GRAND RAPIDS, MI - The end of the first quarter of fiscal 2024 is here for many companies across the retail landscape, and SpartanNash is among those revealing its results for the 16-week first quarter ended April 20, 2024. In its latest update, the food solutions company noted that it is continuing its long-term strategy to achieve ambitious goals by the end of 2024.
"SpartanNash continues to prove that we can deliver despite the challenging market dynamics, and we remain on target to reach the $125 to $150 million of gross benefits set out in our strategic plan by the end of 2024—a year earlier than initially communicated. Thanks to the operational excellence and dedication of our Associates, along with our investments in supply chain and merchandising transformations, we continued to expand our adjusted EBITDA margin in the first quarter," said SpartanNash Chief Executive Officer Tony Sarsam.
The report highlighted several factors of the company’s Q1 performance, revealing that:
- Transformational programs are on track to deliver $50 million to $60 million of annual run rate savings from supply chain transformation, merchandising transformation, and go-to-market strategy
- Wholesale segment net sales decreased 3.4 percent to $2.01 billion due to reduced revenue in the national accounts customer channel
- Retail segment net sales decreased 3.6 percent to $792.2 million, with comparable store sales down 2.5 percent. This included a reduction in food assistance program benefits and lower fuel sales
Driven by its long-term strategic initiatives, including all transformational programs and tuck-in acquisitions, the retail operation plans to see a strong overall performance for 2024, according to the release. For more updates, you know where to click.
