SpartanNash Q2 Net Income Declines; Reaffirms FY24 Guidance

(RTTNews) - SpartanNash (SPTN) reported that its second quarter net income declined to $11.5 million from $19.5 million, last year. Net earnings was $0.34 per share, compared to $0.56 per share. Adjusted EPS from continuing operations was $0.59, compared to $0.65. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.56 for the quarter. Analysts' estimates typically exclude special items.

Second quarter net sales decreased 3.5% to $2.23 billion, driven by lower volumes in both the Wholesale and Retail segments. Wholesale segment net sales decreased 4.8% to $1.55 billion. Analysts expected revenue of $2.27 billion for the quarter.

For fical 2024, the company projects: adjusted EPS in a range of $1.85 to $2.10, and total net sales in a range of $9.50 billion to $9.70 billion.

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