Updates Fiscal 2024 Guidance and Provides Preview
of Fiscal 2025
Retail Segment Sales Increased 1.9% Supported by
Inorganic Growth
GRAND RAPIDS, Mich.,
Nov. 7,
2024 /PRNewswire/ -- Food solutions company
SpartanNash (the "Company") (Nasdaq: SPTN) today reported
financial results for its 12-week third quarter ended October 5, 2024.
"Our team made significant progress on our strategic plans this
past quarter, while sustaining profitability in a complex
environment," said SpartanNash President and
CEO Tony Sarsam. "We
continue to invest in our business to expand margin, capture
additional cost savings, collaborate with our suppliers, and
deliver value-add products and outstanding service to our Wholesale
customers and Retail shoppers. All of these elements have
established a solid foundation to drive organic and inorganic
growth, including the upcoming acquisitions of Fresh Encounter and
Markham."
Third Quarter Fiscal 2024 Highlights(1)
- Net sales decreased 0.6% to $2.25
billion, driven by lower volume in the Wholesale segment,
partially offset by an increase in volume in the Retail segment.
- Wholesale segment net sales decreased 1.6% to $1.58 billion primarily due to reduced case
volumes in both the independent retailers and national accounts
customer channels.
- Retail segment net sales increased 1.9% to $674.6 million, while comparable store sales were
down 0.7%. Incremental sales from the recently acquired Metcalfe's
Market stores more than offset lower consumer demand trends.
- Net earnings were $0.32 per
diluted share in both the current and prior year quarters.
- Increased Wholesale segment gross margin rates, including
benefits from the merchandising transformation, and lower corporate
administrative costs, as well as reduced LIFO expense were offset
by lower case volumes, higher restructuring charges, increased
healthcare costs, and increased Retail segment store labor.
- Adjusted EPS(2) of $0.48, compared to $0.54. Adjusted EBITDA(3) of
$60.5 million, compared to
$60.9 million. These measures
exclude, among other items, restructuring charges and the impact of
the LIFO provision.
Other Fiscal 2024 Highlights(4)
- Cash generated from operating activities of $123.3 million compared to $95.7 million. The 28.8% increase in cash from
operating activities is due primarily to ongoing working capital
management initiatives.
- Net long-term debt(5) to adjusted
EBITDA(5) ratio of 2.4x compared to 2.2x at the end of
the second quarter.
- Capital expenditures and IT capital(6) of
$106.3 million compared to
$90.3 million.
- Returned $37.7 million to
shareholders through $15.1 million in
share repurchases and $22.6 million
in dividends.
|
(1)
|
All comparisons are
for the third quarter of 2024 compared with the third quarter of
2023, unless otherwise noted.
|
|
(2)
|
A reconciliation of
net earnings to adjusted earnings from continuing operations, as
well as per diluted share ("adjusted EPS"), a non-GAAP financial
measure, is provided in Table 3.
|
|
(3)
|
A reconciliation of
net earnings to adjusted EBITDA, a non-GAAP financial measure, is
provided in Table 2.
|
|
(4)
|
All comparisons are
for the fiscal year-to-date 2024 compared with the fiscal
year-to-date 2023, unless otherwise noted.
|
|
(5)
|
A reconciliation of
long-term debt and finance lease obligations to net long-term debt
and Net Earnings to Adjusted EBITDA, non-GAAP financial measures,
are provided in Table 4.
|
|
(6)
|
A reconciliation of
purchases of property and equipment to capital expenditures and IT
capital, a non-GAAP financial measure, is provided in Table
5.
|
Fiscal 2024 Outlook
Based on the Company's performance to date and the current
outlook for the remainder of fiscal 2024, the Company is updating
its guidance to reflect current trends and market conditions. The
following table provides the Company's updated guidance for fiscal
2024:
|
Fiscal
2023
|
|
|
Previous Fiscal 2024
Outlook
|
|
|
Updated Fiscal 2024
Outlook
|
|
|
(In millions, except
adjusted EPS(2))
|
Actual
|
|
|
Low
|
|
|
High
|
|
|
Low
|
|
|
High
|
|
|
Total net
sales
|
$
|
|
9,729
|
|
|
$
|
|
9,500
|
|
|
$
|
|
9,700
|
|
|
$
|
|
9,500
|
|
|
$
|
|
9,700
|
|
|
Adjusted
EBITDA(3)
|
$
|
|
257
|
|
|
$
|
|
255
|
|
|
$
|
|
270
|
|
|
$
|
|
252
|
|
|
$
|
|
257
|
|
|
Adjusted
EPS(2)
|
$
|
|
2.18
|
|
|
$
|
|
1.85
|
|
|
$
|
|
2.10
|
|
|
$
|
|
1.85
|
|
|
$
|
|
1.95
|
|
|
Capital expenditures
and IT capital(6)
|
$
|
|
127
|
|
|
$
|
|
135
|
|
|
$
|
|
145
|
|
|
$
|
|
135
|
|
|
$
|
|
140
|
|
Guidance incorporates the Company's long-term strategic
initiatives, including all transformational programs and tuck-in
acquisitions.
Considering the impact of current market conditions tempered by
ongoing investments in growth, in fiscal 2025 the Company expects
low-single-digit topline growth and mid-single-digit adjusted
EBITDA growth compared to fiscal 2024. The Company plans to provide
its full fiscal 2025 outlook when it announces its fourth quarter
and fiscal 2024 results in February
2025.
Conference Call & Supplemental Earnings
Presentation
The Company will host a conference call to discuss its quarterly
results with additional comments and details on Thursday, Nov. 7, 2024, at 8:30 a.m. ET. There will also be a simultaneous,
live webcast made available at SpartanNash's website at
spartannash.com/webcasts under the "Investor Relations" section and
will remain archived on the Company's website through Thursday, Nov. 21, 2024.
A supplemental quarterly earnings presentation will also be
available on the Company's website at
spartannash.com/investor-presentations.
About SpartanNash
SpartanNash (Nasdaq: SPTN) is a food solutions company that
delivers the ingredients for a better life. Committed to fostering
a People First culture, the SpartanNash family of Associates
is 17,000 strong. SpartanNash operates two complementary business
segments – food wholesale and grocery retail. Its global supply
chain network serves wholesale customers that include independent
and chain grocers, national retail brands, e-commerce platforms,
and U.S. military commissaries and exchanges. The Company
distributes products for every aisle in the grocery store, from
fresh produce to household goods to its OwnBrands, which include
the Our Family® portfolio of products. On the retail
side, SpartanNash operates 147 brick-and-mortar grocery stores,
primarily under the banners of Family Fare, Martin's Super Markets
and D&W Fresh Market, in addition to dozens of pharmacies and
fuel centers. Leveraging insights and solutions across its
segments, SpartanNash offers a full suite of support services for
independent grocers. For more information, visit
spartannash.com.
Forward-Looking Statements
The matters discussed in this press release and in the Company's
website-accessible conference calls with analysts and investor
presentations include "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
("Exchange Act"), about the plans, strategies, objectives, goals or
expectations of the Company. These forward-looking statements may
be identifiable by words or phrases indicating that the Company or
management "expects," "projects," "anticipates," "plans,"
"believes," "intends," or "estimates," or that a particular
occurrence or event "may," "could," "should," "will" or "will
likely" result, occur or be pursued or "continue" in the future,
that the "outlook," "trend," "guidance" or "target" is toward a
particular result or occurrence, that a development is an
"opportunity," "priority," "strategy," "focus," that the Company is
"positioned" for a particular result, or similarly stated
expectations. Undue reliance should not be placed on these
forward-looking statements, which speak only as of the date made.
Forward-looking statements are necessarily based on estimates and
assumptions that are inherently subject to significant business,
economic and competitive uncertainties and contingencies, many of
which, with respect to future business decisions, are subject to
change. These uncertainties and contingencies may affect actual
results and could cause actual results to differ materially. These
risks and uncertainties include the Company's ability to compete in
an extremely competitive industry; the Company's dependence on
certain major customers; the Company's ability to implement its
growth strategy and transformation initiatives; the Company's
ability to implement its growth strategy through acquisitions and
successfully integrate acquired businesses; disruptions to the
Company's information security network, including security breaches
and cyber-attacks; impacts to the availability and performance of
the Company's information technology systems; changes in
relationships with the Company's vendor base; changes in product
availability and product pricing from vendors; macroeconomic
uncertainty, including rising inflation, potential economic
recession, and increasing interest rates; difficulty attracting and
retaining well-qualified Associates and effectively managing
increased labor costs; failure to successfully retain or manage
transitions with executive leaders and other key personnel; impacts
to the Company's business and reputation due to an increasing focus
on environmental, social and governance matters; customers to whom
the Company extends credit or for whom the Company guarantees loans
may fail to repay the Company; changes in the geopolitical
conditions; disruptions associated with severe weather conditions
and natural disasters, including effects from climate change;
disruptions associated with disease outbreaks; the Company's
ability to manage its private brand program for U.S. military
commissaries, including the termination of the program or not
achieving the desired results; impairment charges for goodwill or
other long-lived assets; the Company's level of indebtedness;
interest rate fluctuations; the Company's ability to service its
debt and to comply with debt covenants; changes in government
regulations; labor relations issues; changes in the military
commissary system, including its supply chain, or in the level of
governmental funding; product recalls and other product-related
safety concerns; cost increases related to multi-employer pension
plans; and other risks and uncertainties listed under "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the Company's most recent
Annual Report on Form 10-K and in subsequent filings with the
Securities and Exchange Commission. Additional risks and
uncertainties not currently known to the Company or that the
Company currently believes are immaterial also may impair its
business, operations, liquidity, financial condition and prospects.
The Company undertakes no obligation to update or revise its
forward-looking statements to reflect developments that occur or
information obtained after the date of this press release.
INVESTOR CONTACT:
Kayleigh
Campbell
Head of Investor Relations
kayleigh.campbell@spartannash.com
MEDIA CONTACT:
Adrienne Chance
SVP and Chief Communications Officer
press@spartannash.com
|
SPARTANNASH COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited)
|
|
|
12 Weeks
Ended
|
|
|
40 Weeks
Ended
|
|
|
October
5,
|
|
|
October
7,
|
|
|
October
5,
|
|
|
October
7,
|
|
|
(In thousands,
except per share amounts)
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Net
sales
|
$
|
|
2,250,681
|
|
|
$
|
|
2,264,248
|
|
|
$
|
|
7,287,700
|
|
|
$
|
|
7,484,036
|
|
|
Cost of
sales
|
|
|
1,896,032
|
|
|
|
|
1,916,709
|
|
|
|
|
6,139,704
|
|
|
|
|
6,337,449
|
|
|
Gross
profit
|
|
|
354,649
|
|
|
|
|
347,539
|
|
|
|
|
1,147,996
|
|
|
|
|
1,146,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
324,061
|
|
|
|
|
322,796
|
|
|
|
|
1,045,851
|
|
|
|
|
1,059,787
|
|
|
Acquisition and
integration, net
|
|
|
272
|
|
|
|
|
2,130
|
|
|
|
|
3,212
|
|
|
|
|
2,259
|
|
|
Restructuring
and asset impairment, net
|
|
|
5,397
|
|
|
|
|
(458)
|
|
|
|
|
17,272
|
|
|
|
|
1,371
|
|
|
Total operating
expenses
|
|
|
329,730
|
|
|
|
|
324,468
|
|
|
|
|
1,066,335
|
|
|
|
|
1,063,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
|
|
24,919
|
|
|
|
|
23,071
|
|
|
|
|
81,661
|
|
|
|
|
83,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses and
(income)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net
|
|
|
9,915
|
|
|
|
|
9,280
|
|
|
|
|
33,943
|
|
|
|
|
30,218
|
|
|
Other,
net
|
|
|
(216)
|
|
|
|
|
(786)
|
|
|
|
|
(1,814)
|
|
|
|
|
(2,510)
|
|
|
Total other
expenses, net
|
|
|
9,699
|
|
|
|
|
8,494
|
|
|
|
|
32,129
|
|
|
|
|
27,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
income taxes
|
|
|
15,220
|
|
|
|
|
14,577
|
|
|
|
|
49,532
|
|
|
|
|
55,462
|
|
|
Income tax
expense
|
|
|
4,300
|
|
|
|
|
3,450
|
|
|
|
|
14,152
|
|
|
|
|
13,530
|
|
|
Net
earnings
|
$
|
|
10,920
|
|
|
$
|
|
11,127
|
|
|
$
|
|
35,380
|
|
|
$
|
|
41,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
basic common share
|
$
|
|
0.33
|
|
|
$
|
|
0.33
|
|
|
$
|
|
1.05
|
|
|
$
|
|
1.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
diluted common share
|
$
|
|
0.32
|
|
|
$
|
|
0.32
|
|
|
$
|
|
1.03
|
|
|
$
|
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
33,580
|
|
|
|
|
34,020
|
|
|
|
|
33,847
|
|
|
|
|
34,262
|
|
|
Diluted
|
|
|
34,102
|
|
|
|
|
34,523
|
|
|
|
|
34,266
|
|
|
|
|
34,967
|
|
|
SPARTANNASH COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
|
|
|
October
5,
|
|
|
December
30,
|
|
|
(In
thousands)
|
2024
|
|
|
2023
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
|
17,510
|
|
|
$
|
|
17,964
|
|
|
Accounts and
notes receivable, net
|
|
|
490,131
|
|
|
|
|
421,859
|
|
|
Inventories,
net
|
|
|
557,955
|
|
|
|
|
575,226
|
|
|
Prepaid
expenses and other current assets
|
|
|
74,167
|
|
|
|
|
62,440
|
|
|
Total
current assets
|
|
|
1,139,763
|
|
|
|
|
1,077,489
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
668,927
|
|
|
|
|
649,071
|
|
|
Goodwill
|
|
|
190,023
|
|
|
|
|
182,160
|
|
|
Intangible
assets, net
|
|
|
101,817
|
|
|
|
|
101,535
|
|
|
Operating
lease assets
|
|
|
259,890
|
|
|
|
|
242,146
|
|
|
Other assets,
net
|
|
|
107,013
|
|
|
|
|
103,174
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
|
2,467,433
|
|
|
$
|
|
2,355,575
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
|
513,577
|
|
|
$
|
|
473,419
|
|
|
Accrued payroll
and benefits
|
|
|
70,516
|
|
|
|
|
78,076
|
|
|
Other accrued
expenses
|
|
|
65,432
|
|
|
|
|
57,609
|
|
|
Current portion
of operating lease liabilities
|
|
|
42,355
|
|
|
|
|
41,979
|
|
|
Current portion
of long-term debt and finance lease liabilities
|
|
|
9,747
|
|
|
|
|
8,813
|
|
|
Total
current liabilities
|
|
|
701,627
|
|
|
|
|
659,896
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
85,660
|
|
|
|
|
73,904
|
|
|
Operating lease
liabilities
|
|
|
245,270
|
|
|
|
|
226,118
|
|
|
Other long-term
liabilities
|
|
|
26,611
|
|
|
|
|
28,808
|
|
|
Long-term debt
and finance lease liabilities
|
|
|
626,957
|
|
|
|
|
588,667
|
|
|
Total
long-term liabilities
|
|
|
984,498
|
|
|
|
|
917,497
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments
and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Common stock,
voting, no par value; 100,000 shares
authorized; 33,755 and 34,610 shares
outstanding
|
|
|
452,024
|
|
|
|
|
460,299
|
|
|
Preferred
stock, no par value, 10,000 shares
authorized; no shares
outstanding
|
|
|
—
|
|
|
|
|
—
|
|
|
Accumulated
other comprehensive (loss) income
|
|
|
(325)
|
|
|
|
|
796
|
|
|
Retained
earnings
|
|
|
329,609
|
|
|
|
|
317,087
|
|
|
Total
shareholders' equity
|
|
|
781,308
|
|
|
|
|
778,182
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and
shareholders' equity
|
$
|
|
2,467,433
|
|
|
$
|
|
2,355,575
|
|
|
SPARTANNASH COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
|
|
|
|
|
|
40 Weeks
Ended
|
|
|
(In
thousands)
|
|
|
|
October 5,
2024
|
|
|
October 7,
2023
|
|
|
Cash flow
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities
|
|
|
|
$
|
|
123,255
|
|
|
$
|
|
95,680
|
|
|
Net cash used
in investing activities
|
|
|
|
|
|
(110,652)
|
|
|
|
|
(82,003)
|
|
|
Net cash used
in financing activities
|
|
|
|
|
|
(13,057)
|
|
|
|
|
(25,209)
|
|
|
Net decrease in
cash and cash equivalents
|
|
|
|
|
|
(454)
|
|
|
|
|
(11,532)
|
|
|
Cash and cash
equivalents at beginning of the period
|
|
|
|
|
|
17,964
|
|
|
|
|
29,086
|
|
|
Cash and cash
equivalents at end of the period
|
|
|
|
$
|
|
17,510
|
|
|
$
|
|
17,554
|
|
|
SPARTANNASH COMPANY
AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL
DATA
|
|
|
Table 1: Sales and
Operating Earnings by Segment
(Unaudited)
|
|
|
12 Weeks
Ended
|
|
|
40 Weeks
Ended
|
|
|
(In
thousands)
|
October 5,
2024
|
|
|
October 7,
2023
|
|
|
October 5,
2024
|
|
|
October 7,
2023
|
|
|
Wholesale
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$
|
|
1,576,082
|
|
|
70.0
|
%
|
|
$
|
|
1,602,000
|
|
|
70.8
|
%
|
|
$
|
|
5,144,731
|
|
|
70.6
|
%
|
|
$
|
|
5,321,048
|
|
|
71.1
|
%
|
|
Operating
earnings
|
|
|
21,054
|
|
|
|
|
|
|
|
18,153
|
|
|
|
|
|
|
|
79,123
|
|
|
|
|
|
|
|
66,020
|
|
|
|
|
|
Retail
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
|
674,599
|
|
|
30.0
|
%
|
|
|
|
662,248
|
|
|
29.2
|
%
|
|
|
|
2,142,969
|
|
|
29.4
|
%
|
|
|
|
2,162,988
|
|
|
28.9
|
%
|
|
Operating
earnings
|
|
|
3,865
|
|
|
|
|
|
|
|
4,918
|
|
|
|
|
|
|
|
2,538
|
|
|
|
|
|
|
|
17,150
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
$
|
|
2,250,681
|
|
|
100.0
|
%
|
|
$
|
|
2,264,248
|
|
|
100.0
|
%
|
|
$
|
|
7,287,700
|
|
|
100.0
|
%
|
|
$
|
|
7,484,036
|
|
|
100.0
|
%
|
|
Operating
earnings
|
|
|
24,919
|
|
|
|
|
|
|
|
23,071
|
|
|
|
|
|
|
|
81,661
|
|
|
|
|
|
|
|
83,170
|
|
|
|
|
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with
GAAP, the Company also provides information regarding adjusted
earnings from continuing operations, as well as per diluted share
("adjusted EPS"), net long-term debt, capital expenditures and IT
capital, and adjusted earnings before interest, taxes, depreciation
and amortization ("adjusted EBITDA"). These are non-GAAP financial
measures, as defined below, and are used by management to allocate
resources, assess performance against its peers and evaluate
overall performance. The Company believes these measures provide
useful information for both management and its investors. The
Company believes these non-GAAP measures are useful to investors
because they provide additional understanding of the trends and
special circumstances that affect its business. These measures
provide useful supplemental information that helps investors to
establish a basis for expected performance and the ability to
evaluate actual results against that expectation. The measures,
when considered in connection with GAAP results, can be used to
assess the overall performance of the Company as well as assess the
Company's performance against its peers. These measures are also
used as a basis for certain compensation programs sponsored by the
Company. In addition, securities analysts, fund managers and other
shareholders and stakeholders that communicate with the Company
request its financial results in these adjusted formats.
Current year adjusted earnings from continuing operations, and
adjusted EBITDA exclude, among other items, LIFO expense,
organizational realignment, severance associated with cost
reduction initiatives, operating and non-operating costs associated
with the postretirement plan amendment and settlement and a
non-operating benefit associated with a pension refund from an
annuity provider. Current year organizational realignment includes
consulting and severance costs associated with the Company's change
in its go-to-market strategy as part of its long-term plan, which
relates to the reorganization of certain functions. Costs related
to the postretirement plan amendment and settlement include
operating and non-operating expenses associated with amortization
of the prior service credit related to the amendment of the retiree
medical plan, which are adjusted out of adjusted earnings from
continuing operations. Postretirement plan amendment and settlement
costs also include operating expenses related to payroll taxes
which are adjusted out of all non-GAAP financial measures. The
pension refund from an annuity provider is related to a terminated
pension plan and is a non-operating benefit which is adjusted out
of adjusted earnings from continuing operations. Prior year
adjusted earnings from continuing operations, and adjusted EBITDA
exclude, among other items, LIFO expense, organizational
realignment, severance associated with cost reduction initiatives
and a non-routine settlement related to a legal matter resulting
from a previously closed operation that was resolved during the
prior year and operating and non-operating costs associated with
the postretirement plan amendment and settlement.
Each of these items are considered "non-operational" or
"non-core" in nature.
The Company is unable to provide a full reconciliation of the
GAAP to non-GAAP measures used in the Fiscal 2024 Outlook section
of this press release without unreasonable effort because it is not
possible to predict certain adjustment items with a reasonable
degree of certainty since they are not yet known or quantifiable,
and do not relate to the Company's normal operating activities.
These adjustments may include, among other items, restructuring and
asset impairment activity, acquisition and integration costs,
severance, costs related to the postretirement plan amendment and
settlement, and organizational realignment costs, and the impact of
adjustments to the LIFO inventory reserve. This information is
dependent upon future events, which may be outside of the Company's
control and could have a significant impact on its GAAP financial
results for fiscal 2024.
|
Table 2:
Reconciliation of Net Earnings to Adjusted Earnings Before
Interest, Taxes, Depreciation and
Amortization
(Adjusted EBITDA)
(A
Non-GAAP Financial Measure)
(Unaudited)
|
|
|
12 Weeks
Ended
|
|
|
40 Weeks
Ended
|
|
|
(In
thousands)
|
October 5,
2024
|
|
|
October 7,
2023
|
|
|
October 5,
2024
|
|
|
October 7,
2023
|
|
|
Net
earnings
|
$
|
|
10,920
|
|
|
$
|
|
11,127
|
|
|
$
|
|
35,380
|
|
|
$
|
|
41,932
|
|
|
Income tax
expense
|
|
|
4,300
|
|
|
|
|
3,450
|
|
|
|
|
14,152
|
|
|
|
|
13,530
|
|
|
Other expenses,
net
|
|
|
9,699
|
|
|
|
|
8,494
|
|
|
|
|
32,129
|
|
|
|
|
27,708
|
|
|
Operating
earnings
|
|
|
24,919
|
|
|
|
|
23,071
|
|
|
|
|
81,661
|
|
|
|
|
83,170
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO
expense
|
|
|
1,517
|
|
|
|
|
6,606
|
|
|
|
|
5,046
|
|
|
|
|
22,445
|
|
|
Depreciation
and amortization
|
|
|
24,159
|
|
|
|
|
23,042
|
|
|
|
|
78,147
|
|
|
|
|
75,245
|
|
|
Acquisition and
integration, net
|
|
|
272
|
|
|
|
|
2,130
|
|
|
|
|
3,212
|
|
|
|
|
2,259
|
|
|
Restructuring
and asset impairment, net
|
|
|
5,397
|
|
|
|
|
(458)
|
|
|
|
|
17,272
|
|
|
|
|
1,371
|
|
|
Cloud computing
amortization
|
|
|
1,748
|
|
|
|
|
1,259
|
|
|
|
|
5,606
|
|
|
|
|
3,685
|
|
|
Organizational
realignment, net
|
|
|
240
|
|
|
|
|
2,681
|
|
|
|
|
1,915
|
|
|
|
|
4,710
|
|
|
Severance
associated with cost reduction initiatives
|
|
|
279
|
|
|
|
|
39
|
|
|
|
|
420
|
|
|
|
|
311
|
|
|
Stock-based
compensation
|
|
|
2,519
|
|
|
|
|
2,461
|
|
|
|
|
8,139
|
|
|
|
|
10,073
|
|
|
Stock
warrant
|
|
|
184
|
|
|
|
|
319
|
|
|
|
|
700
|
|
|
|
|
1,279
|
|
|
Non-cash
rent
|
|
|
(655)
|
|
|
|
|
(531)
|
|
|
|
|
(2,281)
|
|
|
|
|
(2,094)
|
|
|
(Gain) loss on
disposal of assets
|
|
|
(92)
|
|
|
|
|
258
|
|
|
|
|
(48)
|
|
|
|
|
304
|
|
|
Legal
settlement
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
900
|
|
|
Postretirement
plan amendment and settlement
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
99
|
|
|
|
|
94
|
|
|
Adjusted
EBITDA
|
$
|
|
60,487
|
|
|
$
|
|
60,877
|
|
|
$
|
|
199,888
|
|
|
$
|
|
203,752
|
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
$
|
|
21,054
|
|
|
$
|
|
18,153
|
|
|
$
|
|
79,123
|
|
|
$
|
|
66,020
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO
expense
|
|
|
1,153
|
|
|
|
|
4,411
|
|
|
|
|
3,861
|
|
|
|
|
16,734
|
|
|
Depreciation
and amortization
|
|
|
12,747
|
|
|
|
|
12,151
|
|
|
|
|
41,126
|
|
|
|
|
39,165
|
|
|
Acquisition and
integration, net
|
|
|
71
|
|
|
|
|
65
|
|
|
|
|
2,048
|
|
|
|
|
189
|
|
|
Restructuring
and asset impairment, net
|
|
|
6,824
|
|
|
|
|
(293)
|
|
|
|
|
6,792
|
|
|
|
|
688
|
|
|
Cloud computing
amortization
|
|
|
1,098
|
|
|
|
|
834
|
|
|
|
|
3,622
|
|
|
|
|
2,499
|
|
|
Organizational
realignment, net
|
|
|
148
|
|
|
|
|
1,673
|
|
|
|
|
1,194
|
|
|
|
|
2,939
|
|
|
Severance
associated with cost reduction initiatives
|
|
|
131
|
|
|
|
|
39
|
|
|
|
|
230
|
|
|
|
|
296
|
|
|
Stock-based
compensation
|
|
|
1,711
|
|
|
|
|
1,621
|
|
|
|
|
5,572
|
|
|
|
|
6,615
|
|
|
Stock
warrant
|
|
|
184
|
|
|
|
|
319
|
|
|
|
|
700
|
|
|
|
|
1,279
|
|
|
Non-cash
rent
|
|
|
(246)
|
|
|
|
|
—
|
|
|
|
|
(789)
|
|
|
|
|
(138)
|
|
|
(Gain) loss on
disposal of assets
|
|
|
(108)
|
|
|
|
|
24
|
|
|
|
|
(127)
|
|
|
|
|
(11)
|
|
|
Legal
settlement
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
900
|
|
|
Postretirement
plan amendment and settlement
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
62
|
|
|
|
|
59
|
|
|
Adjusted
EBITDA
|
$
|
|
44,767
|
|
|
$
|
|
38,997
|
|
|
$
|
|
143,414
|
|
|
$
|
|
137,234
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
$
|
|
3,865
|
|
|
$
|
|
4,918
|
|
|
$
|
|
2,538
|
|
|
$
|
|
17,150
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO
expense
|
|
|
364
|
|
|
|
|
2,195
|
|
|
|
|
1,185
|
|
|
|
|
5,711
|
|
|
Depreciation
and amortization
|
|
|
11,412
|
|
|
|
|
10,891
|
|
|
|
|
37,021
|
|
|
|
|
36,080
|
|
|
Acquisition and
integration, net
|
|
|
201
|
|
|
|
|
2,065
|
|
|
|
|
1,164
|
|
|
|
|
2,070
|
|
|
Restructuring
and asset impairment, net
|
|
|
(1,427)
|
|
|
|
|
(165)
|
|
|
|
|
10,480
|
|
|
|
|
683
|
|
|
Cloud computing
amortization
|
|
|
650
|
|
|
|
|
425
|
|
|
|
|
1,984
|
|
|
|
|
1,186
|
|
|
Organizational
realignment, net
|
|
|
92
|
|
|
|
|
1,008
|
|
|
|
|
721
|
|
|
|
|
1,771
|
|
|
Severance
associated with cost reduction initiatives
|
|
|
148
|
|
|
|
|
—
|
|
|
|
|
190
|
|
|
|
|
15
|
|
|
Stock-based
compensation
|
|
|
808
|
|
|
|
|
840
|
|
|
|
|
2,567
|
|
|
|
|
3,458
|
|
|
Non-cash
rent
|
|
|
(409)
|
|
|
|
|
(531)
|
|
|
|
|
(1,492)
|
|
|
|
|
(1,956)
|
|
|
Loss on
disposal of assets
|
|
|
16
|
|
|
|
|
234
|
|
|
|
|
79
|
|
|
|
|
315
|
|
|
Postretirement
plan amendment and settlement
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
37
|
|
|
|
|
35
|
|
|
Adjusted
EBITDA
|
$
|
|
15,720
|
|
|
$
|
|
21,880
|
|
|
$
|
|
56,474
|
|
|
$
|
|
66,518
|
|
|
Table 2:
Reconciliation of Net Earnings to Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization,
continued
(Adjusted EBITDA)
(A Non-GAAP
Financial Measure)
(Unaudited)
|
|
|
52 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
$
|
|
52,237
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
17,888
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses,
net
|
|
|
36,587
|
|
|
|
|
|
|
|
|
|
|
|
Operating
earnings
|
|
|
106,712
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO
expense
|
|
|
16,104
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
98,639
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration, net
|
|
|
3,416
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
and asset impairment, net
|
|
|
9,190
|
|
|
|
|
|
|
|
|
|
|
|
Cloud computing
amortization
|
|
|
5,034
|
|
|
|
|
|
|
|
|
|
|
|
Organizational
realignment, net
|
|
|
5,239
|
|
|
|
|
|
|
|
|
|
|
|
Severance
associated with cost reduction initiatives
|
|
|
318
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
12,536
|
|
|
|
|
|
|
|
|
|
|
|
Stock
warrant
|
|
|
1,559
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
rent
|
|
|
(2,599)
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
disposal of assets
|
|
|
259
|
|
|
|
|
|
|
|
|
|
|
|
Legal
settlement
|
|
|
900
|
|
|
|
|
|
|
|
|
|
|
|
Postretirement
plan amendment and settlement
|
|
|
94
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
|
257,401
|
|
|
|
|
|
|
|
|
|
|
Notes: Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization ("adjusted EBITDA") is a non-GAAP operating
financial measure that the Company defines as net earnings plus
interest, discontinued operations, depreciation and amortization,
and other non-cash items including share-based payments (equity
awards measured in accordance with ASC 718, Stock
Compensation, which include both stock-based compensation to
employees and stock warrants issued to non-employees) and the LIFO
provision, as well as adjustments for items that do not reflect the
ongoing operating activities of the Company.
Adjusted EBITDA and adjusted EBITDA by segment are not measures
of performance under GAAP and should not be considered as a
substitute for net earnings, cash flows from operating activities
and other income or cash flow statement data. The Company's
definitions of adjusted EBITDA and adjusted EBITDA by segment may
not be identical to similarly titled measures reported by other
companies.
|
Table 3:
Reconciliation of Net Earnings to
Adjusted Earnings from
Continuing Operations, as well as per diluted share ("adjusted
EPS")
(A Non-GAAP Financial
Measure)
(Unaudited)
|
|
|
12 Weeks
Ended
|
|
|
|
October 5,
2024
|
|
|
|
October 7,
2023
|
|
|
|
|
|
|
per diluted
|
|
|
|
|
|
|
per diluted
|
|
|
|
(In thousands,
except per share amounts)
|
Earnings
|
|
|
share
|
|
|
|
Earnings
|
|
|
share
|
|
|
|
Net
earnings
|
$
|
|
10,920
|
|
|
$
|
|
0.32
|
|
|
|
$
|
|
11,127
|
|
|
$
|
|
0.32
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO
expense
|
|
|
1,517
|
|
|
|
|
|
|
|
|
|
|
6,606
|
|
|
|
|
|
|
|
|
Acquisition and
integration, net
|
|
|
272
|
|
|
|
|
|
|
|
|
|
|
2,130
|
|
|
|
|
|
|
|
|
Restructuring
and asset impairment, net
|
|
|
5,397
|
|
|
|
|
|
|
|
|
|
|
(458)
|
|
|
|
|
|
|
|
|
Organizational
realignment, net
|
|
|
240
|
|
|
|
|
|
|
|
|
|
|
2,681
|
|
|
|
|
|
|
|
|
Severance
associated with cost reduction initiatives
|
|
|
279
|
|
|
|
|
|
|
|
|
|
|
39
|
|
|
|
|
|
|
|
|
Postretirement
plan amendment and settlement
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
(762)
|
|
|
|
|
|
|
|
|
Pension refund
from annuity provider
|
|
|
(239)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
Total
adjustments
|
|
|
7,466
|
|
|
|
|
|
|
|
|
|
|
10,236
|
|
|
|
|
|
|
|
|
Income tax
effect on adjustments (a)
|
|
|
(1,895)
|
|
|
|
|
|
|
|
|
|
|
(2,600)
|
|
|
|
|
|
|
|
|
Total adjustments, net
of taxes
|
|
|
5,571
|
|
|
|
|
0.16
|
|
|
|
|
|
7,636
|
|
|
|
|
0.22
|
|
|
|
Adjusted
earnings from continuing operations
|
$
|
|
16,491
|
|
|
$
|
|
0.48
|
|
|
|
$
|
|
18,763
|
|
|
$
|
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 Weeks
Ended
|
|
|
|
October 5,
2024
|
|
|
|
October 7,
2023
|
|
|
|
|
|
|
per diluted
|
|
|
|
|
|
|
per diluted
|
|
|
|
(In thousands,
except per share amounts)
|
Earnings
|
|
|
share
|
|
|
|
Earnings
|
|
|
share
|
|
|
|
Net
earnings
|
$
|
|
35,380
|
|
|
$
|
|
1.03
|
|
|
|
$
|
|
41,932
|
|
|
$
|
|
1.20
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFO
expense
|
|
|
5,046
|
|
|
|
|
|
|
|
|
|
|
22,445
|
|
|
|
|
|
|
|
|
Acquisition and
integration, net
|
|
|
3,212
|
|
|
|
|
|
|
|
|
|
|
2,259
|
|
|
|
|
|
|
|
|
Restructuring
and asset impairment, net
|
|
|
17,272
|
|
|
|
|
|
|
|
|
|
|
1,371
|
|
|
|
|
|
|
|
|
Organizational
realignment, net
|
|
|
1,915
|
|
|
|
|
|
|
|
|
|
|
4,710
|
|
|
|
|
|
|
|
|
Severance
associated with cost reduction initiatives
|
|
|
420
|
|
|
|
|
|
|
|
|
|
|
311
|
|
|
|
|
|
|
|
|
Postretirement
plan amendment and settlement
|
|
|
(1,458)
|
|
|
|
|
|
|
|
|
|
|
(2,411)
|
|
|
|
|
|
|
|
|
Pension refund
from annuity provider
|
|
|
(239)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
Legal
settlement
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
900
|
|
|
|
|
|
|
|
|
Total
adjustments
|
|
|
26,168
|
|
|
|
|
|
|
|
|
|
|
29,585
|
|
|
|
|
|
|
|
|
Income tax
effect on adjustments (a)
|
|
|
(6,698)
|
|
|
|
|
|
|
|
|
|
|
(7,525)
|
|
|
|
|
|
|
|
|
Total adjustments, net
of taxes
|
|
|
19,470
|
|
|
|
|
0.57
|
|
|
|
|
|
22,060
|
|
|
|
|
0.63
|
|
|
|
Adjusted earnings from
continuing operations
|
$
|
|
54,850
|
|
|
$
|
|
1.60
|
|
|
|
$
|
|
63,992
|
|
|
$
|
|
1.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The income tax effect
on adjustments is computed by applying the effective tax rate,
before discrete tax items, to the total adjustments for the
period.
|
|
52 Weeks
Ended
|
|
|
|
December 30,
2023
|
|
|
|
|
|
|
per
diluted
|
|
|
|
(In thousands,
except per share data)
|
Earnings
|
|
|
share
|
|
|
|
Net
earnings
|
$
|
|
52,237
|
|
|
$
|
|
1.50
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
LIFO
expense
|
|
|
16,104
|
|
|
|
|
|
|
|
|
Acquisition and
integration, net
|
|
|
3,416
|
|
|
|
|
|
|
|
|
Restructuring
and asset impairment, net
|
|
|
9,190
|
|
|
|
|
|
|
|
|
Organizational
realignment, net
|
|
|
5,239
|
|
|
|
|
|
|
|
|
Severance
associated with cost reduction initiatives
|
|
|
318
|
|
|
|
|
|
|
|
|
Legal
settlement
|
|
|
900
|
|
|
|
|
|
|
|
|
Postretirement
plan amendment and settlement
|
|
|
(3,174)
|
|
|
|
|
|
|
|
|
Total
adjustments
|
|
|
31,993
|
|
|
|
|
|
|
|
|
Income tax
effect on adjustments (a)
|
|
|
(8,218)
|
|
|
|
|
|
|
|
|
Total
adjustments, net of taxes
|
|
|
23,775
|
|
|
|
|
0.68
|
|
|
|
Adjusted earnings from
continuing operations
|
$
|
|
76,012
|
|
|
$
|
|
2.18
|
|
|
|
|
|
(a)
|
The income tax effect
on adjustments is computed by applying the effective tax rate,
before discrete tax items, to the total adjustments for the
period.
|
Notes: Adjusted earnings from continuing operations, as well as
per diluted share ("adjusted EPS"), is a non-GAAP operating
financial measure that the Company defines as net earnings plus or
minus adjustments for items that do not reflect the ongoing
operating activities of the Company and costs associated with the
closing of operational locations.
Adjusted earnings from continuing operations is not a measure of
performance under GAAP and should not be considered as a substitute
for net earnings, cash flows from operating activities and other
income or cash flow statement data. The Company's definition of
adjusted earnings from continuing operations may not be identical
to similarly titled measures reported by other companies.
|
Table 4:
Reconciliation of Long-Term Debt and Finance Lease Obligations to
Net Long-Term Debt and Net Earnings to Adjusted EBITDA
(A Non-GAAP Financial Measure)
(Unaudited)
|
|
|
(In
thousands)
|
October 5,
2024
|
|
|
July 13,
2024
|
|
|
Current portion of
long-term debt and finance lease liabilities
|
$
|
|
9,747
|
|
|
$
|
|
9,754
|
|
|
Long-term debt
and finance lease liabilities
|
|
|
626,957
|
|
|
|
|
586,427
|
|
|
Total
debt
|
|
|
636,704
|
|
|
|
|
596,181
|
|
|
Cash and cash
equivalents
|
|
|
(17,510)
|
|
|
|
|
(25,242)
|
|
|
Net long-term
debt
|
$
|
|
619,194
|
|
|
$
|
|
570,939
|
|
|
Rolling 52- Weeks
Ended
|
|
|
(In thousands,
except for ratio)
|
October 5,
2024
|
|
|
July 13,
2024
|
|
|
Net
earnings
|
$
|
|
45,685
|
|
|
$
|
|
45,892
|
|
|
Income tax
expense
|
|
|
18,510
|
|
|
|
|
17,660
|
|
|
Other expenses,
net
|
|
|
41,008
|
|
|
|
|
39,803
|
|
|
Operating
earnings
|
|
|
105,203
|
|
|
|
|
103,355
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
LIFO (benefit)
expense
|
|
|
(1,295)
|
|
|
|
|
3,794
|
|
|
Depreciation
and amortization
|
|
|
101,541
|
|
|
|
|
100,424
|
|
|
Acquisition and
integration, net
|
|
|
4,369
|
|
|
|
|
6,227
|
|
|
Restructuring
and asset impairment, net
|
|
|
25,091
|
|
|
|
|
19,236
|
|
|
Cloud computing
amortization
|
|
|
6,955
|
|
|
|
|
6,466
|
|
|
Organizational
realignment, net
|
|
|
2,444
|
|
|
|
|
4,885
|
|
|
Severance
associated with cost reduction initiatives
|
|
|
427
|
|
|
|
|
187
|
|
|
Stock-based
compensation
|
|
|
10,602
|
|
|
|
|
10,544
|
|
|
Stock
warrant
|
|
|
980
|
|
|
|
|
1,115
|
|
|
Non-cash
rent
|
|
|
(2,786)
|
|
|
|
|
(2,662)
|
|
|
(Gain) loss on
disposal of assets
|
|
|
(93)
|
|
|
|
|
257
|
|
|
Postretirement
plan amendment and settlement
|
|
|
99
|
|
|
|
|
99
|
|
|
Adjusted
EBITDA
|
$
|
|
253,537
|
|
|
$
|
|
253,927
|
|
|
|
|
|
|
|
|
|
|
|
|
Net long-term debt to
adjusted EBITDA ratio
|
|
|
2.4
|
|
|
|
|
2.2
|
|
Notes: Net long-term debt is a non-GAAP financial measure that
is defined as long-term debt and finance lease obligations plus
current maturities of long-term debt and finance lease obligations
less cash and cash equivalents. The Company believes both
management and its investors find the information useful because it
reflects the amount of long-term debt obligations that are not
covered by available cash and temporary investments. Net long-term
debt is not a substitute for GAAP financial measures and may differ
from similarly titled measures of other companies.
|
Table 5:
Reconciliation of Purchases of Property and Equipment to Capital
Expenditures and IT Capital
(A Non-GAAP Financial
Measure)
(Unaudited)
|
|
|
|
|
|
40 Weeks
Ended
|
|
|
(In
thousands)
|
|
|
|
October 5,
2024
|
|
|
October 7,
2023
|
|
|
Purchases of property
and equipment
|
|
|
|
$
|
|
97,867
|
|
|
$
|
|
86,212
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cloud computing
spend
|
|
|
|
|
|
8,401
|
|
|
|
|
4,065
|
|
|
Capital expenditures
and IT capital
|
|
|
|
$
|
|
106,268
|
|
|
$
|
|
90,277
|
|
|
|
|
|
52 Weeks
Ended
|
|
|
|
|
|
(In
thousands)
|
|
|
|
December 30,
2023
|
|
|
|
|
Purchases of property
and equipment
|
|
|
|
$
|
|
120,330
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
Cloud computing
spend
|
|
|
|
|
|
7,040
|
|
|
|
|
|
Capital expenditures
and IT capital
|
|
|
|
$
|
|
127,370
|
|
|
|
|
Notes: Capital expenditures and IT capital is a non-GAAP
financial measure calculated by adding spending related to the
development of cloud computing applications to capital
expenditures, the most directly comparable GAAP measure. Cloud
computing spend only includes costs incurred during the application
development phase and does not include ongoing costs of hosting or
maintenance associated with these applications, which are expensed
as incurred. The Company believes it is a useful indicator of the
Company's investment in its facilities and systems as it
transitions to more cloud-based IT systems. Capital expenditures
and IT capital is not a substitute for GAAP financial measures and
may differ from similarly titled measures of other companies.
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SOURCE SpartanNash
