SpartanNash Q2 Earnings Exceed Expectations - SpartanNash (NASDAQ:SPTN)

SpartanNash Co SPTN reported second-quarter FY22 sales growth of 7.9% year-on-year to $2.27 billion, beating the consensus of $2.13 billion.
The company attributed the growth to net sales increases in all three segments, each of which were favorably impacted by inflation.
Net sales for Food Distribution increased 5.9% Y/Y, Retail grew 8.5%, and Military climbed 12.4%.
Gross profit rose 6% Y/Y to $354.2 million, and the margin contracted 20 basis points to 15.6%.
The operating margin was 0.5%, and operating income for the quarter fell 52.4% to $12.3 million.
The company held $21.2 million in cash and equivalents as of July 16, 2022. Cash provided by operating activities for the six months totaled $28.5 million.
Adjusted EBITDA increased 13.7% to $61.8 million.
Adjusted EPS of $0.66 beat the analyst consensus of $0.57.
Outlook: SpartanNash raised its FY22 sales outlook to $9.3 billion - $9.6 billion from $9.0 billion - $9.3 billion, versus the consensus of $9.12 billion.
The company continues to expect FY22 adjusted EPS of $2.17 - $2.32, against the consensus of $2.21.
In addition, SPTN reaffirmed its 2025 long-term financial targets, with sales of more than $10 billion and Adjusted EBITDA of more than $300 million.
Price Action: SPTN shares traded higher by 0.94% at $32.06 on the last check Thursday.