On Thursday, SpartanNash Company’s (NASDAQ:SPTN) stock concluded the recent trade at $10.98 with upbeat/downbeat trend moved of +0.55%. The company has total market value of 398.953M. After opening the first trading session at $11.11, it registered a day’s high of $11.40 and touched a day’s low of $10.95.
SpartanNash Company (SPTN) recently stated financial results for the 12-week second quarter and 28-week period ended July 13, 2019.
Consolidated Financial Results
Consolidated net sales for the second quarter increased $100.0M, or 5.3%, to $2.00B from $1.90B in the previous year quarter. The increase in net sales was generated through incremental volume in the Retail section resulting from the acquisition of Martin’s and growth in the Military Distribution section, despite a slow start to the quarter Because of the Easter shift and unseasonably cool weather for the first two periods of the second quarter.
Gross profit for the second quarter of fiscal 2019 was $289.0M, or 14.5% of net sales, contrast to $265.7M, or 14.0% of net sales, in the previous year quarter. As a percent of net sales, the improvement in gross profit was primarily driven by the higher mix of Retail sales Because of the acquisition of Martin’s and was partially offset by the other factors described below within the Section Financial Results.
The Company stated a second quarter loss from continuing operations of $6.8M, or $0.19 per diluted share, contrast to earnings of $17.8M, or $0.50 per diluted share, in the previous year quarter. The decrease reflects the factors noted above, as well as settlement expense of $8.7M associated with the before reported termination of the Company’s corporate pension plan and increased interest expense Because of higher interest rates on the Company’s borrowings.
Section Financial Results
Net sales for Food Distribution reduced $6.3M, or 0.7%, to $935.4M from $941.7M in the previous year quarter. Not Including the impact of the elimination of inter company sales to Martin’s subsequent to the acquisition, sales increased 3.0%, primarily Because of sales growth from existing consumers. The Company’s rate of sales growth within this section decelerated from recent quarters, largely Because of the unseasonably cool and wet weather during the months of May and June. These trends improved during the month of July as the weather returned to more seasonable levels.
Stated operating earnings for Food Distribution were $0.3M contrast to $18.7M in the previous year quarter. The decrease in stated operating earnings was Because of asset impairment charges primarily associated with changes to the Caito Fresh Production business noted above, losses associated with the Fresh Kitchen operations, and higher supply chain expenses, partially offset by lower recall charges than in the previous year, and favorable adjustments to incentive compensation. Second quarter adjusted operating earnings(1) were $16.8M contrast to $19.8M in the previous year quarter primarily Because of higher supply chain expenses. Adjusted operating earnings exclude $16.0M of asset impairment charges and the allocation of one-time costs associated with Project One Team in the current year quarter, and merger/acquisition and integration expenses in the previous year quarter.
The stock price is trading downbeat from its 200 days moving average with -29.42% and down from 50 days moving average with -0.68%. A look on the firm performance, its monthly performance is 12.38% and a quarterly performance of -5.18%.