SpartanNash Announces Third Quarter Fiscal Year 2016 Financial Results

SpartanNash Company (the "Company") (Nasdaq: SPTN) today reported financial results for the 12-week third quarter and 40-week period ended October 8, 2016.

Third Quarter Results

Consolidated net sales for the 12-week third quarter increased to $1.80 billion from $1.78 billion in the prior year quarter, driven primarily by increases in the food distribution segment.

Reported operating earnings improved to $29.9 million from $29.2 million in the prior year quarter primarily due to sales growth at food distribution and lower operating expenses due in part to lower depreciation as well as productivity and efficiency initiatives, which offset the negative impact of deflation in all segments. Adjusted operating earnings improved to $35.1 million from $34.8 million in the prior year quarter.

Reported earnings from continuing operations for the third quarter increased to $16.7 million, or $0.45 per diluted share, from $15.2 million, or $0.40 per diluted share, in the prior year quarter. Reported earnings from continuing operations for the third quarter include a $0.02 per diluted share benefit associated with tax credits. Adjusted earnings from continuing operations for the third quarter increased to $20.1 million, or $0.53 per diluted share, from $18.6 million, or $0.49 per diluted share, in the prior year quarter. Current year adjusted earnings from continuing operations exclude net after-tax charges of $0.08 per diluted share primarily related to asset impairment and restructuring charges associated with the Company's retail store rationalization plan as well as merger integration activities. Prior year adjusted earnings from continuing operations exclude net after-tax charges of $0.09 per diluted share primarily related to merger integration and acquisition expenses, as well as net restructuring and asset impairment charges. Adjusted earnings from continuing operations is a non-GAAP operating financial measure.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) was $53.4 million, or 3.0 percent of consolidated net sales, compared to $55.2 million, or 3.1 percent of consolidated net sales in the prior year quarter. Adjusted EBITDA is a non-Generally Accepted Accounting Principles (GAAP) financial measure. Please see the financial tables at the end of this press release for a reconciliation of net earnings to Adjusted EBITDA, and a reconciliation of each non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP.

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