SPTN - Earnings call 4 2023 | SpartanNash Company

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Operator

Welcome to the SpartanNash Fourth Quarter and Fiscal Year 2023 Earnings Call. [Operator Instructions] I would now like to turn the call over to Kayleigh Campbell, Head of Investor Relations.

Kayleigh Campbell

Good morning, and welcome to the SpartanNash Company Fourth Quarter and Fiscal Year 2023 Earnings Conference Call.

On the call today from the company are President and Chief Executive Officer, Tony Sarsam, and Executive Vice President and Chief Financial Officer, Jason Monaco.

By now, everyone should have access to the earnings release, which was issued this morning at approximately 7 a.m. Time. Eastern

and of presentation, as at website. please call being copy company's as www.spartannash.com/investors. earnings be is earnings will supplemental visit recorded, the a the well release the This available For on replay company's a SpartanNash's website

we are like remind those subject could risks uncertainties today's company to you of forward-looking cause would a forward-looking statements. the that to in from will certain expressed include number the differ actual statements. begin, that Before to discussion These materially results statements and

If statements morning, you actual company's will that undertakes made company's SEC will and from refer reflect expectations factors differ only, obligation to statements. SpartanNash's the you as these most current no earnings release filings, see today from this results of cause statements. the a to Please discussion forward-looking well materially our as SpartanNash update forward-looking could forward-looking these or to recent revise remember all that

non-GAAP of to of the SpartanNash's non-GAAP The company useful GAAP website full earnings trends a the growth will it to investors underlying on provide which these measures found comparable perspective certain also The number reconciliation be release on with business financial make references believes measures of the company included financial most the in has a measures, and measures. can www.spartannash.com/investors. at

call Tony. to over is the it turn now to And pleasure my

Tony Sarsam

extend to to of challenging proud I'm The our consistently performed we've our long-term We despite made huge First and paying XXXX. Kayleigh, our our macroeconomic associates made strategic in the profitability incredibly line start, want you, a guidance good team Thank off. contributed are of record to and each culture our success. People in To in investments who environment. thanks of heartfelt to morning, delivered with plan I Glad our associates. here. talented everyone. in drive We SpartanNash be

we made improvement with I In with and want momentum half dive build rate second by more we than the progress year. X%, highlight to XXXX, the our sequential improved I Before in our financials, people. the the to of into turnover continued the

associate in to Work Our Diversity on Great helped certification XXXX. for Newsweek's prestigious and spot Greatest the America's Workplaces earn satisfaction a Place us

overall versus rating X other major in puts X.X our XXXX. In to and at retailers. out of group addition, of Glassdoor in on our increased X.X our score the top XXXX peer national This

lost the XX%, a last for top XXXX, since our year by alone. in which Since byproduct associate And in the in we've become also turnover this reduced is of Together, workers' reached performance we losses safety We've one these OSHA's XX% a leader quartile in our XX% includes by proudest of productivity. time have and increased incidents to engagement reducing our have our improvement effort people, safety our XXXX. space, improved by improvements compensation as and safety a genuine resulted protect nearly accomplishments.

period. This turning Amazon Now the year. demand billion. X% our company sales over with of total expectations change business $X.XX for increased our XXXX in X% reduced sales our the this impact The to line, year. sales Starting net our top to our nearly by financial for impacted highlights

However, the the importantly, and despite the Amazon we to line volume top continued have bottom grow pressures. line

XXXX, the while the simply bottom we profitability on grew line, were maintaining declining. in Speaking or others industry in

the points our best EBITDA margin metric, the in adjusted the adjusted of XX margin have performance EBITDA X seen expansion last to our the exception main prior year. X% and was XX compared years up since XXXX, the Notably, years basis merger. Our expanded in with EBITDA XXXX,

our in double-digits. we in work, benefits these our initiatives. customers million to planning improved by we total program gross benefits throughput benefits. enhanced $XX realized million our through merchandising of captured and success results. the transformation our $XX have to Since supply and rate chain XXXX, The these contributed from category transformations In Pass launching along

our parts build We other as business to well. in momentum continue of

our year, we which points; our by renovating, since past of stores, the XXXX; retail three, base we, and own Over one, XX rate points. continued share store grew increased and by refreshing retail basis [ market ] two, our brands XX XX% unit represents penetration rebannering basis we our

As savings XXXX, on benefits line, our team programs. is and cost we to top look ahead new focused launching additional from our growing initiatives transformational capturing

team Amy through helping leadership the independent with now Her our opportunities Lakes grocery include and a national grow is the executive network market top has our wholesale one for organic customers new existing last Prior team retail, of year's great development Customer identified acquisition. to business years accelerating Regarding leveraging she new our Amy experience for was expansion our line helm. expanding SpartanNash. has Officer, understands opportunities our merchandising for customers. growth, Chief has served account model and at as result actually and a on that SpartanNash, capital-light McClellan, X will She of be the advocate models, Great service marketing. and in Foods business opportunities

about XXXX continued we're excited our things include in Other transformation work.

us the drones. validation the automation in stores and of this appear of in automated year robot, capture We our range from Tally, include launching benefits initially in-stock will AI of $XXX We're as to $XX in communicated. such target our million additional $XX to year. our million supply earlier $XXX and well also to several transformation our planning cost chain whole an hit also plan. a This savings merchandising than warehouse benefits XX go-to-market tool million an expect as which on as gross We're expanded million, puts inventory and to These programs use implementing process workforce initiatives.

materialize. shrink programs value these capital-light value providing updates of initiatives benefits look we to will across years projects introducing help ESG all our operational are to work, We add reduce our for waste the part that chain. food us forward are come. As These as total of to

Okay.

our cost savings actively talked new and also transformation to We're inorganic line, from opportunities. growth about programs. have we top our XXXX additional evaluating the initiatives grow benefits plans So capture

effective enable couple our integrations. demonstrated and retail the the past network And acquisition we have we ability existing of through into and wholesale structure refined XXXX. integrate our made Over years, assets have to acquisitions organizational we new efficient in our to

opportunities themselves frame, same During of in time the have our both more presented X-year segments.

We shareholder continue to long-term evaluate approach. of disciplined We opportunities these pursue and stewards using will we only good believe opportunities remain we'll a that enhance capital value. those

our a a develop demand better want turning the inorganic and of as in within their anticipated initially XXXX. than past over format are they some drop customers, headwinds in I to we're Amazon on the context experienced business years. the unprecedented industry of food industry changed growth what inflation to higher over spike the our Volume store Before provide has call Jason, that following more with We seeing opportunities. resonates couple

continue adapt While we and our to response strategy reassess our long-term opportunities. and captured strategic in industry plan will to benefits, has consistently headwinds

overall the our any and we'll to summarize value transformation view in excited progress business, continues make dynamic work to I'm in our To there the create. of XXXX about are environment. opportunities many win the that

Jason over and detail. the the All greater right. outlook quarterly XXXX to I'll through walk in turn financials to call now

Jason Monaco

expanding successes call. I Thanks, to compared before our into earnings and year us net net compared on achieving One, maintaining to detailed more points; key strong $XX.X year; $XXX record to net support jumping plan $XXX from by of from liquidity, operating $XX.X of points quarterly highlights three, share XX% organic five, adjusted million, expanding long-term results. by XXXX; margin basis and include: XX two, the increasing activities; that to EBITDA want XX inorganic this basis shareholders the of of welcome through margin our X% to than million include growing a compared in than prior dividends; Tony, prior returning seven, our our reported million flexibility adjusted giving earnings six, to year; more EBITDA the million generating and in investments. million by and joining four, $XX to past today's repurchases million These both strategic some highlight cash everyone $XX us to

line savings on margin-enhancing and significant transformations. supply we chain initiatives, made transformation supply range also we since we've cost double $XX previously digits. launching with XXXX, chain the transformation, million rate year, the $XX realized provided. Tony's the echo in comments, from the This to We supply is To in progress million in during by improved which the past merchandising $XX our million our chain year throughput

proud from our innings. of capturing savings We I'll incredibly with are synergies momentarily. in is cost transformation, the which early additional still XXXX, discuss this which program merchandising also We're still its success and expect in

shared. with year, in $XX past the This captured again were previously benefits. million in $XX These range benefits million line million to $XX we we

prior billion segments, the in $X.XX Wholesale Retail which Net turning our in The results. quarter quarter. year $XXX our Now industry year's to due billion. for quarter decreased versus of million decreased to or $XXX is decline business. quarter the XXXX's to trends or with and headwinds of sales $X.XX prior sales period was XX.X% sales sales consistent quarter Gross million volume net Amazon unit to compared fourth the profit XX.X% net the in the in was X.X% fourth fourth fourth and of versus

by realized lower LIFO Our rate margin increased inflation-related the cycling due from was the with inflation dollars price expense from mentioned, was reduced partially gross profit transformation The volume driven consistent to I quarter. benefits the prior offset by and were rate flat the increase while the gains programs. year trends

from borrowings prior to our $X.X year XX chain compensation As incentive expenses and to decreased in transformation chain compared due reported million lower and increase improvement quarter primarily by our $X.X points expense an compared of The supply primarily the from reduction prior supply environment. quarter. due in a year million efficiencies basis was higher driven prior to percent operating increased to to Interest rate the interest expenses sales, a year. initiative the

primarily sales decreased the year $X.X turning to X% The billion due compared our in Amazon Net our segments. $XX within prior was to demand to million business. decrease quarter. changes Now to Wholesale

supply asset segment's period Wholesale to network supply bottom response the in increased year's million, chain continued due prior These to fourth the were $XX.X $XX.X profitability Moving merchandising compared in in chain in realized expenses; two, million to charges optimization operating benefits $X.X and $X related million last compared compensation. The million, transformation; the year. fourth same customer quarter. to Wholesale million included results one, incentive to from EBITDA changes. demand quarterly was segment's lower adjusted reported quarter $XX.X impairment earnings three, reduced the to; line, the

the to segment. $XXX of came million moving quarter in fourth Now XXXX. Retail compared the quarter in at the $XXX million to Sales for

same-store on sales stack, continued this quarters, few impacted in increasing to reductions Our for in quarter, strong X.X% a comparable benefits store while the consumers by X.X%. the fourth last Retail they EBT to decreased offered X.X% sales X-year quarter. approximately geography remained our past Similar adversely

addition, million Retail price year our EBITDA more quarter. the sales XX% fuel fuel down the than per sales were to primarily compared adjusted by year was were $XX gallon. In prior reduced The quarter. $XX.X prior to million in lower driven

in earnings year. margin elevated Retail were decline operating partially offset notably from including operating Along rate, by with compensation. fourth points. decrease driven also $X.X the the lower The gross basis reported impacted negatively pharmacy million fuel margins volumes, compared quarter. cycling decrease in margin were million impacted in XXX adversely expenses, by by to in margin the reduced also QX $X.X Gross lower last incentive was was which gross margins by XXXX's a gross business,

Turning to sheet. the balance

both the to debt inorganic flexibility compared fourth said adjusted investments. to And strong, giving to Our us EBITDA third increased this remains long-term liquidity leverage quarter support quarter year. in of by organic the points our sequentially X.Xx earlier, XX I as ratio our to net and including basis plan, of

and plan. national for $XX securing as three, environment; acquisitions; As four, several expectations $XX demand million transformations covered are for our XXXX account from our customers; which million release, in the the items and tuck-in supply today's two, go-to-market that one, press XXXX, for our in grocery initial benefits the merchandising to incorporates guidance outlook chain include; well providing we fiscal current as

and of shareholder half first capabilities success this of programs full original our target we to hit million value value. To in continue gross $XXX industry the deliver headwinds. we exiting It's sales These to our XXXX. maximize to our initially run to range on rate are we in the rising year investments billion. heavier that $X.X execute to that initiatives year well benefits are the in earlier transformational our long-term the are than anticipated. year offsetting $XXX of a due invest plan, of we to And million net range expect billion $X.X to Overall, way be

planned million includes our to year, continued total investments which for our expect long-term strategic capital expenditures million of $XXX also to We range plan. in the be the in $XXX

our metric. on profitability main to Moving

the adjusted to ongoing our XXXX million acquisitions. expect This going to to in per interest in is to of continuing $X.XX basis, rate believe invest our EPS of interest yet. the about energized very year be range We tuck-in to reflecting environment in I'm $XX million, be in of share million $XX year the fiscal to I $XXX range while elevated our best business. investments adjusted share. EBITDA be $XXX the per is in XXXX of expect a ahead, inclusive expense On We year, $X.XX initiatives. and anticipate we this to range range transformational million and the to be

to call back the And with that, turn I'd like over to Tony.

Tony Sarsam

the we have continued change. us have the targets. XXXX us enhanced building and the environment. insights through and confidence launched the are foundation, foundation based sets despite to evaluating a gain enabled us helped our from our marketing strong optimizing strong built offering, work to profitability category a planning our The Back inorganic a team's changing Jason. dynamic and these our our while been work changes. chain, achieve value with The compelling provided us on we and environment giving macro hard optimized you, growth in innovation comments, has grow supply on steadily has ongoing and opportunities, pursuing organic capabilities up the we profitability industry. to flexibly XXXX pivot my We've share plan outperform business, to and previous Thank we to

Their questions. I'd the plan the With turn is of the to more to we over operator want open we reason it associates. call up to take continue open execution up with shoppers. opportunity the and that, win call to Before customers your questions, I our thank one why our and to like to back our for

Operator

Wood first Markets. from comes question Ben from Our Instructions] [Operator BMO Capital

Benjamin Wood

Ben This of Bania. behalf is Kelly on

wanted remarks seeing up headwinds additional I that to of in prepared and the follow to guidance range. the So Tony's XXXX on the comments kind about just how relates you're

you your So of CAGR mid-single-digit the X% flattish growth annual guidance EBITDA guys to versus in of plan. EBITDA kind implies long-term kind growth outlined

wanted or how the high end What I how the range to So the national know versus XXXX account environment? is in is within versus get your low on drivers to that macro much much the you control end? dependent of

single-digits, just kind term, And environment? of as macro get then much reaccelerating question, growth broader the guys Spartan how can of think with do about need and you in EBITDA same longer execution towards X% how better cooperation much versus or you competitive high you

Jason Monaco

Jason. this the Thanks question. Ben, is for

driving in the $XXX just a in we is Tony So margin plan enhancing EBITDA can outperforming maybe the has But in committed are And heard also a there. recognize the to and control of million a take from that you what And that our lot of initial reminder we doing the we starting live we lot point space. programs. performance to standpoint uncontrollables. the the in XXXX, of we're controlling that that is we're from things and our also world

we're deliver So gross to million a expecting $XXX $XXX earlier. year benefit the to million

And what to is that's marketplace. plow allowing incremental of headwinds us in the through the kind do

on and we've like what is X drives we're years trajectory executed that to operated focus expect done our we've in what margin conditions is as we in see our adjustments our the nobody down pathway $XXX that programs. enhancing we'd outside. have of and and And and building those markets predicted of those accordingly. up But upside million. on what double-digit look we've to be So to include on performance the market well and adjusting inflation. continuing that machine doing delivering And regardless And

Benjamin Wood

dig That's about in helpful. then volume the And Okay. I to wanted also commentary on trends.

think you planned. an headwind perspective, from they guys of more than said bit were, a significant I little industry a

still plan the you thought? volume the -- what's talk XXXX? And then of XQ? in And promotional trends as structural for more than get inflation you volume a is into reset to plan previously can what's it you it abates? this come back and So the to about Or is see guys what volumes did

Tony Sarsam

with is in on the those. for more see as more you as just expected, of the second here ago. has wee waning The see a consumer I inflation, I'd bit well. slower Ben, -- consumer you other -- the start, mentioned a into there, based The than little a overall, the think bit I I'll broadly, our just say, deals headwinds, back come units industry think been same to the looking announcements you'll

more You'll own into brands. see like economical trading them our more. price points Folks

And last year continued year. has continued. that for sort the It's the throughout fourth It of theme well. last so was most as of quarter of

-- think growth we normal of longer it's there's getting this sort coming we a back point. back optimistic stable consumer So expected bit and about we're the been phase, at to than wee normal but and

Jason Monaco

-- out our on way focused as we example. question consumers this convenience, really earlier the our -- kind sure where at are brands our And performed standpoint, Ben, things or we've building the on pointed of building consumers from they're and exceptionally for private through are that's and label, meet still the we've on process. portfolio, making really question, out, And choosing Tony own well last

to think Our are We're in Everything the for as benefits performing in well. up programs convenience as a and year across very vegetable cut and is business the and fruit factor you continues and that that well. was performing well, entrees, about spectrum frozen strongly perform very convenience seeing example, well.

get price economic despite at, and to backdrop. grow the we get meet consumers product making to the sure perform the continue right to we're they're the right, and again points portfolio assortment where So we right

Benjamin Wood

promotions vendor vendor you seeing And support, back? any coming are

Jason Monaco

independent Our to sharp promotion when investment make the and rational sort And industry promotions any we squeezed. kind are in environment of customers. as promotional our drastic XXXX, pretty the across performance were -- And with in of overall. promotional drive community, volumes wouldn't well. us, our say, profile the as across characterize is from change I slow funded levels in the as the goal invest were rather be it increase kind to vendor generally would together, grocery that that vendors. through continues but sure stores a our higher that participating the modestly of But broadly I in we're with both they

when So our we independent win, win way. the vendors that the wins, along customers consumer win and our

Operator

next Our Mushkin Scott from from question comes Capital. RX

Scott Mushkin

So I was wondering if some clarification. could I get

kind some mentioned tuck-in to acquisitions? just of scale making acquisitions EBITDA, 'XX and how the understand are that you and You to of adding to trying close of those

Tony Sarsam

Yes.

I is here, this Scott. As Tony, mentioned

I time we think this space. we're sort actively opportunities the evaluating also M&A in last I talked, mentioned the of

evaluated, actively of I -- we I overall -- number see both in think -- for up think also, you'll to options looking play. mentioned we're we'll broadly as the looking offering, our us shore a at overall space I business the

think likely are there to in them be Retail time, of more I last mentioned I this stores.

business our And the so that as we probably space. currently a opportunities really we evaluating to we're out our that in than us deliver have But we for Wholesale actually have really, important that way of in more we the growing get plenty sort business see space there. mission make those overall the see to stronger. that better And ingredients for life. We of and add things support

So that we couple years. as next the these move over see of of course through you'll time,

Scott Mushkin

question 'XX? it for about but to was I as a how scale I forecast follow-up far that, EBITDA much had wondering Tony, as that And the mentioned, I your

Jason Monaco

Scott, is Jason. this

plan. that to really and footprint relatively I build things geographies, pretty a in synergistic as good real we our the -- in do, fit into we're about that's performance. is scale what we're small as that do headed. these but represent contribution company in margin, are folks trying small but acquisitions relatively These about to fit think to small are give our what's context, should in yourself What the where you like these think clarity investors and and incorporated on small

plans would on that execute both wind a M&A talked M&A and changed Investor the frankly our how top done on of ago, on Day sits about of back years and strategy. built clock, executed really is organic the What if about our organic And you talked to we -- we kind at it. couple that think inorganic And about nothing's our we of framework and front. we've then we

kind with share strategic what want our moving our on to years consistent frankly, of we move So to had laid inorganic the we first. some now couple internal out elements, is And to ago. cleaning that plan. to do of But stack strategy house into ready that we'll we're we're top we own the forward, of that a of continue things and

Scott Mushkin

this And Tony to customers just maybe you is wholesale that a place? right Are what said. think that servicing you these take follow-up this going retailers is currently aren't to now? Or guys

Tony Sarsam

We're both options? of certainly evaluating those

Operator

CL question from Wolf from Andrew comes next Our King.

Andrew Paul Wolf

and has just like pace. gross that been at more of sort accelerating an the I about ago profit, gains is dollar Or and want comparing year in that lot FIFO a of inventory price gross Is ask holdings? to to in competition down trend, profit LIFO the in the driver pre-LIFO, does on does margin your the to pre-LIFO of what's the is with biggest guidance? -- XXXX view, regard again, dollars the stabilize -- that with gross your changes. profit of particularly market? that secondly, going how exclusive What there when And

Jason Monaco

Thanks Jason. is question. for this the Andrew,

very down this course, we've the you price question. has touching wind by gains been and that margin, so of of first element, the kind of And on The projecting. your inflation-related maybe weighed in gross down mentioned been

down on by the from it's inflation-related But and a -- overall, year. the back pickup supply a our weighing obviously, merchandising that it's still offset winding versus or we business, looking that's programs margin margin prior the gross across level. the chain nothing margin, delivered couple gains, kind I of So results. gross we we're years, transformational about the at When offset and on of think both front. in And been new largely

Andrew Paul Wolf

for the on gross a a evaluate basis profit? you or basis FIFO LIFO Do business

Jason Monaco

FIFO.

Andrew Paul Wolf

I mean out your EBITDA LIFO, right? takes

Jason Monaco

Correct.

Andrew Paul Wolf

terms is. up? know All just if you -- -- from is understandably, volume now, Can the do sort market right. Retail will, you I'll how move is on of I what how you in competitive of holding holding SpartanNash? than and is about how up talk is, better for how that. which Wholesale how And but business, the consumer just But more the in of inflation is -- Wholesale it sort right specifically

Tony Sarsam

Yes.

So to earlier, the the perform We retail well. expectations and had, is equation offering their a business Wholesale continues mentioned as Wholesale a resetting they them. overall are, mentioned on sense is as the business, for makes of call, that way which get part they're Amazon finding the to I

And so they pulled back.

of stores. same kind volume roughly the our as independents the performing Wholesale. of in But -- our our that So perspective overall kind Retail own Retail covers

business Military continue there. a growth mean, had with to strong. second Our be I year with really good good Military

are grocers So our of performing independent accounts and expectation. at overall, Military, national ex-Amazon our sort our

Andrew Paul Wolf

deflation we And Okay. can impact you did -- sales? on segment Or fuel lower what is for at on fuel you less do And sales gallons? So did of sell fuel on or have me sell deflation? the basis. Retail look the grocery lastly sort business, it just Retail the a did it the -- was --

Jason Monaco

Andrew. question, Great

X things. So

million we unusually about lapped in $XX sales. XXXX. a was fuel margins, million what margins line, high impact top margins it about as $X of that we was on And the lower so in lower the The fuel were saw On drag line. bottom QX lower the

about in our face So results, we EBITDA in when was of that year-over-year, the million growth X% fuel margins quarter. you delivered adjusted $X the lapping in step think a down and

Operator

from Alex next our question from And Slagle Instructions] Jefferies. [Operator comes

Alexander Slagle

inflation year and on of just next of expectations promo business, level Amazon any the about activity Couple Fresh of High-level and expected you're guidance your into when the questions. those baking on thoughts any plans? think what in kind for just you views general baked supplier

Tony Sarsam

Yes.

a things. So of couple

we So seen range inflation couple guess. of that bit a on to couple Amazon kind right of finding Jason for back a back continuing or their build back, I stabilize normal on of place that years here again, their But to that. inflation, guess think inflation we color I a years to have the on second X of getting following may I as just [indiscernible] see they're I little the in for they're again, to way -- more business. mentioned, business, a

kind of do to them they have design continued next they're figure best as that them in quarter supporting more to they business, back out what's be for to going that and to what and the going consumers. for continue their are fourth and saw We pull They rightsize of we as there.

Jason Monaco

on in Wholesale that consistent a that comment down for going wind to nobody about more we plan one Obviously, into outlook inflation the Maybe see projected externally to Yes. you can reflective continue perfectly is the and outlook Retail sub-X% businesses. expect predict We've with in of levels kind our modest the inflation. -- forward. assumption of think X% inflation where or both future. But we at finished what food XXXX. incorporated a that We XXXX that's at. And we're

Alexander Slagle

building views on partnering like, what on customers Great. business, looks pipeline And that and Wholesale most? you're seeing momentum joining any your where the new then and with lapsed

Tony Sarsam

Sure. Yes, of folks we number out have with a there. active a engagement pretty

As you and for know, enthusiasm our these we long customer what obviously, a marketplace. the set, for sticky. relationships good we for are often great seeing offering bring we we're but And believe to current -- have

we that services to our great have independent We customers. bring

great in refining things are them, field. the offer that people we have and we the types We of

on her on with to just is we started aggressive get that bring more can how reshaping of getting the Amy kind and So we role bear. things that

good. been has reception the far so very And

service -- those are bullish we the we fold being into there able with more out folks very on have So people customers. bring the with and fine to again, the servicing

Alexander Slagle

like actually, in levels to turnover sounds All and momentum historical over then how good to just reducing accelerated the room sounds more of on And you time? much what half. looks get one just the there go right. like And just beyond and back opportunity like of more and turnover sort

Tony Sarsam

Yes.

overall folks get people and and excited recognize you year process retention. the focus, business way. about long focusing So come as how our we on on understanding earlier A to of engaged we've the of done comments, work had sort my good goals and a in putting and last the those a mentioned really reward achievements, I in first have and year lot of really

Our that's trying got people they to experimenting of better overall, retention early much and rates their learn the in and sort about are phases, careers. are better when

turnover. really, momentum overall see we on So really great

to better time we over obviously, And as wanes sort performance as that question, your part well. see and of second of your

think that better So when stability, folks, we have for the have in going cycle -- it's better direction. we virtuous right a great I get you schedules and

great feel now, on we right we're So the overall, front. doing what people

Operator

as at I back for turn call time, there remarks. no to Sarsam And questions Instructions] will over [Operator closing the now Tony other this are

Tony Sarsam

close, All we I and Annual are couple to them XXXX our hosting of deals. tomorrow at sessions opportunities participate will days. our in see ideas forward Thank today will and for Attendees notably, that look independent We I the over to want in those forward get next you. of some right. auctions. plenty customers And growth the Virtual opportunity And for in our before with terrific welcome buy Expo. customers to the educational customers and sharing

for So morning. like pleasant wish very like thank I'd our appreciate of today's from to family all in call. SpartanNash. your you your you again to And to yours, good I'd in just We a say participation interest

Operator

conference for today's Thank you call. concludes This attending.

SpartanNash (SPTN) 15 Feb 242023 Q4 Earnings call transcript