On this page of StockholderLetter.com we present the 4/11/2023 shareholder letter from SpartanNash Co — ticker symbol SPTN. Reading current and past SPTN letters to shareholders can bring important insights into the investment thesis.
2022 SPARTANNASH ANNUAL REPORT
FINANCIAL HIGHLIGHTS
Net Sales (in billions)
$9.64
2022
$8.93
2021
2020
$9.35
$8.54
2019
$8.06
2018
Adjusted EBITDA (in millions)*
$243
2022
2021
$214
$239
2020
$178
2019
$209
2018
Operating Cash Flows (in millions)
2022
$110
2021
$161
$307
2020
2019
$180
$172
2018
2022
(52 Weeks)
2021
(52 Weeks)
2020
(53 Weeks)
2019
(52 Weeks)
2018
(52 Weeks)
Net sales
$9,643
$8,931
$9,348
$8,536
$8,065
Gross profit margin
15.5%
15.7%
15.2%
14.6%
13.8%
Operating earnings
69
112
102
57
71
Adjusted operating earnings*
137
114
138
88
120
Earnings from continuing operations
35
74
76
6
34
Adjusted earnings
from continuing operations*
85
75
92
44
71
Earnings from continuing operations
per diluted share
0.95
2.05
2.12
0.16
0.94
Adjusted earnings from continuing
operations per diluted share*
2.33
2.08
2.58
1.23
1.97
Adjusted EBITDA*
243
214
239
178
209
Cash provided from operating activities
110
161
307
180
172
*The adjusted financial information presented reflects non-GAAP financial measures. Please see the Appendix for the respective
reconciliations of these measures (Dollars in millions, except per share data and percentage data). Amounts are for the Company s
fiscal years, which end on the Saturday closest to December 31.
2022 Annual Report Letter
from the President and CEO
Dear Fellow Shareholders,
As a food solutions company, we are proud of the role we play in delivering the ingredients for a better life. We
are also pleased with our strong performance and the value created for our shareholders in 2022. Last year, we
continued to successfully build upon the execution of our corporate identity, known as Our Winning RecipeTM,
and made critical investments in putting People First. Our team drove solid progress in improving our Key
Performance Indicators, capturing new cost savings, and enhancing the value and service we provide to our
customers.
In what was a pivotal year for SpartanNash, I m proud to share our 2022 highlights:

Generated $9.6 billion in revenues, an 8% increase, compared to $8.9 billion in 2021
Returned $62.2 million to shareholders in the form of dividends and share repurchases
Secured $25+ million in run-rate cost savings in connection with the supply chain transformation initiative
Optimized our fleet mileage by implementing a West Coast distribution solution
Decreased ozone-depleting emissions in our distribution centers by more than 30% in 2022, compared to 2021
Launched and made meaningful progress on our merchandising transformation initiative that we anticipate
will generate significant benefits for our business, as well as our customers and vendors
Leveraged insights from our Marketing innovation work to further increase OwnBrands penetration
Hosted our largest-ever customer expo for independent retailers with more than 1,500 attendees
Continued to attract and retain top talent and earned recognition on Indeed.com's list of 25 Most Flexible
Companies
Increased shareholder transparency by providing a detailed roadmap to achieving our long-term
financial targets
People First
In the past year, I have witnessed firsthand a step-change in the positive energy across the organization. The
change is invigorating. We are writing a new chapter in our Company s 100+ year history. Our accomplishments
have been made possible by our team s dedication to operational excellence and a commitment to delivering the
ingredients for a better life. I thank each of our 17,500 Associates who go above and beyond every day.
With a focus on our People First culture, in 2022 we hired a new Chief Human Resources Officer and added
a new Senior Director of Diversity and Inclusion role. These two leaders and their team are furthering our
commitment of hiring, developing, and maintaining a diverse and inclusive workforce.
Our people are the heart of the Company, and their safety and wellbeing are of the utmost importance.
Since 2020, we have decreased our lost-time incidents by 72%, and we are implementing new initiatives to
improve safety.
Fiscal 2025 Long-Term Targets
Building on the success of our transformation, we have now pivoted to growth. By continuing to implement
Our Winning Recipe, we expect our fiscal 2025 long-term financial targets will grow:

Net sales to more than $10.5 billion, an increase of at least 17% from fiscal 2021
Adjusted EBITDA to more than $300 million(1), an increase of at least 40% from fiscal 2021
The Company is unable to provide a full reconciliation of the GAAP to non-GAAP measures used in the Fiscal 2025 Long-Term
Targets disclosed in this letter without unreasonable effort because it is not possible to predict certain adjustment items with a
reasonable degree of certainty since they are not yet known or quantifiable, and do not relate to the Company's routine activities.
These adjustments may include, among other items, restructuring and asset impairment activity, acquisition and integration
costs, severance, costs related to the postretirement plan amendment and settlement, and organizational realignment costs,
and the impact of adjustments to the last-in-first-out (LIFO) inventory reserve. This information is dependent upon future events,
which may be outside of the Company's control and could have a significant impact on its GAAP financial results for fiscal 2025.
(1)
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grocery
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chain. We finished the year strong by adding Great Lakes Foods, an independent grocery wholesaler, to
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distribution network. This acquisition brings
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supply
chain
network
throughout
8 <* 1440 &-*&) 94
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Commitment
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One
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and for our Associates, customers, and the communities we serve. This commitment extends beyond
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the footprint of our distribution centers and stores, and it also supports SpartanNash s long-term growth.
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issued our first ESG Report in 2022, which provided insights on the sustainability efforts the Company has
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working on for several years. The report also established baseline metrics and our approach to future ESG
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initiatives.
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update on our sustainability journey, as well as our newly established ESG goals, will be provided in our next
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ESG
Report. The report is scheduled to be issued in mid-2023.
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I am energized to build on our momentum
in 2023.
The progress we have made thus far gives
me great
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confidence
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on our
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and continue
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shareholders well into the future.
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On behalf of the Board of Directors, our Executive Leadership Team, and all our Associates, I thank you for your
continued support and investment in SpartanNash.
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Sincerely,
!.3(*7*1>

,+5 /&'. ./ *
Tony Bashir Sarsam

President and Chief Executive Officer
Forward-Looking Statements
The matters discussed in this letter and in the Company's website-accessible conference calls with analysts and investor
presentations include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), about the plans, strategies, objectives, goals or expectations of SpartanNash and its subsidiaries ( SpartanNash or the Company ). These forward-looking
statements may be identifiable by words or phrases indicating that the Company or management "expects," "anticipates,"
"plans," "believes," "intends," or "estimates," or that a particular occurrence or event "may," "could," "should," "will" or "will likely"
result, occur or be pursued or "continue" in the future, that the "outlook", "trend", "guidance" or "target" is toward a particular
result or occurrence, that a development is an "opportunity," "priority," "strategy," "focus," that the Company is "positioned" for a
particular result, or similarly stated expectations. Undue reliance should not be placed on these forward-looking statements,
which speak only as of the date made. Forward-looking statements are necessarily based on estimates and assumptions that
are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with
respect to future business decisions, are subject to change. These uncertainties and contingencies may affect actual results and
could cause actual results to differ materially.
A full list of the risks and uncertainties is available under the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K and in subsequent
filings with the Securities and Exchange Commission. These risks should not be construed as a complete list of all the economic,
competitive, governmental, technological and other factors that could adversely affect the Company s expected consolidated
financial position, results of operations or liquidity. Additional risks and uncertainties not currently known to the Company or that
the Company currently believes are immaterial also may impair its business, operations, liquidity, financial condition and
prospects. The Company undertakes no obligation to update or revise its forward-looking statements to reflect developments
that occur or information obtained after the date of this letter. In addition, historical information should not be considered as an
indicator of future performance.
•
4/11/2023 Letter Continued (Full PDF)
•
4/10/2024 SPTN Stockholder Letter
•
4/1/2025 SPTN Stockholder Letter
•
More "Miscellaneous" Category Stockholder Letters
•
SPTN Benford's Law Stock Score = 87
SPTN 4/11/2023 Shareholder/Stockholder Letter Transcript:

2022
ANNUAL REPORT

2022 SPARTANNASH ANNUAL REPORT
FINANCIAL HIGHLIGHTS
Net Sales (in billions)
$9.64
2022
$8.93
2021
2020
$9.35
$8.54
2019
$8.06
2018
Adjusted EBITDA (in millions)*
$243
2022
2021
$214
$239
2020
$178
2019
$209
2018
Operating Cash Flows (in millions)
2022
$110
2021
$161
$307
2020
2019
$180
$172
2018
2022
(52 Weeks)
2021
(52 Weeks)
2020
(53 Weeks)
2019
(52 Weeks)
2018
(52 Weeks)
Net sales
$9,643
$8,931
$9,348
$8,536
$8,065
Gross profit margin
15.5%
15.7%
15.2%
14.6%
13.8%
Operating earnings
69
112
102
57
71
Adjusted operating earnings*
137
114
138
88
120
Earnings from continuing operations
35
74
76
6
34
Adjusted earnings
from continuing operations*
85
75
92
44
71
Earnings from continuing operations
per diluted share
0.95
2.05
2.12
0.16
0.94
Adjusted earnings from continuing
operations per diluted share*
2.33
2.08
2.58
1.23
1.97
Adjusted EBITDA*
243
214
239
178
209
Cash provided from operating activities
110
161
307
180
172
*The adjusted financial information presented reflects non-GAAP financial measures. Please see the Appendix for the respective
reconciliations of these measures (Dollars in millions, except per share data and percentage data). Amounts are for the Company   s
fiscal years, which end on the Saturday closest to December 31.

2022 Annual Report Letter
from the President and CEO
Dear Fellow Shareholders,
As a food solutions company, we are proud of the role we play in delivering the ingredients for a better life. We
are also pleased with our strong performance and the value created for our shareholders in 2022. Last year, we
continued to successfully build upon the execution of our corporate identity, known as Our Winning RecipeTM,
and made critical investments in putting People First. Our team drove solid progress in improving our Key
Performance Indicators, capturing new cost savings, and enhancing the value and service we provide to our
customers.
In what was a pivotal year for SpartanNash, I   m proud to share our 2022 highlights:





Generated $9.6 billion in revenues, an 8% increase, compared to $8.9 billion in 2021
Returned $62.2 million to shareholders in the form of dividends and share repurchases
Secured $25+ million in run-rate cost savings in connection with the supply chain transformation initiative
Optimized our fleet mileage by implementing a West Coast distribution solution
Decreased ozone-depleting emissions in our distribution centers by more than 30% in 2022, compared to 2021
Launched and made meaningful progress on our merchandising transformation initiative that we anticipate
will generate significant benefits for our business, as well as our customers and vendors
Leveraged insights from our Marketing innovation work to further increase OwnBrands penetration
Hosted our largest-ever customer expo for independent retailers with more than 1,500 attendees
Continued to attract and retain top talent and earned recognition on Indeed.com's list of 25 Most Flexible
Companies
Increased shareholder transparency by providing a detailed roadmap to achieving our long-term
financial targets
People First
In the past year, I have witnessed firsthand a step-change in the positive energy across the organization. The
change is invigorating. We are writing a new chapter in our Company   s 100+ year history. Our accomplishments
have been made possible by our team   s dedication to operational excellence and a commitment to delivering the
ingredients for a better life. I thank each of our 17,500 Associates who go above and beyond every day.
With a focus on our People First culture, in 2022 we hired a new Chief Human Resources Officer and added
a new Senior Director of Diversity and Inclusion role. These two leaders and their team are furthering our
commitment of hiring, developing, and maintaining a diverse and inclusive workforce.
Our people are the heart of the Company, and their safety and wellbeing are of the utmost importance.
Since 2020, we have decreased our lost-time incidents by 72%, and we are implementing new initiatives to
improve safety.
Fiscal 2025 Long-Term Targets
Building on the success of our transformation, we have now pivoted to growth. By continuing to implement
Our Winning Recipe, we expect our fiscal 2025 long-term financial targets will grow:

Net sales to more than $10.5 billion, an increase of at least 17% from fiscal 2021
Adjusted EBITDA to more than $300 million(1), an increase of at least 40% from fiscal 2021
The Company is unable to provide a full reconciliation of the GAAP to non-GAAP measures used in the Fiscal 2025 Long-Term
Targets disclosed in this letter without unreasonable effort because it is not possible to predict certain adjustment items with a
reasonable degree of certainty since they are not yet known or quantifiable, and do not relate to the Company's routine activities.
These adjustments may include, among other items, restructuring and asset impairment activity, acquisition and integration
costs, severance, costs related to the postretirement plan amendment and settlement, and organizational realignment costs,
and the impact of adjustments to the last-in-first-out (LIFO) inventory reserve. This information is dependent upon future events,
which may be outside of the Company's control and could have a significant impact on its GAAP financial results for fiscal 2025.
(1)

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    Executing
  03, 5# . .#0 ') !,*- . 
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enhancing
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    grocery
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chain. We finished the year strong by adding Great Lakes Foods, an independent grocery wholesaler, to
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chain
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throughout
 8 <* 1440 &-*&) 94 
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Commitment
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and for our Associates, customers, and the communities we serve. This commitment extends beyond
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the footprint of our distribution centers and stores, and it also supports SpartanNash   s long-term growth.
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issued our first ESG Report in 2022, which provided insights on the sustainability efforts the Company has
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been
working on for several years. The report also established baseline metrics and our approach to future ESG
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update on our sustainability journey, as well as our newly established ESG goals, will be provided in our next
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I am energized to build on our momentum
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confidence
that we are
going+4(:8 
to deliver
on our
long-term
and continue
driving
value
for our
4:989&3).3, 5*7+472&3(* +47 8-&7*-41)*78 .3 
shareholders well into the future.
 ;*7> )&>    &2 9-&30+:1 +47 4:7  884(.&9*8  (:8942*78  8:551.*78  8-&7*-41)*78 &3) (422:3.9> 5&793*78 <-4 5:9 9-*.7 97:89 &3) 8:55479 .3 
!5&79&3 &8- &8 <* <470 94,*9-*7 94 )*1.;*7 9-* .3,7*).*398 +47 & '*99*7 1.+*   742 +74391.3*  884(.&9*8 .3 4:7 7*9&.1 8947*8 &3) ).897.':9.43 
(*39*78 94 9-* (47547&9*  884(.&9*8 <-4 *3&'1* 9-48* +74391.3* -*74*8  4:7 741*8 2&> '* ).++*7*39  ':9 4:7  .88.43 .8 9-* 8&2*  
On behalf of the Board of Directors, our Executive Leadership Team, and all our Associates, I thank you for your
 continued support and investment in SpartanNash.
 3 '*-&1+ 4+ 9-*  4&7) 4+  .7*(9478  4:7  =*(:9.;*  *&)*78-.5 "*&2 &3) &11 4+ 4:7  884(.&9*8    9-&30 >4: +47 >4:7 (439.3:*) 8:55479 &3) 
.3;*892*39 .3 !5&79&3 &8-  425&3>  
Sincerely,
!.3(*7*1>  



 ,+5   /&'.   ./ * 
Tony Bashir Sarsam

President and Chief Executive Officer
Forward-Looking Statements
The matters discussed in this letter and in the Company's website-accessible conference calls with analysts and investor
presentations include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), about the plans, strategies, objectives, goals or expectations of SpartanNash and its subsidiaries (   SpartanNash    or the    Company   ). These forward-looking
statements may be identifiable by words or phrases indicating that the Company or management "expects," "anticipates,"
"plans," "believes," "intends," or "estimates," or that a particular occurrence or event "may," "could," "should," "will" or "will likely"
result, occur or be pursued or "continue" in the future, that the "outlook", "trend", "guidance" or "target" is toward a particular
result or occurrence, that a development is an "opportunity," "priority," "strategy," "focus," that the Company is "positioned" for a
particular result, or similarly stated expectations. Undue reliance should not be placed on these forward-looking statements,
which speak only as of the date made. Forward-looking statements are necessarily based on estimates and assumptions that
are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with
respect to future business decisions, are subject to change. These uncertainties and contingencies may affect actual results and
could cause actual results to differ materially.
A full list of the risks and uncertainties is available under the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K and in subsequent
filings with the Securities and Exchange Commission. These risks should not be construed as a complete list of all the economic,
competitive, governmental, technological and other factors that could adversely affect the Company   s expected consolidated
financial position, results of operations or liquidity. Additional risks and uncertainties not currently known to the Company or that
the Company currently believes are immaterial also may impair its business, operations, liquidity, financial condition and
prospects. The Company undertakes no obligation to update or revise its forward-looking statements to reflect developments
that occur or information obtained after the date of this letter. In addition, historical information should not be considered as an
indicator of future performance.



 4/11/2023 Letter Continued (Full PDF)
SPTN 4/11/2023 Shareholder/Stockholder Letter Transcript:

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