While reporting financial results for the first quarter on Thursday, food solutions company SpartanNash Co. (SPTN) reaffirmed its adjusted earnings guidance for the full-year 2024, while lowering its annual net sales outlook.
For fiscal 2024, the company continues to project adjusted earnings in a range of $1.85 to $2.10 per share, but now expects net sales between $9.50 billion and $9.70 billion. Down from the prior forecast range of between $9.70 billion and $9.90 billion.
On average, four analysts polled by Thomson Reuters expect the company to report earnings of $2.00 per share on revenues of $9.73 billion for the year. Analysts' estimates typically exclude special items.
The company said the guidance incorporates the Company's long-term strategic initiatives, including all transformational programs and tuck-in acquisitions. It added that the transformational programs are on track to deliver $50 million to $60 million of annual run rate savings from supply chain transformation, merchandising transformation, and go-to-market strategy.
The company also said it remains on target to reach the $125 million to $150 million of gross benefits set out in its strategic plan by the end of 2024, a year earlier than initially communicated.
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