SpartanNash Q2 Revenues Dip 3.5% On Reduced Volumes In National Accounts
Portfolio Pulse from Nabaparna Bhattacharya
SpartanNash Company (NASDAQ:SPTN) reported Q2 adjusted EPS of 59 cents, beating estimates, but revenues of $2.23 billion missed expectations. Net sales dropped 3.5% due to lower volumes in Wholesale and Retail segments. Despite weaker consumer demand, the company reaffirmed its FY24 guidance. SPTN shares rose 7.3% following the report.
August 15, 2024 | 2:34 pm
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SpartanNash reported Q2 adjusted EPS of 59 cents, beating estimates, but revenues of $2.23 billion missed expectations. Net sales dropped 3.5% due to lower volumes in Wholesale and Retail segments. Despite weaker consumer demand, the company reaffirmed its FY24 guidance. SPTN shares rose 7.3% following the report.
The positive EPS surprise and reaffirmed FY24 guidance are likely to boost investor confidence, despite the revenue miss and sales decline. The 7.3% rise in share price indicates a positive market reaction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100