On this page of StockholderLetter.com we present the 4/10/2024 shareholder letter from SpartanNash Co — ticker symbol SPTN. Reading current and past SPTN letters to shareholders can bring important insights into the investment thesis.

 •  4/10/2024 Letter Continued (Full PDF)
 •  4/11/2023 SPTN Stockholder Letter
 •  4/1/2025 SPTN Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  SPTN Benford's Law Stock Score = 87

SPTN 4/10/2024 Shareholder/Stockholder Letter Transcript:

2023 SPARTANNASH ANNUAL REPORT
FINANCIAL HIGHLIGHTS
Net Sales (in billions)
2023
$9.73
$9.64
2022
$8.93
2021
$9.35
2020
$8.54
2019
Adjusted EBITDA (in millions)*
2023
$257
$243
2022
$214
2021
$239
2020
$178
2019
Operating Cash Flows (in millions)
2023
2022
$89
$110
$161
2021
$307
2020
2019
(Dollars in millions, except per share data
and percentage data).
$180
2023
(52 Weeks)
2022
(52 Weeks)
2021
(53 Weeks)
2020
(52 Weeks)
2019
(52 Weeks)
Net sales
$9,729
$9,643
$8,931
$9,348
$8,536
Gross profit margin
15.3%
15.5%
15.7%
15.2%
14.6%
Operating earnings
107
69
112
102
57
Adjusted operating earnings*
142
137
114
138
88
Net earnings
52
35
74
76
6
Adjusted earnings
from continuing operations*
76
85
75
92
44
Net earnings per diluted share
1.50
0.95
2.05
2.12
0.16
Adjusted earnings from continuing
operations per diluted share*
2.18
2.33
2.08
2.58
1.23
Adjusted EBITDA*
257
243
214
239
178
Cash provided from operating activities
89
110
161
307
180
*The adjusted financial information presented reflects non-GAAP financial measures. Please see Item 7 of this Annual Report for
the respective reconciliations of these measures. Amounts are for the Company   s fiscal years, which end on the Saturday closest to
December 31.

2023 Annual Report Letter
from the President and CEO
Dear SpartanNash Shareholder,
Since I joined SpartanNash in late 2020, we   ve focused much of our effort on our Core Capability of People.
This includes investments in our People First culture and how we communicate with, celebrate and engage our
Associates     and 2023 was no different. Last year, we also continued to invest our time and talent into another
Core Capability     Operational Excellence     and the importance of Flying in Formation. Flying in Formation is the
joy of coordinated execution, and it is built on the foundation that all Associates communicate and trust each
other.
Flying in Formation during 2023 enabled us to make meaningful progress on our key initiatives, enhancing the
value and service we provide to our customers and capturing new cost savings along the way. These activities
helped us gain share, improve margins, drive results, and increase shareholder value.
I   m proud to share our 2023 highlights:

Generated $9.7 billion in revenues

Secured $55 million in gross benefits from the Supply Chain Transformation and Merchandising Transformation initiatives, realizing $80 million in total benefits since the launch of our long-term strategic plan in
2021

Grew net earnings of $52.2 million, expanding net margin by 18 basis points compared to the prior year

Delivered growth in profitability with $257.4 million in adjusted EBITDA(1), expanding adjusted EBITDA
margin by 13 basis points compared to the prior year

Returned more than $48 million to shareholders(2) in the form of dividends and share repurchases

Continued to attract and retain top talent, reducing turnover by more than 9%(3) year-over-year and earning
Great Place to Work   certification and recognition as one of Newsweek   s America   s Greatest Workplaces for
Diversity

Gained 27 basis points of Retail market share(4)

Created more efficiencies in our network and improved throughput rate(5) by double digits since the launch of
the Supply Chain Transformation in 2021

Deployed automation solutions to improve our cybersecurity posture and eliminated manual labor through
partnerships with Tally, Upshop and our new transportation management system

Issued our second ESG Report, which provided an in-depth look at the advances we have made in our
sustainability initiatives. Additional ESG updates from 2023 are provided in the "Corporate Governance"
section of our 2024 proxy statement.
These results tell a compelling story about SpartanNash   s continued transformation and the power of Flying
in Formation.
A reconciliation of net earnings to adjusted EBITDA, a non-GAAP financial measure, and a calculation of adjusted EBITDA margin is provided
in Item 7 of this Annual Report.
(1)
(2)
Composed of $18.6 million in share repurchases and $29.7 million in dividends.
(3)
The Company   s total turnover rate improvement year-over-year as of year-end 2023.
Retail market share is total Retail segment sales divided by the total addressable Retail market. The total addressable Retail market is
determined based on first-party research around the footprints of each Retail store, validated with NielsenIQ market data and the U.S. Bureau
of Labor food expenditures.
(4)
(5)
Case volume shipped per labor hour utilized. Management uses the throughput rate as a means of evaluating warehouse efficiency.




 4/10/2024 Letter Continued (Full PDF)