GRAND RAPIDS, Mich. - SpartanNash Co. (NASDAQ:SPTN) reported third quarter results that narrowly missed earnings estimates and provided disappointing EPS guidance, sending shares down over 4% in after-hours trading.
The food solutions company posted adjusted earnings per share of $0.48, falling short of analyst expectations of $0.49. Revenue came in slightly ahead at $2.25 billion compared to estimates of $2.24 billion.
SpartanNash's outlook for the full fiscal year 2024 disappointed investors. The company now expects earnings per share between $1.85 and $1.95, below the consensus estimate of $2.02. Revenue guidance of $9.5 billion to $9.7 billion was above analyst projections of $9.49 billion.
"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.
The company's Retail segment saw sales increase 1.9% to $674.6 million, boosted by acquisitions, while comparable store sales declined 0.7%. Wholesale segment sales decreased 1.6% to $1.58 billion due to lower volumes.
SpartanNash maintained its quarterly dividend of $0.215 per share. The stock was down 4.47% in after-hours trading following the earnings release and weaker-than-expected guidance.
Looking ahead to fiscal 2025, the company expects low-single-digit topline growth and mid-single-digit adjusted EBITDA growth compared to fiscal 2024. SpartanNash plans to provide its full fiscal 2025 outlook when it reports fourth quarter results in February.
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