Document and Entity Information
Document and Entity Information - shares | 4 Months Ended | |
Apr. 22, 2023 | May 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 22, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SPTN | |
Entity Registrant Name | SPARTANNASH COMPANY | |
Entity Central Index Key | 0000877422 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 34,742,290 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 000-31127 | |
Entity Tax Identification Number | 38-0593940 | |
Entity Address, Address Line One | 850 76th Street, S.W. | |
Entity Address, Address Line Two | P.O. Box 8700 | |
Entity Address, City or Town | Grand Rapids | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 49518 | |
City Area Code | 616 | |
Local Phone Number | 878-2000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MI | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Apr. 22, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 16,965 | $ 29,086 |
Accounts and notes receivable, net | 410,957 | 404,016 |
Inventories, net | 566,330 | 571,065 |
Prepaid expenses and other current assets | 74,627 | 62,244 |
Total current assets | 1,068,879 | 1,066,411 |
Property and equipment, net | 604,302 | 610,220 |
Goodwill | 182,160 | 182,160 |
Intangible assets, net | 104,931 | 106,341 |
Operating lease assets | 248,068 | 257,047 |
Other assets, net | 87,850 | 84,382 |
Total assets | 2,296,190 | 2,306,561 |
Current liabilities | ||
Accounts payable | 470,803 | 487,215 |
Accrued payroll and benefits | 55,303 | 103,048 |
Other accrued expenses | 56,659 | 62,465 |
Current portion of operating lease liabilities | 43,845 | 45,453 |
Current portion of long-term debt and finance lease liabilities | 7,614 | 6,789 |
Total current liabilities | 634,224 | 704,970 |
Long-term liabilities | ||
Deferred income taxes | 80,568 | 66,293 |
Operating lease liabilities | 229,614 | 239,062 |
Other long-term liabilities | 29,950 | 33,376 |
Long-term debt and finance lease liabilities | 562,380 | 496,792 |
Total long-term liabilities | 902,512 | 835,523 |
Commitments and contingencies (Note 8) | ||
Shareholders’ equity | ||
Common stock, voting, no par value; 100,000 shares authorized; 34,935 and 35,079 shares outstanding | 459,346 | 468,061 |
Preferred stock, no par value, 10,000 shares authorized; no shares outstanding | 0 | |
Accumulated other comprehensive income | 1,422 | 2,979 |
Retained earnings | 298,686 | 295,028 |
Total shareholders’ equity | 759,454 | 766,068 |
Total liabilities and shareholders’ equity | $ 2,296,190 | $ 2,306,561 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Apr. 22, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 34,935,000 | 35,079,000 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 2,907,394 | $ 2,763,658 |
Cost of sales | 2,460,728 | 2,313,075 |
Gross profit | 446,666 | 450,583 |
Operating expenses | ||
Selling, general and administrative | 418,196 | 422,182 |
Acquisition and integration | 74 | 239 |
Restructuring and asset impairment, net | 4,083 | 13 |
Total operating expenses | 422,353 | 422,434 |
Operating earnings | 24,313 | 28,149 |
Other expenses and (income) | ||
Interest expense , net | 11,589 | 4,185 |
Other, net | (1,039) | (216) |
Total other expenses, net | 10,550 | 3,969 |
Earnings before income taxes | 13,763 | 24,180 |
Income tax expense | 2,426 | 4,891 |
Net earnings | $ 11,337 | $ 19,289 |
Basic earnings per share: | ||
Earnings from continuing operations | $ 0.33 | $ 0.54 |
Net earnings | 0.33 | 0.54 |
Diluted earnings per share: | ||
Earnings from continuing operations | 0.32 | 0.53 |
Net earnings | $ 0.32 | $ 0.53 |
Weighted average shares outstandin Basic | 34,547 | 35,566 |
Weighted average shares outstanding Diluted | 35,457 | 36,381 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings | $ 11,337 | $ 19,289 |
Other comprehensive (loss) income, before tax | ||
Change in interest rate swap | (1,136) | 0 |
Postretirement liability adjustment | (911) | 30 |
Total other comprehensive (loss) income, before tax | (2,047) | 30 |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 490 | (7) |
Total other comprehensive (loss) income, after tax | (1,557) | 23 |
Comprehensive income | $ 9,780 | $ 19,312 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] |
Balance, value at Jan. 01, 2022 | $ 782,869 | $ 493,783 | $ (1,455) | $ 290,541 |
Balance, shares at Jan. 01, 2022 | 35,948 | |||
Net earnings | 19,289 | 19,289 | ||
Other comprehensive income (loss) | 23 | 23 | ||
Dividends | (7,665) | 7,665 | ||
Stock-based employee compensation | 4,295 | $ 4,295 | ||
Stock warrant | 673 | 673 | ||
Issuances of common stock for stock bonus plan and associate stock purchase plan | 108 | $ 108 | ||
Issuances of common stock for stock bonus plan and associate stock purchase plan, shares | 3 | |||
Issuances of restricted stock, shares | 369 | |||
Cancellations of stock-based awards, value | (4,288) | $ (4,288) | ||
Cancellations of stock-based awards, shares | (180) | |||
Balance, value at Apr. 23, 2022 | 795,304 | $ 494,571 | (1,432) | 302,165 |
Balance, shares at Apr. 23, 2022 | 36,140 | |||
Balance, value at Dec. 31, 2022 | $ 766,068 | $ 468,061 | 2,979 | 295,028 |
Balance, shares at Dec. 31, 2022 | 35,079 | 35,079 | ||
Net earnings | $ 11,337 | 11,337 | ||
Other comprehensive income (loss) | (1,557) | (1,557) | ||
Dividends | (7,679) | 7,679 | ||
Share repurchase, value | (10,910) | $ 10,910 | ||
Share repurchase, shares | 435 | |||
Stock-based employee compensation | 5,147 | $ 5,147 | ||
Stock warrant | 607 | 607 | ||
Issuances of common stock for stock bonus plan and associate stock purchase plan | 358 | $ 358 | ||
Issuances of common stock for stock bonus plan and associate stock purchase plan, shares | 17 | |||
Issuances of restricted stock, shares | 425 | |||
Cancellations of stock-based awards, value | (3,917) | $ (3,917) | ||
Cancellations of stock-based awards, shares | (151) | |||
Balance, value at Apr. 22, 2023 | $ 759,454 | $ 459,346 | $ 1,422 | $ 298,686 |
Balance, shares at Apr. 22, 2023 | 34,935 | 34,935 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends per share | $ 0.215 | $ 0.21 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Cash flows from operating activities | ||
Net earnings | $ 11,337 | $ 19,289 |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | ||
Non-cash restructuring, asset impairment, and other charges | 4,040 | (13) |
Depreciation and amortization | 29,745 | 28,473 |
Non-cash rent | (1,148) | (1,283) |
LIFO expense | 11,172 | 10,187 |
Postretirement benefits income | (706) | (109) |
Deferred income taxes | 14,765 | 10,704 |
Stock-based compensation expense | 5,147 | 4,295 |
Stock warrant | 607 | 673 |
Loss (gain) on disposals of assets | 22 | (77) |
Other operating activities | 459 | 576 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,052) | (33,680) |
Inventories | (9,069) | (44,186) |
Prepaid expenses and other assets | 6,243 | 4,984 |
Accounts payable | 5,136 | 43,032 |
Accrued payroll and benefits | (52,867) | (21,582) |
Current income taxes | (17,512) | (6,553) |
Other accrued expenses and other liabilities | (5,027) | (4,760) |
Net cash (used in) provided by operating activities | (2,708) | 9,970 |
Cash flows from investing activities | ||
Purchases of property and equipment | (38,864) | (29,938) |
Net proceeds from the sale of assets | 125 | 2,581 |
Payments from customers on loans | 355 | 421 |
Other investing activities | (892) | (9) |
Net cash used in investing activities | (39,276) | (26,945) |
Cash flows from financing activities | ||
Proceeds from senior secured credit facility | 459,706 | 420,582 |
Payments on senior secured credit facility | (404,328) | (383,913) |
Repayment of other long-term debt and finance lease liabilities | (2,232) | (2,017) |
Share repurchases | (10,910) | 0 |
Net payments related to stock-based award activities | (3,917) | (4,288) |
Dividends paid | (7,820) | (7,714) |
Other financing activities | (636) | (11) |
Net cash provided by financing activities | 29,863 | 22,639 |
Net (decrease) increase in cash and cash equivalents | (12,121) | 5,664 |
Cash and cash equivalents at beginning of period | 29,086 | 10,666 |
Cash and cash equivalents at end of period | $ 16,965 | $ 16,330 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Basis of Presentation | 4 Months Ended |
Apr. 22, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Basis of Presentation | Note 1 – Summary of Significant Accounting Policies and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SpartanNash Company and its subsidiaries (“SpartanNash” or “the Company”). Intercompany accounts and transactions have been eliminated. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the accompanying condensed consolidated financial statements, taken as a whole, contain all adjustments, including normal recurring items, necessary to present fairly the financial position of SpartanNash as of April 22, 2023, and the results of its operations and cash flows for the interim periods presented. The preparation of the condensed consolidated financial statements and related notes to the financial statements requires management to make estimates. Estimates are based on historical experience, where applicable, and expectations of future outcomes which management believes are reasonable under the circumstances. Interim results are not necessarily indicative of results for a full year. The unaudited information in the condensed consolidated financial statements for the first quarters of 2023 and 2022 include the results of operations of the Company for the 16-week periods ended April 22, 2023 and April 23, 2022, respectively. Segment Change At the beginning of the third quarter of 2022, the Company combined the previous Food Distribution and Military operating segments into one operating segment: Wholesale. Accordingly, the Company's business now consists of two reportable segments: Wholesale and Retail. Segment financial information for the comparative prior year periods within this quarterly report has been recast to reflect this update. |
Adoption of New Accounting Stan
Adoption of New Accounting Standards and Recently Issued Accounting Standards | 4 Months Ended |
Apr. 22, 2023 | |
Accounting Changes And Error Corrections [Abstract] | |
Adoption of New Accounting Standards and Recently Issued Accounting Standards | Note 2 – Adoption of New Accounting Standards and Recently Issued Accounting Standards As of April 22, 2023 and for the period then ended, there were no recently adopted accounting standards that had a material impact on the Company’s condensed consolidated financial statements. There were no recently issued accounting standards not yet adopted which would have a material effect on the Company’s condensed consolidated financial statements. |
Revenue
Revenue | 4 Months Ended |
Apr. 22, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 3 – Revenue Disaggregation of Revenue The following table provides information about disaggregated revenue by type of products and customers for each of the Company’s reportable segments: 16 Weeks Ended April 22, 2023 (In thousands) Wholesale Retail Total Type of products: Center store (a) $ 827,701 $ 314,814 $ 1,142,515 Fresh (b) 654,258 310,712 964,970 Non-food (c) 570,967 147,599 718,566 Fuel — 48,266 48,266 Other 32,758 319 33,077 Total $ 2,085,684 $ 821,710 $ 2,907,394 Type of customers: Individuals $ — $ 821,392 $ 821,392 Independent retailers (d) 702,806 — 702,806 National accounts 681,985 — 681,985 Military (e) 685,695 — 685,695 Other 15,198 318 15,516 Total $ 2,085,684 $ 821,710 $ 2,907,394 16 Weeks Ended April 23, 2022 (In thousands) Wholesale Retail Total Type of products: Center store (a) $ 767,653 $ 295,056 $ 1,062,709 Fresh (b) 628,054 299,879 927,933 Non-food (c) 553,139 131,431 684,570 Fuel — 54,591 54,591 Other 33,533 322 33,855 Total $ 1,982,379 $ 781,279 $ 2,763,658 Type of customers: Individuals $ — $ 780,959 $ 780,959 Independent retailers (d) 678,989 — 678,989 National accounts 680,288 — 680,288 Military (e) 607,794 — 607,794 Other 15,308 320 15,628 Total $ 1,982,379 $ 781,279 $ 2,763,658 (a) Center store includes dry grocery, frozen and beverages. (b) Fresh includes produce, meat, dairy, deli, bakery, prepared proteins, seafood and floral. (c) Non-food includes general merchandise, health and beauty care, tobacco products and pharmacy. (d) Independent retailers include sales to manufacturers, brokers and distributors. (e) Military represents the distribution of grocery products to U.S. military commissaries and exchanges, which primarily includes sales to manufacturers and brokers. Contract Assets and Liabilities Under its contracts with customers, the Company stands ready to deliver product upon receipt of a purchase order. Accordingly, the Company has no performance obligations under its contracts until its customers submit a purchase order. The Company does not receive pre-payment from its customers or enter into commitments to provide goods or services that have terms greater than one year . As the performance obligation is part of a contract that has an original expected duration of less than one year, the Company has applied the practical expedient under Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers , to omit disclosures regarding remaining performance obligations. Revenue recognized from performance obligations related to prior periods (for example, due to changes in estimated rebates and incentives impacting the transaction price) was not material in any period presented. For volume-based arrangements, the Company estimates the amount of the advanced funds earned by the retailers based on the expected volume of purchases by the retailer and amortizes the advances as a reduction of the transaction price and revenue earned. These advances are not considered contract assets under ASC 606 as they are not generated through the transfer of goods or services to the retailers. These advances are included in Other assets, net within the condensed consolidated balance sheets. When the Company transfers goods or services to a customer, payment is due subject to normal terms and is not conditional on anything other than the passage of time. Typical payment terms range from "due upon receipt" to due within 30 days, depending on the customer. At contract inception, the Company expects that the period of time between the transfer of goods to the customer and when the customer pays for those goods will be less than one year, which is consistent with the Company’s standard payment terms. Accordingly, the Company has elected the practical expedient to not adjust for the effects of a significant financing component. As a result, these amounts are recorded as receivables and not contract assets. The Company had no contract assets for any period presented. The Company does not typically incur incremental costs of obtaining a contract that are contingent upon successful contract execution and would therefore be capitalized. Allowance for Credit Losses Changes to the balance of the allowance for credit losses were as follows: Allowance for Credit Losses Current Accounts Long-term (In thousands) and Notes Receivable Notes Receivable Total Balance at December 31, 2022 $ 6,098 $ 948 $ 7,046 Changes in credit loss estimates ( 1,370 ) 240 ( 1,130 ) Write-offs charged against the allowance ( 210 ) — ( 210 ) Balance at April 22, 2023 4,518 1,188 5,706 Allowance for Credit Losses Current Accounts Long-term (In thousands) and Notes Receivable Notes Receivable Total Balance at January 1, 2022 $ 4,414 $ 731 $ 5,145 Changes in credit loss estimates 330 — 330 Write-offs charged against the allowance ( 91 ) — ( 91 ) Balance at April 23, 2022 4,653 731 5,384 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 4 Months Ended |
Apr. 22, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 4 – Goodwill and Other Intangible Assets The Company has two reporting units, Wholesale and Retail. The carrying amount of goodwill recorded within the Wholesale reporting unit was $ 181.0 million and the value within the Retail reporting unit was $ 1.1 million as of both April 22, 2023 and December 31, 2022. The Company has indefinite-lived intangible assets that are not amortized, consisting primarily of indefinite-lived trade names and liquor licenses. The carrying amount of indefinite-lived intangible assets was $ 67.8 million as of both April 22, 2023 and December 31, 2022. The Company reviews goodwill and other indefinite-lived intangible assets for impairment annually, during the fourth quarter of each year, and more frequently if circumstances indicate impairment is probable. Such circumstances have not arisen in the current fiscal year. Testing goodwill and other indefinite-lived intangible assets for impairment requires management to make significant estimates about the Company’s future performance, cash flows, and other assumptions that can be affected by potential changes in economic, industry or market conditions, business operations, competition, or the Company’s stock price and market capitalization. |
Restructuring and Asset Impairm
Restructuring and Asset Impairment | 4 Months Ended |
Apr. 22, 2023 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Asset Impairment | Note 5 – Restructuring and Asset Impairment The following table provides the activity of reserves for closed properties for the 16-week period ended April 22, 2023. Included in the liability are lease-related ancillary costs from the date of closure to the end of the remaining lease term, as well as related severance. Reserves for closed properties recorded in the condensed consolidated balance sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on the timing of when the obligations are expected to be paid. Reserves for severance are recorded in “Accrued payroll and benefits”. Reserves for Closed Properties Lease Ancillary (In thousands) Costs Severance Total Balance at December 31, 2022 $ 3,977 $ — $ 3,977 Changes in estimates 85 — 85 Accretion expense 36 — 36 Payments ( 340 ) — ( 340 ) Balance at April 22, 2023 $ 3,758 $ — $ 3,758 Restructuring and asset impairment, net in the condensed consolidated statements of earnings consisted of the following: 16 Weeks Ended April 22, April 23, (In thousands) 2023 2022 Asset impairment charges (a) $ 3,745 $ — Gain on sales of assets related to closed facilities (b) ( 61 ) — Provision for severance — 9 Other costs associated with site closures (c) 314 31 Changes in estimates (d) 85 ( 27 ) Total $ 4,083 $ 13 (a) Asset impairment charges in the current year relate to two store closures within the Retail segment and impairment losses related to a distribution location that sustained significant storm damage within the Wholesale segment. (b) Gain on sales of assets in the current year primarily relates to the sales of personal property of previously closed locations within both the Wholesale and Retail segments. (c) Other costs in the current year and prior year primarily relate to Retail store closings. (d) Changes in estimates primarily relate to revised estimates for turnover and other lease ancillary costs associated with previously closed locations. Long-lived assets which are not recoverable are measured at fair value on a nonrecurring basis using Level 3 inputs under the fair value hierarchy, as further described in Note 6. In the current year, assets with a book value of $ 7.4 million were measured at a fair value of $ 3.7 million, resulting in impairment charges of $ 3.7 million . There were no asset impairment charges in the prior year. The fair value of long-lived assets is determined by estimating the amount and timing of net future cash flows, including the expected proceeds from the sale of assets and expected insurance recoveries, discounted using a risk-adjusted rate of interest. The Company estimates future cash flows based on historical results of operations, external factors expected to impact future performance, experience and knowledge of the geographic area in which the assets are located, and when necessary, uses the support of real estate brokers. |
Fair Value Measurements
Fair Value Measurements | 4 Months Ended |
Apr. 22, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6 – Fair Value Measurements ASC 820, Fair Value Measurement , prioritizes the inputs to valuation techniques used to measure fair value into the following hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability, reflecting the reporting entity’s own assumptions about the assumptions that market participants would use in pricing. Financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable and long-term debt. The carrying amounts of cash and cash equivalents, accounts and notes receivable, and accounts payable approximate fair value because of the short-term maturities of these financial instruments. For discussion of the fair value measurements related to goodwill, and long- or indefinite-lived asset impairment charges, refer to Notes 4 and 5. At April 22, 2023 and December 31, 2022, the book value and estimated fair value of the Company’s debt instruments, excluding debt financing costs, were as follows: April 22, December 31, (In thousands) 2023 2022 Book value of debt instruments, excluding debt financing costs: Current maturities of long-term debt and finance lease liabilities $ 7,614 $ 6,789 Long-term debt and finance lease liabilities 567,271 501,419 Total book value of debt instruments 574,885 508,208 Fair value of debt instruments, excluding debt financing costs 574,893 507,668 Excess (deficit) of fair value over book value $ 8 $ ( 540 ) The estimated fair value of debt is based on market quotes for instruments with similar terms and remaining maturities (Level 2 inputs and valuation techniques). The Company's interest rate swap agreement is considered a Level 2 instrument. The Company values the interest rate swap using standard models and observable market inputs including SOFR interest rates and discount rates, which are considered Level 2 inputs. The location and the fair value of the interest rate swap agreement in the condensed consolidated balance sheet is disclosed in Note 7. |
Derivatives
Derivatives | 4 Months Ended |
Apr. 22, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 7 – Derivatives Hedging of Interest Rate Risk During the first quarter of 2023, the Company entered into an interest rate swap contract to mitigate its exposure to changes in variable interest rates. The Company's interest rate swap is designated as a cash flow hedge as of both the effective date, March 17, 2023, and as of April 22, 2023. The interest rate swap is reflected at its fair value in the condensed consolidated balance sheets. Refer to Note 6 for further information on the fair value of interest rate swap. Details of the pay-fixed, receive-floating interest rate swap contract as of April 22, 2023 are as follows: Effective Date Maturity Date Notional Value Pay Fixed Rate Receive Floating Rate Floating Rate Reset Terms March 17, 2023 November 17, 2027 $ 150 3.646 % One-Month CME Term SOFR Monthly The Company performed an initial quantitative assessment of hedge effectiveness using the change-in-variable-cash-flows method. Under this method, the Company assessed the effectiveness of the hedging relationship by comparing the present value of the cumulative change in the expected future cash flows on the variable leg of the interest rate swap with the present value of the cumulative change in the expected future interest cash flows on the variable-rate debt. The Company determined the interest rate swap to be highly effective. In future reporting periods, the Company will perform a qualitative analysis for quarterly prospective and retrospective assessments of hedge effectiveness. The Company also monitors the credit risk of the counterparty on an ongoing basis. The change in the fair value of the interest rate swap is initially reported in "Other comprehensive income" in the condensed consolidated statements of comprehensive income and subsequently reclassified to earnings in "Interest expense, net" in the condensed consolidated statements of earnings when the hedged transactions affect earnings. The location and the fair value of the interest rate swap in the condensed consolidated balance sheets as of April 22, 2023 is as follows: Derivative Fair Value April 22, (In thousands) Condensed Consolidated Balance Sheet Location 2023 Cash Flow Hedge: Interest rate swap Prepaid expenses and other current assets $ 1,753 Interest rate swap Other long-term liabilities 2,777 Interest rate swap Accumulated other comprehensive loss 869 The location and amount of gains recognized in the condensed consolidated statements of earnings for the interest rate swap, presented on a pre-tax basis, are as follows: 16 Weeks Ended April 22, 2023 (In thousands) Interest expense, net Total amounts of expense line items presented in the condensed consolidated statements of $ 11,589 Gain on cash flow hedging relationships: Gain reclassified from comprehensive income into earnings 175 |
Commitments and Contingencies
Commitments and Contingencies | 4 Months Ended |
Apr. 22, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 – Commitments and Contingencies The Company is engaged from time-to-time in routine legal proceedings incidental to its business. The Company does not believe that these routine legal proceedings, taken as a whole, will have a material impact on its business or financial condition. While the ultimate effect of such actions cannot be predicted with certainty, management believes that their outcome will not result in an adverse effect on the Company’s consolidated financial position, operating results or liquidity. The Company has contributed and is required to continue making contributions to the Central States Southeast and Southwest Pension Fund (the “Central States Plan” or the “Plan”), a multi-employer pension plan, based on obligations arising from certain of its collective bargaining agreements. If the Company were to cease making such contributions and triggered a withdrawal from the Plan, it is possible that the Company would be obligated to pay a withdrawal liability to the Plan if the Plan is underfunded at the time of such withdrawal. On March 10, 2021, the United States Congress passed the American Rescue Plan Act of 2021 (the “Act”), which provides financial relief to certain failing multiemployer pension plans. On January 12, 2023, the Central States Plan received approximately $ 35.8 billion in Special Financial Assistance (“SFA”), inclusive of interest, which is designed to alleviate the risk of insolvency of the Plan. Based on the most recent information available to the Company, management believes that with the SFA received as part of the Act, the value of assets held in trust to pay benefits covers the present value of actuarial accrued liabilities in the Central States Plan. Except with respect to the approved SFA, management is not aware of any significant change in funding levels in the Plan since December 31, 2022. Due to uncertainty regarding future factors that could trigger a withdrawal liability, as well as the absence of specific information regarding matters such as the Plan’s current financial situations, we are unable to determine with certainty the current amount of the Plan’s funding and/or SpartanNash’s current potential withdrawal liability exposure in the event of a future withdrawal from the Plan. Any adjustment for withdrawal liability would be recorded when it is probable that a liability exists and can be reasonably determined. |
Associate Retirement Plans
Associate Retirement Plans | 4 Months Ended |
Apr. 22, 2023 | |
Compensation And Retirement Disclosure [Abstract] | |
Associate Retirement Plans | Note 9 – Associate Retirement Plans During the 16-week periods ended April 22, 2023 and April 23, 2022 the Company recognized net periodic postretirement benefit income of $ 0.9 million and costs of $ 0.2 million, respectively, related to the SpartanNash Retiree Medical Plan (“Retiree Medical Plan” or "Plan"). Effective June 30, 2022, the Company has amended the Retiree Medical Plan. In connection with the amendment, the Company will make lump sum cash payments to all active and retired participants in lieu of future monthly benefits and reimbursements previously offered under the Plan. As a result of the amendment, the Plan obligation was remeasured, resulting in a reduction to the obligation of $ 6.6 million and a corresponding prior service credit in AOCI, which will be amortized to net periodic postretirement benefit income over the remaining period until the final payment on July 1, 2024. During the 16-week period ended April 22, 2023 , the Company recognized $ 1.0 million in net periodic postretirement benefit income related to the amortization of the prior service credit from AOCI. On July 1, 2022, the Company made lump sum payments to retired participants totaling $ 2.0 million. The payments constituted a partial settlement of the Plan, which resulted in the recognition within net periodic postretirement expense of $ 0.7 million related to the net actuarial loss within AOCI. The remaining payments which relate to active participants are expected to be made in two equal installments on or about July 1, 2023, and July 1, 2024. The Company’s retirement programs also include defined contribution plans providing contributory benefits, as well as executive compensation plans for a select group of management personnel and/or highly compensated associates. In the first quarter of the prior year, the Company realized a gain of $ 0.2 million related to a refund from the annuity provider associated with an ineligible participant previously included in the terminated SpartanNash Company Pension Plan. These amounts are included in “Other, net” in the condensed consolidated statements of earnings. Multi-Employer Plans In addition to the plans listed above, the Company participates in the Central States Southeast and Southwest Pension Fund, the Michigan Conference of Teamsters and Ohio Conference of Teamsters Health and Welfare plans (collectively referred to as “multi-employer plans”), and other company-sponsored defined contribution plans for most associates covered by collective bargaining agreements. With respect to the Company’s participation in the Central States Plan, expense is recognized as contributions are payable. The Company’s contributions during the 16-week periods ended April 22, 2023 and April 23, 2022 were $ 4.3 million and $ 3.8 million, respectively. See Note 8 for further information regarding contingencies related to the Company’s participation in the Central States Plan. |
Income Taxes
Income Taxes | 4 Months Ended |
Apr. 22, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes The effective income tax rate was 17.6 % and 20.2 % for the 16 weeks ended April 22, 2023 and April 23, 2022 , respectively. The difference from the federal statutory rate in current year quarter was primarily due to benefits associated with federal tax credits, discrete tax benefits due to a change in tax contingencies and discrete tax benefits related to stock compensation, partially offset by state taxes and non-deductible expenses. The difference in the federal statutory rate in the prior year quarter was primarily due to benefits associated with stock compensation and federal tax credits, partially offset by state taxes. |
Stock-Based Compensation
Stock-Based Compensation | 4 Months Ended |
Apr. 22, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 11 – Stock-Based Compensation Stock-Based Employee Awards The Company sponsors shareholder-approved stock incentive plans that provide for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance share units, dividend equivalent rights, and other stock-based and stock-related awards to directors, officers and other key associates. Stock -based compensation expense recognized and included in “Selling, general and administrative expenses” in the condensed consolidated statements of earnings, and related tax impacts were as follows: 16 Weeks Ended (In thousands) April 22, 2023 April 23, 2022 Restricted stock expense $ 4,801 $ 4,295 Performance share unit expense 346 — Income tax benefit ( 2,166 ) ( 2,590 ) Stock-based compensation expense, net of tax $ 2,981 $ 1,705 The following table summarizes activity in the stock incentive plans for the 16 weeks ended April 22, 2023: Weighted Weighted Restricted Average Performance Average Stock Grant-Date Share Unit Grant-Date Awards Fair Value Awards Fair Value Outstanding at December 31, 2022 863,063 $ 22.05 — $ — Granted 425,232 27.22 286,564 27.24 Vested ( 424,730 ) 21.10 — — Cancelled/Forfeited ( 6,685 ) 25.57 — — Outstanding at April 22, 2023 856,880 $ 25.06 286,564 $ 27.24 As of April 22, 2023 , total unrecognized compensation cost related to nonvested restricted stock awards granted under the Company’s stock incentive plans is $ 15.0 million and is expected to be recognized over a weighted average period of 2.2 years. As of April 22, 2023, total unrecognized compensation cost related to nonvested performance share unit awards granted under the Company’s stock incentive plans is $ 7.5 million and is expected to be recognized over a weighted average period of 2.7 years. Stock Warrant On October 7, 2020, in connection with its entry into a commercial agreement with Amazon.com, Inc. (“Amazon”), the Company issued Amazon.com NV Investment Holdings LLC, a subsidiary of Amazon, a warrant to acquire up to an aggregate of 5,437,272 shares of the Company’s common stock (the “Warrant”), subject to certain vesting conditions. Warrant shares equivalent to 2.5 % of the Company’s outstanding and issuable shares, or 1,087,455 shares, vested upon the signing of the commercial agreement and had a grant date fair value of $ 5.51 per share. Warrant shares equivalent to up to 10.0 % of the Company’s outstanding and issuable shares, or 4,349,817 shares, may vest in connection with conditions defined by the terms of the Warrant, as Amazon makes payments to the Company in connection with the commercial supply agreement, in increments of $ 200 million, and had a grant date fair value of $ 5.33 per share. Upon vesting, shares may be acquired at an exercise price of $ 17.7257 . The Warrant contains customary anti-dilution, down-round and change-in-control provisions. The right to purchase shares in connection with the Warrant expires on October 7, 2027 . Share-based payment expense recognized as a reduction of “Net sales” in the condensed consolidated statements of earnings, and related tax benefits were as follows: 16 Weeks Ended (In thousands) April 22, 2023 April 23, 2022 Warrant expense $ 607 $ 673 Income tax benefit ( 65 ) ( 50 ) Warrant expense, net of tax $ 542 $ 623 The following table summarizes stock warrant activity for the 16 weeks ended April 22, 2023: Warrant Outstanding and nonvested at December 31, 2022 3,479,849 Vested ( 108,746 ) Outstanding and nonvested at April 22, 2023 3,371,103 As of April 22, 2023 , total unrecognized cost related to nonvested warrant shares was $ 17.9 million, which may be expensed as vesting conditions are satisfied over the remaining term of the agreement, or 4.5 years. Warrants representing 2,066,169 shares are vested and exercisable. As of April 22, 2023 , nonvested warrant shares had an intrinsic value of $ 23.6 million, and vested warrant shares had an intrinsic value of $ 14.5 million. |
Earnings Per Share
Earnings Per Share | 4 Months Ended |
Apr. 22, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12 – Earnings Per Share Outstanding nonvested restricted stock awards under the 2015 Stock Incentive Plan contain nonforfeitable rights to dividends or dividend equivalents, which participate in undistributed earnings with common stock. These awards are classified as participating securities and are included in the calculation of basic earnings per share. Awards under the 2020 Stock Incentive Plan do not contain nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. The dilutive impact of both the restricted stock awards and warrants are presented below, as applicable. The performance share units are not currently dilutive. The following table sets forth the computation of basic and diluted net earnings per share: 16 Weeks Ended (In thousands, except per share amounts) April 22, 2023 April 23, 2022 Numerator: Net earnings $ 11,337 $ 19,289 Adjustment for earnings attributable to participating securities ( 102 ) ( 273 ) Net earnings used in calculating earnings per share $ 11,235 $ 19,016 Denominator: Weighted average shares outstanding, including participating securities 34,547 35,566 Adjustment for participating securities ( 310 ) ( 504 ) Shares used in calculating basic earnings per share 34,237 35,062 Effect of dilutive stock warrant 761 648 Effect of dilutive restricted stock awards 149 168 Shares used in calculating diluted earnings per share 35,147 35,878 Basic earnings per share $ 0.33 $ 0.54 Diluted earnings per share $ 0.32 $ 0.53 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 4 Months Ended |
Apr. 22, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 13 – Supplemental Cash Flow Information Supplemental cash flow information is as follows: 16 Weeks Ended (In thousands) April 22, 2023 April 23, 2022 Non-cash investing activities: Capital expenditures included in accounts payable $ 4,294 $ 3,756 Operating lease asset additions 9,381 1,117 Finance lease asset additions 7,152 10,006 Non-cash financing activities: Recognition of operating lease liabilities 9,381 1,117 Recognition of finance lease liabilities 7,152 10,006 Other supplemental cash flow information: Cash paid for interest 11,558 3,059 |
Segment Information
Segment Information | 4 Months Ended |
Apr. 22, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14 – Segment Information The following tables set forth information about the Company by reportable segment: (In thousands) Wholesale Retail Total 16 Weeks Ended April 22, 2023 Net sales to external customers $ 2,085,684 $ 821,710 $ 2,907,394 Inter-segment sales 349,294 324 349,618 Acquisition and integration 69 5 74 Restructuring and asset impairment, net 980 3,103 4,083 Depreciation and amortization 15,370 14,375 29,745 Operating earnings (loss) 26,325 ( 2,012 ) 24,313 Capital expenditures 24,397 14,467 38,864 16 Weeks Ended April 23, 2022 Net sales to external customers $ 1,982,379 $ 781,279 $ 2,763,658 Inter-segment sales 339,786 161 339,947 Acquisition and integration, net — 239 239 Restructuring and asset impairment, net 11 2 13 Depreciation and amortization 14,284 14,189 28,473 Operating earnings 28,122 27 28,149 Capital expenditures 17,265 12,673 29,938 April 22, December 31, (In thousands) 2023 2022 Total Assets Wholesale $ 1,536,923 $ 1,525,760 Retail 759,267 780,801 Total $ 2,296,190 $ 2,306,561 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 4 Months Ended |
Apr. 22, 2023 | |
Accounting Policies [Abstract] | |
Segment Change | Segment Change At the beginning of the third quarter of 2022, the Company combined the previous Food Distribution and Military operating segments into one operating segment: Wholesale. Accordingly, the Company's business now consists of two reportable segments: Wholesale and Retail. Segment financial information for the comparative prior year periods within this quarterly report has been recast to reflect this update. |
Revenue (Tables)
Revenue (Tables) | 4 Months Ended |
Apr. 22, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Information about Disaggregated Revenue of Reportable Segments | The following table provides information about disaggregated revenue by type of products and customers for each of the Company’s reportable segments: 16 Weeks Ended April 22, 2023 (In thousands) Wholesale Retail Total Type of products: Center store (a) $ 827,701 $ 314,814 $ 1,142,515 Fresh (b) 654,258 310,712 964,970 Non-food (c) 570,967 147,599 718,566 Fuel — 48,266 48,266 Other 32,758 319 33,077 Total $ 2,085,684 $ 821,710 $ 2,907,394 Type of customers: Individuals $ — $ 821,392 $ 821,392 Independent retailers (d) 702,806 — 702,806 National accounts 681,985 — 681,985 Military (e) 685,695 — 685,695 Other 15,198 318 15,516 Total $ 2,085,684 $ 821,710 $ 2,907,394 16 Weeks Ended April 23, 2022 (In thousands) Wholesale Retail Total Type of products: Center store (a) $ 767,653 $ 295,056 $ 1,062,709 Fresh (b) 628,054 299,879 927,933 Non-food (c) 553,139 131,431 684,570 Fuel — 54,591 54,591 Other 33,533 322 33,855 Total $ 1,982,379 $ 781,279 $ 2,763,658 Type of customers: Individuals $ — $ 780,959 $ 780,959 Independent retailers (d) 678,989 — 678,989 National accounts 680,288 — 680,288 Military (e) 607,794 — 607,794 Other 15,308 320 15,628 Total $ 1,982,379 $ 781,279 $ 2,763,658 (a) Center store includes dry grocery, frozen and beverages. (b) Fresh includes produce, meat, dairy, deli, bakery, prepared proteins, seafood and floral. (c) Non-food includes general merchandise, health and beauty care, tobacco products and pharmacy. (d) Independent retailers include sales to manufacturers, brokers and distributors. (e) Military represents the distribution of grocery products to U.S. military commissaries and exchanges, which primarily includes sales to manufacturers and brokers. |
Summary of Changes in Allowance for Credit Losses | Changes to the balance of the allowance for credit losses were as follows: Allowance for Credit Losses Current Accounts Long-term (In thousands) and Notes Receivable Notes Receivable Total Balance at December 31, 2022 $ 6,098 $ 948 $ 7,046 Changes in credit loss estimates ( 1,370 ) 240 ( 1,130 ) Write-offs charged against the allowance ( 210 ) — ( 210 ) Balance at April 22, 2023 4,518 1,188 5,706 Allowance for Credit Losses Current Accounts Long-term (In thousands) and Notes Receivable Notes Receivable Total Balance at January 1, 2022 $ 4,414 $ 731 $ 5,145 Changes in credit loss estimates 330 — 330 Write-offs charged against the allowance ( 91 ) — ( 91 ) Balance at April 23, 2022 4,653 731 5,384 |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment (Tables) | 4 Months Ended |
Apr. 22, 2023 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Activity of Reserves for Closed Properties | The following table provides the activity of reserves for closed properties for the 16-week period ended April 22, 2023. Included in the liability are lease-related ancillary costs from the date of closure to the end of the remaining lease term, as well as related severance. Reserves for closed properties recorded in the condensed consolidated balance sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on the timing of when the obligations are expected to be paid. Reserves for severance are recorded in “Accrued payroll and benefits”. Reserves for Closed Properties Lease Ancillary (In thousands) Costs Severance Total Balance at December 31, 2022 $ 3,977 $ — $ 3,977 Changes in estimates 85 — 85 Accretion expense 36 — 36 Payments ( 340 ) — ( 340 ) Balance at April 22, 2023 $ 3,758 $ — $ 3,758 |
Schedule of Restructuring and Asset Impairment, Net | Restructuring and asset impairment, net in the condensed consolidated statements of earnings consisted of the following: 16 Weeks Ended April 22, April 23, (In thousands) 2023 2022 Asset impairment charges (a) $ 3,745 $ — Gain on sales of assets related to closed facilities (b) ( 61 ) — Provision for severance — 9 Other costs associated with site closures (c) 314 31 Changes in estimates (d) 85 ( 27 ) Total $ 4,083 $ 13 (a) Asset impairment charges in the current year relate to two store closures within the Retail segment and impairment losses related to a distribution location that sustained significant storm damage within the Wholesale segment. (b) Gain on sales of assets in the current year primarily relates to the sales of personal property of previously closed locations within both the Wholesale and Retail segments. (c) Other costs in the current year and prior year primarily relate to Retail store closings. (d) Changes in estimates primarily relate to revised estimates for turnover and other lease ancillary costs associated with previously closed locations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 4 Months Ended |
Apr. 22, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Book Value and Estimated Fair Value of Debt Instruments, Excluding Debt Financing Costs | For discussion of the fair value measurements related to goodwill, and long- or indefinite-lived asset impairment charges, refer to Notes 4 and 5. At April 22, 2023 and December 31, 2022, the book value and estimated fair value of the Company’s debt instruments, excluding debt financing costs, were as follows: April 22, December 31, (In thousands) 2023 2022 Book value of debt instruments, excluding debt financing costs: Current maturities of long-term debt and finance lease liabilities $ 7,614 $ 6,789 Long-term debt and finance lease liabilities 567,271 501,419 Total book value of debt instruments 574,885 508,208 Fair value of debt instruments, excluding debt financing costs 574,893 507,668 Excess (deficit) of fair value over book value $ 8 $ ( 540 ) |
Derivatives (Tables)
Derivatives (Tables) | 4 Months Ended |
Apr. 22, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of pay-fixed, receive-floating interest rate swap contract | Details of the pay-fixed, receive-floating interest rate swap contract as of April 22, 2023 are as follows: Effective Date Maturity Date Notional Value Pay Fixed Rate Receive Floating Rate Floating Rate Reset Terms March 17, 2023 November 17, 2027 $ 150 3.646 % One-Month CME Term SOFR Monthly |
Schedule of fair value of the interest rate swap | The location and the fair value of the interest rate swap in the condensed consolidated balance sheets as of April 22, 2023 is as follows: Derivative Fair Value April 22, (In thousands) Condensed Consolidated Balance Sheet Location 2023 Cash Flow Hedge: Interest rate swap Prepaid expenses and other current assets $ 1,753 Interest rate swap Other long-term liabilities 2,777 Interest rate swap Accumulated other comprehensive loss 869 |
Schedule of gains recognized in the condensed consolidated statements of earnings for the interest rate swap, presented on a pre-tax basis | The location and amount of gains recognized in the condensed consolidated statements of earnings for the interest rate swap, presented on a pre-tax basis, are as follows: 16 Weeks Ended April 22, 2023 (In thousands) Interest expense, net Total amounts of expense line items presented in the condensed consolidated statements of $ 11,589 Gain on cash flow hedging relationships: Gain reclassified from comprehensive income into earnings 175 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 4 Months Ended |
Apr. 22, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Allocation of Stock-Based Compensation Expense in Condensed Consolidated Statements of Operations | -based compensation expense recognized and included in “Selling, general and administrative expenses” in the condensed consolidated statements of earnings, and related tax impacts were as follows: 16 Weeks Ended (In thousands) April 22, 2023 April 23, 2022 Restricted stock expense $ 4,801 $ 4,295 Performance share unit expense 346 — Income tax benefit ( 2,166 ) ( 2,590 ) Stock-based compensation expense, net of tax $ 2,981 $ 1,705 |
Summary of Stock Incentive Plans Activity | The following table summarizes activity in the stock incentive plans for the 16 weeks ended April 22, 2023: Weighted Weighted Restricted Average Performance Average Stock Grant-Date Share Unit Grant-Date Awards Fair Value Awards Fair Value Outstanding at December 31, 2022 863,063 $ 22.05 — $ — Granted 425,232 27.22 286,564 27.24 Vested ( 424,730 ) 21.10 — — Cancelled/Forfeited ( 6,685 ) 25.57 — — Outstanding at April 22, 2023 856,880 $ 25.06 286,564 $ 27.24 |
Summary of Share-based Payment Expense Recognized as a Reduction of Net Sales in Condensed Consolidated Statements of Operations | Share-based payment expense recognized as a reduction of “Net sales” in the condensed consolidated statements of earnings, and related tax benefits were as follows: 16 Weeks Ended (In thousands) April 22, 2023 April 23, 2022 Warrant expense $ 607 $ 673 Income tax benefit ( 65 ) ( 50 ) Warrant expense, net of tax $ 542 $ 623 |
Summary of Stock Warrant Activity | The following table summarizes stock warrant activity for the 16 weeks ended April 22, 2023: Warrant Outstanding and nonvested at December 31, 2022 3,479,849 Vested ( 108,746 ) Outstanding and nonvested at April 22, 2023 3,371,103 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 4 Months Ended |
Apr. 22, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted net earnings per share: 16 Weeks Ended (In thousands, except per share amounts) April 22, 2023 April 23, 2022 Numerator: Net earnings $ 11,337 $ 19,289 Adjustment for earnings attributable to participating securities ( 102 ) ( 273 ) Net earnings used in calculating earnings per share $ 11,235 $ 19,016 Denominator: Weighted average shares outstanding, including participating securities 34,547 35,566 Adjustment for participating securities ( 310 ) ( 504 ) Shares used in calculating basic earnings per share 34,237 35,062 Effect of dilutive stock warrant 761 648 Effect of dilutive restricted stock awards 149 168 Shares used in calculating diluted earnings per share 35,147 35,878 Basic earnings per share $ 0.33 $ 0.54 Diluted earnings per share $ 0.32 $ 0.53 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 4 Months Ended |
Apr. 22, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: 16 Weeks Ended (In thousands) April 22, 2023 April 23, 2022 Non-cash investing activities: Capital expenditures included in accounts payable $ 4,294 $ 3,756 Operating lease asset additions 9,381 1,117 Finance lease asset additions 7,152 10,006 Non-cash financing activities: Recognition of operating lease liabilities 9,381 1,117 Recognition of finance lease liabilities 7,152 10,006 Other supplemental cash flow information: Cash paid for interest 11,558 3,059 |
Segment Information (Tables)
Segment Information (Tables) | 4 Months Ended |
Apr. 22, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Operating Segment | The following tables set forth information about the Company by reportable segment: (In thousands) Wholesale Retail Total 16 Weeks Ended April 22, 2023 Net sales to external customers $ 2,085,684 $ 821,710 $ 2,907,394 Inter-segment sales 349,294 324 349,618 Acquisition and integration 69 5 74 Restructuring and asset impairment, net 980 3,103 4,083 Depreciation and amortization 15,370 14,375 29,745 Operating earnings (loss) 26,325 ( 2,012 ) 24,313 Capital expenditures 24,397 14,467 38,864 16 Weeks Ended April 23, 2022 Net sales to external customers $ 1,982,379 $ 781,279 $ 2,763,658 Inter-segment sales 339,786 161 339,947 Acquisition and integration, net — 239 239 Restructuring and asset impairment, net 11 2 13 Depreciation and amortization 14,284 14,189 28,473 Operating earnings 28,122 27 28,149 Capital expenditures 17,265 12,673 29,938 April 22, December 31, (In thousands) 2023 2022 Total Assets Wholesale $ 1,536,923 $ 1,525,760 Retail 759,267 780,801 Total $ 2,296,190 $ 2,306,561 |
Revenue - Summary of Informatio
Revenue - Summary of Information about Disaggregated Revenue of Reportable Segments (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 2,907,394 | $ 2,763,658 |
Center store [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,142,515 | 1,062,709 |
Fresh [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 964,970 | 927,933 |
Non-food [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 718,566 | 684,570 |
Other Product [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 33,077 | 33,855 |
Fuel [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 48,266 | 54,591 |
Individuals Customer [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 821,392 | 780,959 |
Independent retailers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 702,806 | 678,989 |
National accounts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 681,985 | 680,288 |
Other Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 15,516 | 15,628 |
Military [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 685,695 | 607,794 |
Wholesale [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 2,085,684 | 1,982,379 |
Wholesale [Member] | Center store [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 827,701 | 767,653 |
Wholesale [Member] | Fresh [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 654,258 | 628,054 |
Wholesale [Member] | Non-food [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 570,967 | 553,139 |
Wholesale [Member] | Other Product [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 32,758 | 33,533 |
Wholesale [Member] | Independent retailers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 702,806 | 678,989 |
Wholesale [Member] | National accounts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 681,985 | 680,288 |
Wholesale [Member] | Other Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 15,198 | 15,308 |
Wholesale [Member] | Military [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 685,695 | 607,794 |
Retail [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 821,710 | 781,279 |
Retail [Member] | Center store [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 314,814 | 295,056 |
Retail [Member] | Fresh [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 310,712 | 299,879 |
Retail [Member] | Non-food [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 147,599 | 131,431 |
Retail [Member] | Other Product [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 319 | 322 |
Retail [Member] | Fuel [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 48,266 | 54,591 |
Retail [Member] | Individuals Customer [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 821,392 | 780,959 |
Retail [Member] | Other Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 318 | $ 320 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 4 Months Ended |
Apr. 22, 2023 USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Revenue recognition performance obligation | $ 0 |
Revenue recognition contract terms | 30 days |
Contract assets | $ 0 |
Maximum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Revenue recognition contract terms | 1 year |
Revenue - Summary of Changes in
Revenue - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Beginning balance | $ 7,046 | $ 5,145 |
Changes in credit loss estimates | (1,130) | (330) |
Write-offs charged against the allowance | (210) | (91) |
Ending balance | 5,706 | 5,384 |
Current Accounts and Notes Receivable [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Beginning balance | 6,098 | 4,414 |
Changes in credit loss estimates | (1,370) | (330) |
Write-offs charged against the allowance | (210) | (91) |
Ending balance | 4,518 | 4,653 |
Long Term Notes Receivable [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Beginning balance | 948 | 731 |
Changes in credit loss estimates | 240 | 0 |
Ending balance | $ 1,188 | $ 731 |
Acquisitions (Additional Inform
Acquisitions (Additional Information) (Details) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Business Acquisition [Line Items] | ||
Acquisition and integration | $ 74 | $ 239 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Goodwill [Line Items] | ||
Goodwill | $ 182,160 | $ 182,160 |
Number of reporting units | Segment | 2 | |
Indefinite-lived intangible assets | $ 67,800 | 67,800 |
Retail [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,100 | 1,100 |
Wholesale [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 181,000 | $ 181,000 |
Restructuring and Asset Impai_3
Restructuring and Asset Impairment - Schedule of Activity of Reserves for Closed Properties (Detail) $ in Thousands | 4 Months Ended |
Apr. 22, 2023 USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Beginning balance | $ 3,977 |
Changes in estimates | 85 |
Accretion expense | 36 |
Payments | (340) |
Ending balance | 3,758 |
Lease Ancillary Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Beginning balance | 3,977 |
Changes in estimates | 85 |
Accretion expense | 36 |
Payments | (340) |
Ending balance | 3,758 |
Severance [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Payments | $ 0 |
Restructuring and Asset Impai_4
Restructuring and Asset Impairment - Schedule of Restructuring and Asset Impairment, Net (Detail) - USD ($) $ in Thousands | 4 Months Ended | ||
Apr. 22, 2023 | Apr. 23, 2022 | ||
Restructuring Cost And Reserve [Line Items] | |||
Gain on sales of assets related to closed facilities | $ 22 | $ (77) | |
Business Restructuring Reserves [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Asset impairment charges | [1] | 3,745 | 0 |
Gain on sales of assets related to closed facilities | [2] | (61) | 0 |
Provision for severance | 0 | 9 | |
Other costs (income) associated with site closures | [3] | 314 | 31 |
Changes in estimates | [4] | 85 | (27) |
Restructuring and asset impairment | $ 4,083 | $ 13 | |
[1] (a) Asset impairment charges in the current year relate to two store closures within the Retail segment and impairment losses related to a distribution location that sustained significant storm damage within the Wholesale segment. (b) Gain on sales of assets in the current year primarily relates to the sales of personal property of previously closed locations within both the Wholesale and Retail segments. (c) Other costs in the current year and prior year primarily relate to Retail store closings. (d) Changes in estimates primarily relate to revised estimates for turnover and other lease ancillary costs associated with previously closed locations. |
Restructuring and Asset Impai_5
Restructuring and Asset Impairment - Additional Information (Detail) - Fair Value Measurements Nonrecurring [Member] - Significant unobservable inputs (Level 3) [Member] $ in Millions | 4 Months Ended |
Apr. 22, 2023 USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Long-lived assets | $ 7.4 |
Long-lived assets measured fair value on nonrecurring basis | 3.7 |
Impairment charges | $ 3.7 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Book Value and Estimated Fair Value of Debt Instruments, Excluding Debt Financing Costs (Detail) - USD ($) $ in Thousands | Apr. 22, 2023 | Dec. 31, 2022 |
Book value of debt instruments, excluding debt financing costs: | ||
Current maturities of long-term debt and finance lease liabilities | $ 7,614 | $ 6,789 |
Long-term debt and finance lease liabilities | 567,271 | 501,419 |
Total book value of debt instruments | 574,885 | 508,208 |
Fair value of debt instruments, excluding debt financing costs | 574,893 | 507,668 |
(Deficit) excess of fair value over book value | $ 8 | $ (540) |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Thousands | Apr. 22, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid expenses and other current assets | $ 74,627 | $ 62,244 |
Other long-term liabilities | 29,950 | 33,376 |
Accumulated other comprehensive loss | $ 1,422 | $ 2,979 |
Derivatives - Schedule of pay-f
Derivatives - Schedule of pay-fixed, receive-floating interest rate swap contract (Details) $ in Millions | Apr. 22, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effective Date | Mar. 17, 2023 |
Maturity Date | Nov. 17, 2027 |
Notional Value | $ 150 |
Pay Fixed Rate | 3.646% |
Receive Floating Rate | One-Month CME Term SOFR |
Floating Rate Reset Terms | Monthly |
Derivatives - Schedule of fair
Derivatives - Schedule of fair value of the interest rate swap (Details) - USD ($) $ in Thousands | Apr. 22, 2023 | Dec. 31, 2022 |
Offsetting Assets [Line Items] | ||
Prepaid expenses and other current assets | $ 74,627 | $ 62,244 |
Other long-term liabilities | 29,950 | 33,376 |
Accumulated other comprehensive income | 1,422 | $ 2,979 |
Interest rate swap [Member] | ||
Offsetting Assets [Line Items] | ||
Prepaid expenses and other current assets | 1,753 | |
Other long-term liabilities | 2,777 | |
Accumulated other comprehensive income | $ 869 |
Derivatives - Schedule of gains
Derivatives - Schedule of gains recognized in the condensed consolidated statements of earnings for the interest rate swap, presented on a pre-tax basis (Details) $ in Thousands | 4 Months Ended |
Apr. 22, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Total amounts of expense line items presented in the condensed consolidated statements of earnings in which the effects of cash flow hedges are recorded | $ 11,589 |
Gain on cash flow hedging relationships: | |
Gain reclassified from comprehensive income into earnings | $ 175 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 4 Months Ended | ||
Jan. 12, 2023 | Apr. 22, 2023 | Apr. 23, 2022 | |
Loss Contingencies [Line Items] | |||
Multiemployer Plan Pension Significant Plan Contribution | $ 4.3 | $ 3.8 | |
Financial Service [Member] | |||
Loss Contingencies [Line Items] | |||
Multiemployer Plan Pension Significant Plan Contribution | $ 35,800 |
Associate Retirement Plans - Ad
Associate Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | 4 Months Ended | ||
Jul. 01, 2022 | Apr. 22, 2023 | Apr. 23, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Gain realized related to refund | $ 0.2 | ||
Pension contributions during last plan year | 4.3 | $ 3.8 | |
Retiree Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) expense | 1 | ||
Increase (Decrease) in obligations | 6.6 | ||
SpartanNash Retiree Medical Plan Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) expense | $ 0.7 | ||
Payment to retired participants | $ 2 | ||
SpartanNash Retiree Medical Plan Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) expense | $ 0.9 | $ 0.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 17.60% | 20.20% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Allocation of Stock-Based Compensation Expense in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | ||
Restricted stock expense | $ 4,801 | $ 4,295 |
Performance share unit expense | 346 | |
Income tax benefit | (2,166) | (2,590) |
Stock-based compensation stock expense, net of tax | $ 2,981 | $ 1,705 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Incentive Plans Activity (Detail) | 4 Months Ended |
Apr. 22, 2023 $ / shares shares | |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance | shares | 863,063 |
Granted | shares | 425,232 |
Vested | shares | (424,730) |
Cancelled/Forfeited | shares | (6,685) |
Outstanding, Ending balance | shares | 856,880 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ / shares | $ 22.05 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 27.22 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 21.10 |
Weighted Average Grant-Date Fair Value, Cancelled/Forfeited | $ / shares | 25.57 |
Weighted Average Grant-Date Fair Value, Ending balance | $ / shares | $ 25.06 |
Performance Share Unit Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted | shares | 286,564 |
Outstanding, Ending balance | shares | 286,564 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | $ 27.24 |
Weighted Average Grant-Date Fair Value, Ending balance | $ / shares | $ 27.24 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 4 Months Ended | 9 Months Ended | ||
Oct. 07, 2020 | Apr. 22, 2023 | Oct. 08, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock warrant, outstanding and nonvested | 3,371,103 | 3,479,849 | ||
Unrecognized cost related to non-vested warrant shares | $ 17.9 | |||
Non-vested warrant shares expensed as vesting conditions are satisfied over the remaining term | 4 years 6 months | |||
Warrant shares, vested and exercisable | 2,066,169 | |||
Non-vested warrant shares, intrinsic value | $ 23.6 | |||
Vested warrant shares, intrinsic value | 14.5 | |||
NV Investment Holdings [Member] | Commercial Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrant to acquire number of securities, common stock shares | 5,437,272 | |||
Exercise price | $ 17.7257 | |||
Warrant commercial supply agreement | $ 200 | |||
Right to purchase warrant, expiration date | Oct. 07, 2027 | |||
NV Investment Holdings [Member] | Commercial Agreement [Member] | Warrants One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of warrant, outstanding and issuable shares | 2.50% | |||
Warrant to purchase number of securities, common stock shares vested | 1,087,455 | |||
Warrant grant date fair value per share | $ 5.51 | |||
NV Investment Holdings [Member] | Commercial Agreement [Member] | Warrants Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of warrant, outstanding and issuable shares | 10% | |||
Warrant grant date fair value per share | $ 5.33 | |||
Stock warrant, outstanding and nonvested | 4,349,817 | |||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 15 | |||
Unrecognized compensation cost, weighted average period of recognition | 2 years 2 months 12 days | |||
Performance Share Unit Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 7.5 | |||
Unrecognized compensation cost, weighted average period of recognition | 2 years 8 months 12 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Share-based Payment Expense Recognized as a Reduction of Net Sales in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | ||
Warrant expense | $ 607 | $ 673 |
Income tax benefit | (65) | (50) |
Warrant expense, net of tax | $ 542 | $ 623 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Stock Warrant Activity (Detail) | 4 Months Ended |
Apr. 22, 2023 shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock warrant, outstanding and nonvested | 3,479,849 |
Vested | (108,746) |
Stock warrant, outstanding and nonvested | 3,371,103 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Numerator: | ||
Net earnings | $ 11,337 | $ 19,289 |
Adjustment for earnings attributable to participating securities | (102) | (273) |
Net earnings used in calculating earnings per share | $ 11,235 | $ 19,016 |
Denominator: | ||
Weighted average shares outstanding, including participating securities | 34,547,000 | 35,566,000 |
Adjustment for participating securities | (310) | (504) |
Weighted Average Number of Shares Outstanding, Basic | 34,237 | 35,062 |
Shares used in calculating diluted earnings per share | 35,147,000 | 35,878,000 |
Net earnings | $ 0.33 | $ 0.54 |
Net earnings | $ 0.32 | $ 0.53 |
Stock Warrant [Member] | ||
Denominator: | ||
Effect of dilutive restricted stock awards | 761,000 | 648,000 |
Restricted Stock Awards [Member] | ||
Denominator: | ||
Effect of dilutive restricted stock awards | 149,000 | 168,000 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 22, 2023 | Apr. 23, 2022 | |
Non-cash investing activities: | ||
Capital expenditures included in accounts payable | $ 4,294 | $ 3,756 |
Operating lease asset additions | 9,381 | 1,117 |
Finance lease asset additions | 7,152 | 10,006 |
Non-cash financing activities: | ||
Recognition of operating lease liabilities | 9,381 | 1,117 |
Recognition of finance lease liabilities | 7,152 | 10,006 |
Other supplemental cash flow information: | ||
Cash paid for interest | $ 11,558 | $ 3,059 |
Reporting Segment Information -
Reporting Segment Information - Schedule of Segment Reporting Information, by Operating Segment (Detail) - USD ($) $ in Thousands | 4 Months Ended | ||
Apr. 22, 2023 | Apr. 23, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,907,394 | $ 2,763,658 | |
Acquisition and integration, net | 74 | 239 | |
Restructuring and asset impairment, net | 4,083 | 13 | |
Depreciation and amortization | 29,745 | 28,473 | |
Operating earnings | 24,313 | 28,149 | |
Capital expenditures | 38,864 | 29,938 | |
Total Assets | 2,296,190 | $ 2,306,561 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,907,394 | 2,763,658 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 349,618 | 339,947 | |
Wholesale [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,085,684 | 1,982,379 | |
Acquisition and integration, net | 69 | ||
Restructuring and asset impairment, net | 980 | 11 | |
Depreciation and amortization | 15,370 | 14,284 | |
Operating earnings | 26,325 | 28,122 | |
Capital expenditures | 24,397 | 17,265 | |
Total Assets | 1,536,923 | 1,525,760 | |
Wholesale [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,085,684 | 1,982,379 | |
Wholesale [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 349,294 | 339,786 | |
Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 821,710 | 781,279 | |
Acquisition and integration, net | 5 | 239 | |
Restructuring and asset impairment, net | 3,103 | 2 | |
Depreciation and amortization | 14,375 | 14,189 | |
Operating earnings | (2,012) | 27 | |
Capital expenditures | 14,467 | 12,673 | |
Total Assets | 759,267 | $ 780,801 | |
Retail [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 821,710 | 781,279 | |
Retail [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 324 | $ 161 |