chunk) - Capital expenditures and IT capital for the quarter amounted to **$56.2 million**, a decrease from **$73.4 million** in the prior year's quarter[6](index=6&type=chunk) - The company returned **$15.5 million** to shareholders through dividends during the quarter[6](index=6&type=chunk) [C&S Wholesale Grocers Transaction](index=1&type=section&id=C%26S%20Wholesale%20Grocers%20Transaction) SpartanNash agreed to be acquired by C&S Wholesale Grocers for $26.90 per share, valuing the deal at $1.77 billion, with closing expected late 2025 - On June 22, 2025, SpartanNash agreed to be acquired by C&S Wholesale Grocers in an all-cash transaction[5](index=5&type=chunk) Transaction Details | Metric | Value | | :--- | :--- | | Purchase Price per Share ($) | $26.90 | | Total Consideration (Billions $) | $1.77 (incl. net debt) | | Premium to June 20, 2025 Close (%) | 52.5% | | Premium to 30-day VWAP (%) | 42.0% | - The transaction is expected to close in late 2025, subject to customary closing conditions including shareholder and regulatory approvals[7](index=7&type=chunk) [Segment Performance](index=1&type=section&id=Segment%20Performance) Retail net sales grew 12.8% to $762.9 million from acquisitions, while Wholesale net sales fell 3.0% to $1.51 billion due to volume declines Q2 2025 Segment Results (vs Q2 2024) | Segment | Net Sales ($) | % Change | Operating Earnings ($) | % Change | | :--- | :--- | :--- | :--- | :--- | | Wholesale | $1.51B | -3.0% | $18.0M | -18.3% | | Retail | $762.9M | +12.8% | $0.1M | -97.9% | - Wholesale sales decline was driven by reduced case volumes in national accounts and the elimination of intercompany sales to newly acquired stores, partially offset by higher military channel sales[6](index=6&type=chunk) - Retail sales growth was due to incremental sales from recently acquired stores, however, retail comparable store sales decreased by **0.5%** due to lower unit volumes[6](index=6&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, including earnings, balance sheets, and cash flows for Q2 and year-to-date fiscal 2025 [Condensed Consolidated Statements of Earnings](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Q2 2025 net sales rose to $2.27 billion, but increased operating expenses led to lower operating earnings of $18.1 million and net earnings of $6.2 million Q2 2025 Statement of Earnings Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $2,271,145 | $2,230,756 | | Gross profit | $382,622 | $353,003 | | Total operating expenses | $364,498 | $326,877 | | Operating earnings | $18,124 | $26,126 | | Net earnings | $6,190 | $11,489 | | Diluted EPS | $0.18 | $0.34 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of July 12, 2025, total assets were $2.56 billion, slightly down from fiscal 2024, with liabilities decreasing and shareholders' equity stable Balance Sheet Highlights (in thousands) | Line Item | July 12, 2025 | Dec 28, 2024 | | :--- | :--- | :--- | | Total current assets | $1,087,985 | $1,091,811 | | Total assets | $2,557,509 | $2,602,296 | | Total current liabilities | $693,550 | $695,239 | | Total long-term debt | $713,971 | $740,969 | | Total shareholders' equity | $741,824 | $743,490 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the 28 weeks ended July 12, 2025, net cash from operating activities decreased to $112.6 million, resulting in a net cash increase of $3.9 million for the period Year-to-Date Cash Flow Summary (in thousands) | Cash Flow Activity | 28 Weeks Ended Jul 12, 2025 | 28 Weeks Ended Jul 13, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $112,563 | $132,098 | | Net cash used in investing activities | $(59,445) | $(79,495) | | Net cash used in financing activities | $(49,184) | $(45,325) | | Net increase in cash | $3,934 | $7,278 | [Non-GAAP Financial Measures and Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section details non-GAAP financial measures like Adjusted EBITDA and EPS, used by management to assess performance by excluding non-operational items, with reconciliations - The company provides non-GAAP measures such as adjusted EPS, net long-term debt, and adjusted EBITDA, which management believes provide useful supplemental information for investors to evaluate performance[24](index=24&type=chunk) - Adjustments to derive non-GAAP measures exclude items considered "non-operational" or "non-core," such as LIFO expense, organizational realignment costs, acquisition and integration expenses, and restructuring charges[25](index=25&type=chunk)[26](index=26&type=chunk) [Reconciliation of Net Earnings to Adjusted EBITDA (Table 2)](index=7&type=section&id=Reconciliation%20of%20Net%20Earnings%20to%20Adjusted%20EBITDA%20(Table%202)) Q2 2025 Adjusted EBITDA increased to $68.7 million, reconciled from GAAP net earnings of $6.2 million by adding back depreciation, acquisition, and realignment costs Q2 Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net earnings | $6,190 | $11,489 | | Depreciation and amortization | $27,876 | $23,342 | | Acquisition and integration, net | $9,315 | $2,613 | | Organizational realignment, net | $4,330 | $1,369 | | **Adjusted EBITDA** | **$68,695** | **$64,506** | [Reconciliation of Net Earnings to Adjusted EPS (Table 3)](index=8&type=section&id=Reconciliation%20of%20Net%20Earnings%20to%20Adjusted%20EPS%20(Table%203)) Q2 2025 Adjusted EPS was $0.54, adjusted from GAAP diluted EPS of $0.18 by excluding after-tax impacts of acquisition and organizational realignment costs Q2 Adjusted EPS Reconciliation | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net earnings (Thousands $) | $6,190 | $11,489 | | Diluted EPS ($) | $0.18 | $0.34 | | Total adjustments, net of taxes (Thousands $) | $12,465 | $8,390 | | **Adjusted earnings (Thousands $)** | **$18,655** | **$19,879** | | **Adjusted EPS ($)** | **$0.54** | **$0.59** | [Reconciliation of Debt to Net Long-Term Debt (Table 4)](index=9&type=section&id=Reconciliation%20of%20Debt%20to%20Net%20Long-Term%20Debt%20(Table%204)) As of July 12, 2025, net long-term debt was $703.4 million, with the leverage ratio improving to 2.7x from 2.9x sequentially Net Long-Term Debt and Leverage Ratio | Metric (in thousands, except ratio) | July 12, 2025 | April 19, 2025 | | :--- | :--- | :--- | | Total debt (Thousands $) | $728,941 | $777,028 | | Less: Cash and cash equivalents (Thousands $) | $(25,504) | $(19,970) | | **Net long-term debt (Thousands $)** | **$703,437** | **$757,058** | | Rolling 52-Weeks Adjusted EBITDA (Thousands $) | $264,644 | $260,455 | | **Net long-term debt to adjusted EBITDA ratio (x)** | **2.7x** | **2.9x** | [Reconciliation of Purchases of Property and Equipment to Capital Expenditures and IT Capital (Table 5)](index=10&type=section&id=Reconciliation%20of%20Purchases%20of%20Property%20and%20Equipment%20to%20Capital%20Expenditures%20and%20IT%20Capital%20(Table%205)) For the 28 weeks ended July 12, 2025, total capital expenditures and IT capital decreased to $56.2 million from $73.4 million in the prior year YTD Capital Expenditures and IT Capital (in thousands) | Line Item | 28 Weeks Ended Jul 12, 2025 | 28 Weeks Ended Jul 13, 2024 | | :--- | :--- | :--- | | Purchases of property and equipment | $51,179 | $67,074 | | Plus: Cloud computing spend | $5,032 | $6,347 | | **Capital expenditures and IT capital** | **$56,211** | **$73,421** | [Forward-Looking Statements and Other Information](index=2&type=section&id=Forward-Looking%20Statements%20and%20Other%20Information) This section outlines risks and uncertainties for forward-looking statements, particularly regarding the C&S transaction, directing investors to SEC filings - Due to the pending transaction with C&S, the company will not host an earnings conference call or provide fiscal 2025 financial guidance[8](index=8&type=chunk) - The report includes forward-looking statements subject to significant risks, including the ability to complete the C&S transaction, competitive pressures, macroeconomic uncertainty, and other factors detailed in SEC filings[10](index=10&type=chunk)[11](index=11&type=chunk) - Investors are urged to read the definitive proxy statement filed with the SEC on July 31, 2025, for important information regarding the proposed transaction[12](index=12&type=chunk)

Core Insights - SpartanNash reported strong profitability driven by gross margin improvements and contributions from recent acquisitions [1][2] - The company is focused on closing the C&S Wholesale Grocers transaction, expected to finalize in late 2025 [1][8] - Financial results for the second quarter of fiscal 2025 showed a net sales increase of 1.8% to $2.27 billion, with notable performance in the retail segment [11] Financial Performance - Net sales increased to $2.27 billion, with retail segment net sales rising by 12.8% to $762.9 million, while wholesale segment net sales decreased by 3.0% to $1.51 billion [11] - Net earnings were reported at $6.2 million or $0.18 per diluted share, down from $11.5 million or $0.34 per diluted share in the previous year [11] - Adjusted EPS for the quarter was $0.54, compared to $0.59 in the same period last year [11] Transaction Details - SpartanNash entered into a merger agreement with C&S Wholesale Grocers for a purchase price of $26.90 per share, totaling $1.77 billion, which includes assumed net debt [7] - The transaction price represents a 52.5% premium over SpartanNash's closing price prior to the announcement [7] - The merger has been unanimously approved by the boards of both companies and is subject to shareholder and regulatory approvals [8] Operational Highlights - The company generated cash from operating activities amounting to $112.6 million, compared to $132.1 million in the previous year [11] - Capital expenditures and IT capital for the quarter were $56.2 million, down from $73.4 million [11] - The net long-term debt to adjusted EBITDA ratio improved to 2.7x from 2.9x in the previous quarter [11]

Core Insights - SpartanNash has appointed Jason Ulichnie as Vice President of OwnBrands Marketing, responsible for portfolio management, product development, and brand equity for its OwnBrands [1][2][3] Group 1: Leadership and Experience - Jason Ulichnie brings nearly 20 years of experience in the retail and restaurant industry, having previously worked at Schnuck Markets, Brinker International, and Walmart [4][5] - Ulichnie's role will include managing product innovation, pricing, promotions, forecasting, and sourcing to enhance the OwnBrands portfolio [4] Group 2: Company Overview - SpartanNash operates in two business segments: food wholesale and grocery retail, serving a wide range of customers including independent grocers and national retail brands [7] - The company operates nearly 200 grocery stores under various banners, including Family Fare, Martin's Super Markets, and D&W Fresh Market [7]

Group 1 - SpartanNash has appointed Rybicki as CIO to oversee the technology team, focusing on innovation, operational efficiency, and growth strategy [1] - Rybicki has 20 years of experience, previously serving as Chief Information and Technology Officer at Mastronardi Produce and holding senior IT positions at Vyaire Medical, Merieux Nutrisciences, and Delphi [2] - Hoffman will lead the cybersecurity strategy across retail, supply chain, and corporate environments, joining from Inspire Security Solutions where he was Vice President and CISO [3] Group 2 - SpartanNash is a food solutions company with a commitment to a People First culture, employing 20,000 associates [5] - The company operates in two segments: food wholesale and grocery retail, serving a diverse range of customers including independent grocers and national retail brands [5] - SpartanNash distributes a wide variety of products, including fresh produce and household goods, and operates nearly 200 grocery stores under various banners [5]

Group 1: Company Overview - SpartanNash is a food solutions company with a workforce of 20,000 associates, operating in two main segments: food wholesale and grocery retail [6] - The company serves over 2,100 retail locations, providing tools for customers to remain fresh, competitive, and community-focused [2] - SpartanNash operates nearly 200 grocery stores under various banners, including Family Fare®, Martin's Super Markets, and D&W® Fresh Market, along with pharmacies and fuel centers [7] Group 2: Industry Insights - Independent grocers account for 33% of retail grocery industry sales, totaling approximately $253.6 billion annually, which represents 1.2% of the United States' GDP [2] - The Food Solutions Expo hosted by SpartanNash aims to enhance the grocery shopping experience by fostering partnerships among independent grocers, customers, and vendors [3] Group 3: Awards and Recognition - SpartanNash recognized five exceptional independent retailers and four vendors during the Vision Awards and Impact Awards for their contributions to independent customers and communities [3][4] - The 2024-25 Impact Award winners include Discount Drug Mart, Berens Market, Harding's Friendly Markets, Neiman's Family Market, and Northland Foods, each acknowledged for their community engagement and innovative practices [6]