SpartanNash Announces Fourth Quarter and Fiscal 2024 Results

Core Insights - SpartanNash reported significant growth in adjusted EBITDA for the fourth quarter of fiscal 2024, marking the third consecutive year of record performance, driven by margin-enhancing programs and strategic acquisitions [2][3][4] - The company is optimistic about its fiscal 2025 outlook, projecting total net sales between $9.8 billion and $10 billion, with adjusted EBITDA expected to range from $263 million to $278 million [7][9] Fiscal 2024 Highlights - Total net sales for fiscal 2024 decreased by 1.9% to $9.55 billion, with the wholesale segment net sales down 3.0% to $6.71 billion, while retail segment net sales increased by 1.1% to $2.84 billion [8][19] - The company reported a net loss of $35.1 million, or $1.04 per diluted share, compared to net earnings of $10.3 million, or $0.30 per diluted share in the previous year [15][28] - Adjusted EPS for fiscal 2024 was $2.03, down from $2.18 in fiscal 2023, while adjusted EBITDA increased slightly to $258.5 million from $257.4 million [8][28] Fourth Quarter Fiscal 2024 Highlights - In the fourth quarter, net sales increased by 0.7% to $2.26 billion, with retail segment sales rising by 7.7% to $697.1 million, despite a 0.7% decline in comparable store sales [8][19] - The wholesale segment experienced a 2.1% decline in net sales, primarily due to reduced case volumes [8][19] - Adjusted EBITDA for the fourth quarter was $58.6 million, up from $53.6 million, attributed to higher gross margin rates and contributions from recently acquired retail stores [8][19] Cash Flow and Capital Expenditures - Cash generated from operating activities increased by 130.5% to $205.9 million, primarily due to working capital improvements [8][18] - Capital expenditures and IT capital for the year totaled $144.4 million, compared to $127.4 million in the previous year [8][34] Debt and Shareholder Returns - The net long-term debt to adjusted EBITDA ratio increased to 2.8x from 2.4x, reflecting investments in inorganic growth [8][32] - The company returned $45 million to shareholders through share repurchases and dividends [8][18]