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Spartannash Company,(SPTN) a leading player in the ret ail and distribution sector, has released its condensed consolidated financial statements for the first quarter of 2023. The financial data highlights both the net income/loss and revenue figures for the company during this period.
Net Income Performance
Spartannash Company reported a net income of $11.3 million for the first quarter of 2023. This figure signifies the profit generated by the company after deducting all expenses, taxes, and other financial obligations. In comparison, during the same quarter of the previous year, the company's net income was significantly higher at $19.3 million.
The company's revenue for the first quarter of 2023 amounted to a total of $2.9 billion. This substantial revenue reflects the sales generated from Spartannash's various operations and business activities. In the corresponding period of 2022, the company recorded revenue of $2.76 billion, showcasing a notable increase in revenue year-over-year.
Consolidated Balance Sheets
Spartannash's condensed consolidated balance sheets as of April 22, 2023, indicate a total asset value of approximately $2.3 billion, with current assets accounting for approximately $1.07 billion. The company's assets include cash and cash equivalents, accounts and notes receivable, inventories, and more. Property and equipment, goodwill, intangible assets, and other assets contribute to the overall asset value.
On the liabilities and shareholders' equity side, the company's current liabilities stand at around $634 million, while long-term liabilities amount to approximately $902 million. Shareholders' equity, including common stock, preferred stock, accumulated other comprehensive income, and retained earnings, totals around $759 million.
The consolidated statements of earnings for the 16 weeks ended April 22, 2023, reveal a gross profit of $446.7 million after deducting the cost of sales amounting to $2.46 billion from net sales of $2.9 billion. Operating expenses, including selling, general and administrative costs, acquisition and integration charges, and restructuring expenses, totaled $422.4 million, resulting in operating earnings of $24.3 million.
The company's comprehensive income for the 16 weeks ended April 22, 2023, reached $9.8 million. This comprehensive income is calculated by combining the net earnings of $11.3 million with other comprehensive loss of $1.6 million. The latter includes adjustments related to interest rate swaps and postretirement liabilities.
Spartannash Company's financial data for the first quarter of 2023 portrays a dynamic business landscape, with net income and revenue figures showcasing its performance during this period. The company's strategic approach to managing assets, liabilities, and shareholders' equity is evident in the consolidated balance sheets, while the detailed breakdown of earnings and expenses is presented in the consolidated statements.