Company Quick10K Filing
Spartannash
Price12.13 EPS-0
Shares36 P/E-32
MCap441 P/FCF3
Net Debt675 EBIT12
TEV1,116 TEV/EBIT91
TTM 2019-10-05, in MM, except price, ratios
10-Q 2020-07-11 Filed 2020-08-13
10-Q 2020-04-18 Filed 2020-05-28
10-K 2019-12-28 Filed 2020-02-26
10-Q 2019-10-05 Filed 2019-11-07
10-Q 2019-07-13 Filed 2019-08-21
10-Q 2019-04-20 Filed 2019-05-22
10-K 2018-12-29 Filed 2019-02-27
10-Q 2018-10-06 Filed 2018-11-08
10-Q 2018-07-14 Filed 2018-08-16
10-Q 2018-04-21 Filed 2018-05-30
10-K 2017-12-30 Filed 2018-02-26
10-Q 2017-10-07 Filed 2017-11-09
10-Q 2017-07-15 Filed 2017-08-17
10-Q 2017-04-22 Filed 2017-05-25
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-10-08 Filed 2016-11-10
10-Q 2016-07-16 Filed 2016-08-18
10-Q 2016-04-23 Filed 2016-05-26
10-K 2016-01-02 Filed 2016-03-02
10-Q 2015-10-10 Filed 2015-11-12
10-Q 2015-07-18 Filed 2015-08-20
10-Q 2015-04-25 Filed 2015-05-28
10-K 2015-01-03 Filed 2015-03-04
10-Q 2014-10-04 Filed 2014-11-06
10-Q 2014-07-12 Filed 2014-08-14
10-Q 2014-04-19 Filed 2014-05-23
10-Q 2013-09-14 Filed 2013-10-24
10-Q 2013-06-22 Filed 2013-08-01
10-K 2013-03-30 Filed 2013-05-23
10-Q 2013-01-05 Filed 2013-02-14
10-Q 2012-09-15 Filed 2012-10-25
10-Q 2012-06-23 Filed 2012-08-02
10-K 2012-03-31 Filed 2012-05-23
10-Q 2011-12-31 Filed 2012-02-09
10-Q 2011-09-10 Filed 2011-10-20
10-Q 2011-06-18 Filed 2011-07-28
10-K 2011-03-26 Filed 2011-05-16
10-Q 2011-01-01 Filed 2011-02-03
10-Q 2010-09-11 Filed 2010-10-14
10-Q 2010-06-19 Filed 2010-07-29
10-K 2010-03-27 Filed 2010-05-17
10-Q 2010-01-02 Filed 2010-02-04
8-K 2020-08-12 Earnings, Exhibits
8-K 2020-08-04
8-K 2020-05-27
8-K 2020-05-26
8-K 2020-02-19
8-K 2019-11-06
8-K 2019-08-15
8-K 2019-08-14
8-K 2019-08-09
8-K 2019-05-29
8-K 2019-05-20
8-K 2019-05-09
8-K 2019-02-20
8-K 2019-02-06
8-K 2018-12-18
8-K 2018-11-07
8-K 2018-08-20
8-K 2018-08-15
8-K 2018-05-29
8-K 2018-05-24
8-K 2018-02-27
8-K 2018-02-21

SPTN 10Q Quarterly Report

Part I
Item 1. Financial Statements
Note 1 - Summary of Significant Accounting Policies and Basis of Presentation
Note 2 - Adoption of New Accounting Standards and Recently Issued Accounting Standards
Note 5 - Goodwill and Other Intangible Assets
Note 6 - Restructuring Charges and Asset Impairment
Note 7 - Fair Value Measurements
Note 8 - Commitments and Contingencies
Note 9 - Associate Retirement Plans
Note 10 - Income Taxes
Note 11 - Stock - Based Compensation
Note 12 - Earnings (Loss) per Share
Note 13 - Supplemental Cash Flow Information
Note 14 - Reporting Segment Information
Item 1A. Risk Factors
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 sptn-ex101_11.htm
EX-10.2 sptn-ex102_8.htm
EX-31.1 sptn-ex311_9.htm
EX-31.2 sptn-ex312_13.htm
EX-31.3 sptn-ex313_7.htm
EX-32.1 sptn-ex321_6.htm

Spartannash Earnings 2020-07-11

Balance SheetIncome StatementCash Flow
2.41.91.41.00.50.02012201420172020
Assets, Equity
3.52.82.01.30.5-0.22012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

sptn-10q_20200711.htm
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 11, 2020.

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission File Number: 000-31127

 

SPARTANNASH COMPANY

(Exact Name of Registrant as Specified in Its Charter)

 

 Michigan

 

38-0593940

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

850 76th Street, S.W.

P.O. Box 8700

Grand Rapids, Michigan

 

49518

(Address of Principal Executive Offices)

 

(Zip Code)

(616878-2000

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, no par value

 

SPTN

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

 

Accelerated filer

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 11, 2020, the registrant had 35,833,252 outstanding shares of common stock, no par value.

 

 


FORWARD-LOOKING STATEMENTS

The matters discussed in this Quarterly Report on Form 10-Q, in the Company’s press releases and in the Company’s website-accessible conference calls with analysts and investor presentations include “forward-looking statements” about the plans, strategies, objectives, goals or expectations of SpartanNash Company and subsidiaries (“SpartanNash” or “the Company”). These forward-looking statements are identifiable by words or phrases indicating that SpartanNash or management “expects,” “anticipates,” “plans,” “believes,” or “estimates,” or that a particular occurrence or event “will,” “may,” “could,” “should” or “will likely” result, occur or be pursued or “continue” in the future, that the “outlook” or “trend” 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.

In addition to other risks and uncertainties described in connection with the forward-looking statements contained in this Quarterly Report on Form 10-Q, SpartanNash’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 and other periodic reports filed with the Securities and Exchange Commission (“SEC”), there are many important factors that could cause actual results to differ materially. These risks and uncertainties include disruptions associated with the COVID-19 pandemic, general business conditions, changes in overall economic conditions that impact consumer spending, the Company’s ability to integrate acquired assets, the impact of competition and other factors which are often beyond the control of the Company, and other risks listed in the “Risk Factors” discussions in Items 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 and this Quarterly Report on Form 10-Q, and risks and uncertainties not presently known to the Company or that the Company currently deems immaterial.

This section and the discussions contained in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 and in Item 1A “Risk Factors” and Part I, Item 2 “Critical Accounting Policies” of this Quarterly Report on Form 10-Q, are intended to provide meaningful cautionary statements for purposes of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This 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 SpartanNash or that SpartanNash 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 Quarterly Report.


2


TABLE OF CONTENTS

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

4

 

 

 

 

Condensed Consolidated Balance Sheets

4

 

 

 

 

Condensed Consolidated Statements of Operations

5

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

6

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity

7

 

 

 

 

Condensed Consolidated Statements of Cash Flows

8

 

 

 

 

Notes to Condensed Consolidated Financial Statements

9

 

 

 

Item 1A.

Risk Factors

18

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

 

 

 

Item 4.

Controls and Procedures

30

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

31

 

 

 

Item 6.

Exhibits

32

 

 

 

 

Signatures

33

 

3


PART I

FINANCIAL INFORMATION

ITEM 1. Financial Statements

SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, Unaudited)

 

July 11,

 

 

December 28,

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

34,645

 

 

$

 

24,172

 

Accounts and notes receivable, net

 

 

374,394

 

 

 

 

345,320

 

Inventories, net

 

 

552,379

 

 

 

 

537,212

 

Prepaid expenses and other current assets

 

 

75,219

 

 

 

 

58,775

 

Property and equipment held for sale

 

 

22,038

 

 

 

 

31,203

 

Total current assets

 

 

1,058,675

 

 

 

 

996,682

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

562,806

 

 

 

 

615,816

 

Goodwill

 

 

181,035

 

 

 

 

181,035

 

Intangible assets, net

 

 

127,320

 

 

 

 

130,434

 

Operating lease assets

 

 

266,765

 

 

 

 

268,982

 

Other assets, net

 

 

99,948

 

 

 

 

82,660

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

 

2,296,549

 

 

$

 

2,275,609

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

Accounts payable

$

 

489,412

 

 

$

 

405,370

 

Accrued payroll and benefits

 

 

84,444

 

 

 

 

59,680

 

Other accrued expenses

 

 

54,629

 

 

 

 

51,295

 

Current portion of operating lease liabilities

 

 

43,398

 

 

 

 

42,440

 

Current portion of long-term debt and finance lease liabilities

 

 

5,489

 

 

 

 

6,349

 

Total current liabilities

 

 

677,372

 

 

 

 

565,134

 

 

 

 

 

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

57,681

 

 

 

 

43,111

 

Operating lease liabilities

 

 

260,770

 

 

 

 

267,350

 

Other long-term liabilities

 

 

39,269

 

 

 

 

30,272

 

Long-term debt and finance lease liabilities

 

 

552,206

 

 

 

 

682,204

 

Total long-term liabilities

 

 

909,926

 

 

 

 

1,022,937

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

Common stock, voting, no par value; 100,000 shares

     authorized;  35,842 and 36,351 shares outstanding

 

 

483,484

 

 

 

 

490,233

 

Preferred stock, no par value, 10,000 shares authorized; no shares outstanding

 

 

 

 

 

 

 

Accumulated other comprehensive loss

 

 

(1,500

)

 

 

 

(1,600

)

Retained earnings

 

 

227,267

 

 

 

 

198,905

 

Total shareholders’ equity

 

 

709,251

 

 

 

 

687,538

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

$

 

2,296,549

 

 

$

 

2,275,609

 

See accompanying notes to condensed consolidated financial statements.

4


SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

12 Weeks Ended

 

 

28 Weeks Ended

 

 

 

July 11, 2020

 

 

July 13, 2019

 

 

July 11, 2020

 

 

July 13, 2019

 

 

Net sales

$

 

2,184,101

 

 

$

 

1,995,929

 

 

$

 

5,040,557

 

 

$

 

4,538,304

 

 

Cost of sales

 

 

1,845,727

 

 

 

 

1,706,922

 

 

 

 

4,278,616

 

 

 

 

3,871,568

 

 

Gross profit

 

 

338,374

 

 

 

 

289,007

 

 

 

 

761,941

 

 

 

 

666,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

300,727

 

 

 

 

266,474

 

 

 

 

692,027

 

 

 

 

626,874

 

 

Merger/acquisition and integration

 

 

 

 

 

 

582

 

 

 

 

 

 

 

 

1,364

 

 

Restructuring charges and asset impairment

 

 

3,675

 

 

 

 

14,581

 

 

 

 

13,912

 

 

 

 

8,919

 

 

Total operating expenses

 

 

304,402

 

 

 

 

281,637

 

 

 

 

705,939

 

 

 

 

637,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating earnings

 

 

33,972

 

 

 

 

7,370

 

 

 

 

56,002

 

 

 

 

29,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses and (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

3,650

 

 

 

 

8,696

 

 

 

 

11,288

 

 

 

 

20,577

 

 

Postretirement benefit expense (income)

 

 

101

 

 

 

 

8,821

 

 

 

 

(698

)

 

 

 

9,456

 

 

Other, net

 

 

(164

)

 

 

 

(439

)

 

 

 

(406

)

 

 

 

(891

)

 

Total other expenses, net

 

 

3,587

 

 

 

 

17,078

 

 

 

 

10,184

 

 

 

 

29,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes and discontinued operations

 

 

30,385

 

 

 

 

(9,708

)

 

 

 

45,818

 

 

 

 

437

 

 

Income tax expense (benefit)

 

 

1,918

 

 

 

 

(2,941

)

 

 

 

1,949

 

 

 

 

(317

)

 

Earnings (loss) from continuing operations

 

 

28,467

 

 

 

 

(6,767

)

 

 

 

43,869

 

 

 

 

754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations, net of taxes

 

 

 

 

 

 

(47

)

 

 

 

 

 

 

 

(99

)

 

Net earnings (loss)

$

 

28,467

 

 

$

 

(6,814

)

 

$

 

43,869

 

 

$

 

655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations

$

 

0.80

 

 

$

 

(0.19

)

 

$

 

1.22

 

 

$

 

0.02

 

 

Loss from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

$

 

0.80

 

 

$

 

(0.19

)

 

$

 

1.22

 

 

$

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

5


SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands, Unaudited)

 

12 Weeks Ended

 

 

28 Weeks Ended

 

 

July 11, 2020

 

 

July 13, 2019

 

 

July 11, 2020

 

 

July 13, 2019

 

Net earnings (loss)

$

 

28,467

 

 

$

 

(6,814

)

 

$

 

43,869

 

 

$

 

655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income, before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension and postretirement liability adjustment

 

 

27

 

 

 

 

8,937

 

 

 

 

133

 

 

 

 

9,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense related to items of other comprehensive income

 

 

(7

)

 

 

 

(2,170

)

 

 

 

(33

)

 

 

 

(2,189

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income, after tax

 

 

20

 

 

 

 

6,767

 

 

 

 

100

 

 

 

 

6,827

 

Comprehensive income (loss)

$

 

28,487

 

 

$

 

(47

)

 

$

 

43,969

 

 

$

 

7,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

6


SPARTANNASH COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands, Unaudited)

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Common

 

 

Comprehensive

 

 

Retained

 

 

 

 

 

 

 

Outstanding

 

 

Stock

 

 

Loss

 

 

Earnings

 

 

Total

 

Balance at December 28, 2019

 

36,351

 

 

$

 

490,233

 

 

$

 

(1,600

)

 

$

 

198,905

 

 

$

 

687,538

 

Impact of adoption of new credit loss standard (ASU 2016-13)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,612

)

 

 

 

(1,612

)

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

15,402

 

 

 

 

15,402

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

80

 

 

 

 

 

 

 

 

80

 

Dividends - $0.1925 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,997

)

 

 

 

(6,997

)

Share repurchase

 

(861

)

 

 

 

(10,000

)