While announcing its financial results for the first quarter on Thursday, SpartanNash Co. (SPTN), a food solutions firm, reaffirmed its adjusted earnings forecast for the full year 2024, even as it revised its annual net sales outlook downward.
For fiscal year 2024, SpartanNash continues to anticipate adjusted earnings between $1.85 and $2.10 per share. However, the company now projects net sales to range from $9.50 billion to $9.70 billion, a revision from the earlier forecast of $9.70 billion to $9.90 billion.
According to an average of estimates from four analysts surveyed by Thomson Reuters, the company is expected to report earnings of $2.00 per share on revenues of $9.73 billion for the year. It is important to note that analysts' estimates usually exclude special items.
SpartanNash stated that its guidance takes into account the company’s long-term strategic initiatives, which include all transformational programs and tuck-in acquisitions. The company highlighted that these transformational programs are on course to achieve annual run rate savings of $50 million to $60 million, derived from supply chain transformation, merchandising transformation, and go-to-market strategies.
Furthermore, SpartanNash remains on track to realize gross benefits ranging from $125 million to $150 million, as outlined in its strategic plan, by the end of 2024—a year ahead of the initial schedule.
