SpartanNash's Sales Rise in Q4 and Full-Year 2022 Results
Michigan-based food solutions company and private label supplier SpartanNash has shared its fourth quarter and full-year 2022 fiscal results, highlighted by gains in sales for both periods.
Net sales were $2.3 billion for the quarter, which ended Dec. 31, 2022, an increase of 10.3% compared to $2.1 billion in the prior year quarter. Retail comparable sales increased 9.1% for the quarter. Net earnings were $0.7 million for the quarter compared to $22.2 million in the prior year quarter. Gross profit was $341.4 million, or 14.8% of net sales, compared to $322.7 million, or 15.4% of net sales, in the prior year quarter.
"Our team continues to execute on Our Winning Recipe, which led to solid fourth-quarter results and fiscal 2022 performance that exceeded expectations," said SpartanNash President and CEO Tony Sarsam. "Our strategy is driving sustainable growth, and I am proud that our supply chain and merchandising transformation initiatives will continue to generate significant benefits for our customers, store guests and suppliers in 2023 and beyond. Thank you to our dedicated Associates who consistently demonstrate operational excellence, giving us confidence we will reach our long-term growth and profitability targets."
For the full fiscal year, net sales were $9.6 billion for the fiscal year, an increase of 8.0% compared to $8.9 billion in the prior fiscal year. Retail comparable sales were 7.7% for the fiscal year. Net earnings were $34.5 million compared to $73.8 million in the prior fiscal year.
In fiscal 2023, SpartanNash said it expects wholesale net sales to grow between 4-7%, inclusive of the net sales from a recently acquired grocery wholesaler, Great Lakes Foods. It said its retail comparable sales are expected to grow 2.0% to 5.0%.
SpartanNash has banner stores in all 50 states, where the company’s private label products can be found, in addition to distributing products to the District of Columbia, Europe, Cuba, Puerto Rico, Honduras, Iraq, Kuwait, Bahrain, Qatar, Djibouti, South Korea and Japan.