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Annual Report 2016 2016 Spartannash Annual Report

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Annual Report 2016 2016 Spartannash Annual Report Annual Report 2016 2016 SpartanNash Annual Report Financial Highlights Net SSaalles (in billioonsns) 53r5 ddw week impacact Maarrcch 30, 202 13 $2.$2 616 Decemembmbberr 28, 20131 $2.$22 6060 DecD embemmbber 28, 20132 $3.199 JaJJanuarary3y 3, 20153 $7.78 Januaruary 2, 20160 $7.65 Deceembmberr 31, 2016 $7.73 Addjustede Operating Earnin ngs (i( n mim lll ions) March 30, 2013 $63$633 Decembmber 28, 20131 $57 Decembm er 28, 20132 $77 January 3, 20153 $136 January 2, 2016 $141 DDecembeer 31,3131, 2016 $149 Adjuusts ed EBIBITDA (in millions) MarMarrchc 30, 202 13 $106 DecDDeeeccemberr 28,28, 200131 1 $97 DecDe ember 28,8,8 200132 $127 JanJaa uarara y 3, 20150153 $234 Janannuarua y 2, 2016010 $230 Decembbere 31,31 2001166 $231 7KH7 H DGD MXVXVXVWHGWHG ¿QDQFLDOLLD LQQIRUUPDPPDWLRQRQ SUSUHVHHVVHQWHWHGUGUHÀHHFWVFW QRQ Q***$$3$$$ ¿Q¿QDQFQFFLDODO PHDVXVXUHV33OHDOHDDVHV VHVHHHHH WKH1RQ*$$3)LQDQFLDO0HDVXUHVVHFWLRQRIWKHHQFORVHG)RUP.IRUWKHUHVSHFWLYH UHFHFRQFQFFLOLLOL DWLRQVQVV RIR WKKHHVHHVVHVH PPHHDDVDVXUHVUH ''RRROODOODUDUVLVLVVLQPQPLOOLRQRQVV H[F[ HSWHSS SHS UVVKDUK UHGHGDWD DQD GSG HUFHUUFHQWQWQ DJHDJJHJ GDDWD WD <HD<H< U(U(QGHQGQ G 3HULRG(QGHG <HDU(QGHG 525 Weeekss 39 Weeks1 51 Weeks2 53 Weeks3 52 Weeks 52 Weeks 3/3/330/20/0 0133 12/28/2013 12/28/2013 1/3/2015 1/2/2016 12/31/2016 1HW1HH VDDOHVHVV $ 7,735 *UR**U VVVVVVVSURSUR¿W¿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¶Q\\¶V¿V¿¿VFDV DO\O HDUDU HQQGIG URPP WKHOHODVW 6D6 WXUGD\LQ0DUFKWRWKH6DWXUGD\F\FORVVHVWHVW WRR 'HHFHPPEHUEHU 2 7KHFRPSDUDWLYHHXQDXGLWHGG SHUH LRG HQH GHG 'HFHPEHU LQFOXFOF XGHGHGH ZHZHHNVV DVV DD UHVVXOWX W RIR WKKHFH KDKDQJHH LQWKHWKW &RRPSPSDQ\¶\¶\V¿V¿VFDVFV O\\HDUDUD HQQGG 3 )LVFDO\O\HDUH HQGHGG G -DQXDU\ LQFOXGHXG GDG UG ZHHNRNRIRSHUS UDWLD RQVV GXG HWWRWRR KHKHH &RP&RRPSDQSSD \¶V\V¶VV ¿VFDOF FDDOHQHQQGDUG ))RURURU WKHW \HDUDUD HQGGHGHHG -DQ-D- XDUXDDU\\\WKHUGZHHNN FRQQWULEXLELEXWHGWHHG VDDOHVHVH RIR P PLOOLO LRLRQLRQRRSHUS DWLWLQJ HDUQLQJVRI PLP OOLRQ HDH UQLU QJVQJJ IURPRP FRQWLQXLQJRSHUDWLWLRQV RII PLOL OLRO RQQRU SHUHHUU GLOGLG XWHX GVG KDUKDD H DQGD DGD MXVXVVWHGHG (%%,7'7'7 $$RI PLP OOLOLLRQRQR Letter to our Shareholders Fiscal 2016 was a strong year for SpartanNash as we continued to diversify the Company in ways that will enable us to extend our success well into the future. $VZHUHÀHFWRQWKHSDVW\HDUZHDUHSOHDVHGZLWKKRZZHOOZHH[HFXWHGRQRXUVWUDWHJ\WROHYHUDJHRXU supply chain network and retail competencies to provide innovative solutions to our customers and pursue IXWXUHJURZWKRSSRUWXQLWLHV%\UHPDLQLQJQLPEOHDQGIRFXVHGRQYDOXHZHGHOLYHUHGRQRXUNH\LQLWLDWLYHVWR H[SDQGRXUKLJKTXDOLW\VHUYLFHDQGSURGXFWRIIHULQJVGULYHQHZEXVLQHVVDQGLPSURYHRSHUDWLRQDOHI¿FLHQFLHV 7KHVHHIIRUWVKHOSHGPLWLJDWHWKHLPSDFWRIWKHFKDOOHQJLQJGHÀDWLRQDU\HQYLURQPHQWDQGHQDEOHGXVWRIXO¿OOWKH expectations of our customers and business partners. Dennis Eidson &RQVLVWHQWZLWKRXUREMHFWLYHWRSXUVXHVWUDWHJLFDFTXLVLWLRQRSSRUWXQLWLHVLQZHVLJQHGDGH¿QLWLYH Chairman and DJUHHPHQWWRDFTXLUH,QGLDQDSROLVEDVHG&DLWR)RRGV6HUYLFH ³&DLWR´ DOHDGLQJVXSSOLHURIIUHVKIUXLWVDQG &KLHI([HFXWLYH2I¿FHU YHJHWDEOHVDQGYDOXHDGGHGPHDOVROXWLRQVIRUUHWDLOHUVDVZHOODV%OXH5LEERQ7UDQVSRUW ³%57´ ZKLFK SURYLGHVWHPSHUDWXUHFRQWUROOHGGLVWULEXWLRQDQGORJLVWLFVVHUYLFHVWKURXJKRXW1RUWK$PHULFD7KLVDFTXLVLWLRQZKLFKZDVFRPSOHWHGRQ -DQXDU\SURYLGHVDQRSSRUWXQLW\WRH[SDQGRXUSUHVHQFHLQVHUYLQJVRPHRIWKHLQGXVWU\¶VIDVWHVWJURZLQJFDWHJRULHVLQFOXGLQJ IUHVKSURGXFHYDOXHDGGHGIUXLWVDQGYHJHWDEOHVDQGSURWHLQEDVHGSUHSDUHGPHDOV:HDUHSOHDVHGWRZHOFRPHWKH&DLWRDQG%57 WHDPVLQWRWKH6SDUWDQ1DVKIDPLO\DQGWREHJLQVHUYLQJDQHZJURXSRIFXVWRPHUVDVZHOODVWRSURYLGHQHZRIIIHULQJVWRRXUH[LVWLQJ customers. ,QDGGLWLRQLQZHZHUHFRPSHWLWLYHO\DZDUGHGE\WKH'HIHQVH&RPPLVVDU\$JHQF\ 'H&$ WKHFRQWUDFWWREHWKHH[FOXVLYHZRUOGZLGH VXSSOLHURISULYDWHEUDQGSURGXFWVWR86PLOLWDU\FRPPLVVDULHVDQGZHZLOOEHJLQWKHUROORXWRIWKLVSURJUDPLQPLG )RUWKH\HDUFRQVROLGDWHGQHWVDOHVJUHZWRELOOLRQGHVSLWHSURORQJHGGHÀDWLRQ:HLQFUHDVHGQHWVDOHVLQRXU)RRG'LVWULEXWLRQ DQG0LOLWDU\VHJPHQWVZKHUHRXUEXVLQHVVGHYHORSPHQWHIIRUWVZHUHDEOHWRPLWLJDWHWKHQHJDWLYHLPSDFWRIIRRGGHÀDWLRQDQGDFKLHYHG IRXUFRQVHFXWLYHTXDUWHUVRILPSURYHGFRPSDUDEOHUHWDLOVWRUHVDOHVWUHQGV:HDOVRUHGXFHGVHOOLQJJHQHUDODQGDGPLQLVWUDWLYHFRVWV WKURXJKRXUVXSSO\FKDLQRSWLPL]DWLRQDQGPHUJHULQWHJUDWLRQHIIRUWVZKLFKFRPELQHGZLWKWKHLQFUHDVHLQQHWVDOHVKHOSHGJHQHUDWH HDUQLQJVIURPFRQWLQXLQJRSHUDWLRQVRISHUGLOXWHGVKDUHLQ¿VFDO$GMXVWHGHDUQLQJVIURPFRQWLQXLQJRSHUDWLRQVLPSURYHG WRSHUGLOXWHGVKDUHLQ¿VFDOUHSUHVHQWLQJDQLQFUHDVHIURPSHUGLOXWHGVKDUHLQ¿VFDO 1HWHDUQLQJVFRQWULEXWHGWRPLOOLRQLQRSHUDWLQJFDVKÀRZVHQDEOLQJXVWRSD\GRZQPLOOLRQRIORQJWHUPGHEWDQGUHWXUQ PLOOLRQWRRXUVKDUHKROGHUVLQFDVKGLYLGHQGVDQGVKDUHUHSXUFKDVHV6SDUWDQ1DVK¶V%RDUGRI'LUHFWRUVDOVRGHPRQVWUDWHGLWV FRQ¿GHQFHLQWKH&RPSDQ\¶VIXWXUHE\UDLVLQJWKHTXDUWHUO\GLYLGHQGUDWHWRSHUVKDUHLQWKH¿UVWTXDUWHURIUHSUHVHQWLQJ DLQFUHDVHDQGWKHVHYHQWKFRQVHFXWLYH\HDURITXDUWHUO\GLYLGHQGLQFUHDVHV7KHTXDUWHUO\GLYLGHQGUDWHDOVRLQFUHDVHGLQWKH ¿UVWTXDUWHURI 2XURQJRLQJHIIRUWVWRFUHDWHVKDUHKROGHUYDOXHWRJHWKHUZLWKLQFUHDVHGHDUQLQJVSRVLWLYHO\LPSDFWHGWKH&RPSDQ\¶VVWRFNSULFHZKLFK LQFUHDVHGLQ¿VFDO BUSINESS SEGMENTS 2XUVROLG¿QDQFLDOSHUIRUPDQFHDQGDELOLW\WRZLQQHZEXVLQHVVGHPRQVWUDWHWKDWRXUYLVLRQDQGVWUDWHJ\IRUWKHIXWXUHDUHZRUNLQJ In our Food Distribution segmentZHSURYLGHKLJKO\UHOHYDQWSURGXFWRIIHULQJVDQGVHUYLFHVWRKHOSRXULQGHSHQGHQWFXVWRPHUVVXFFHHGLQ DFKDOOHQJLQJRSHUDWLQJHQYLURQPHQW:HFRQWLQXHWRZRUNRQLQLWLDWLYHVWKDWEHVWSRVLWLRQRXUGLVWULEXWLRQQHWZRUNDQGRSHUDWLRQVLQFOXGLQJ VXSSO\FKDLQRSWLPL]DWLRQVKULQNUHGXFWLRQDQGSURGXFWDVVRUWPHQWH[SDQVLRQ:HDOVRFRQVROLGDWHGWZRZDUHKRXVHVGXULQJWKH\HDU ZKLFKKLJKOLJKWVRXUGHGLFDWLRQWRLPSURYLQJHI¿FLHQFLHVDFURVVRXUHQWLUHQHWZRUNDQGSURYLGLQJHQKDQFHGSURGXFWIUHVKQHVVDQGVHOHFWLRQ as well as lower costs to our customers. :LWKWKHDFTXLVLWLRQRI&DLWRDQG%57ZHKDYHLQFUHDVHGWKHVL]HDQGVFRSHRIRXUFXVWRPHUEDVHE\VWUHQJWKHQLQJRXUIUHVKSURGXFW RIIHULQJWRQHZDQGH[LVWLQJFXVWRPHUV:HKDYHDOVRVHFXUHGHQWU\LQWRWKHIDVWJURZLQJIUHVKO\SUHSDUHGUHDG\WRHDWFDWHJRU\WKURXJK &DLWR¶V)UHVK.LWFKHQIDFLOLW\LQ,QGLDQDSROLV7KHNLWFKHQZDV86'$FHUWL¿HGLQ-DQXDU\DQGZLOOEHJLQUDPSLQJXSSURGXFWLRQLQWKH ¿UVWKDOIRIWKH¿VFDO\HDU :KLOHWKHLQGHSHQGHQWIRRGGLVWULEXWLRQLQGXVWU\UHPDLQVKLJKO\FRPSHWLWLYHZHDUHHQFRXUDJHGE\RXUVDOHVSLSHOLQHWKHVWUHQJWK DQGFDSDELOLWLHVRIRXUGLVWULEXWLRQQHWZRUNDQGRXUDELOLW\WRSURYLGHLQQRYDWLYHVXSSO\FKDLQVROXWLRQVWRRXUIRRGGLVWULEXWLRQDQG retail customers. Letter to our Shareholders - continued from previous page In the Military segmentWKHH[SDQVLRQRIRXUIUHVKEXVLQHVVFRQWLQXHGWRRIIVHWWKHRQJRLQJFRPPLVVDU\VDOHVVRIWQHVVDQGGHÀDWLRQDU\ SUHVVXUHVLQWKHFRUHEXVLQHVV:HFRQWLQXHWRGHSOR\RXUGLYHUVL¿FDWLRQVWUDWHJ\VHHNLQJQHZOLQHVRIEXVLQHVVDQGZRUNLQJFORVHO\ ZLWKYHQGRUVWRSURYLGHH[SDQGHGSURGXFWDQGVHUYLFHRIIHULQJV)XUWKHUPRUHZHDUHH[FLWHGDERXWRXUSDUWQHUVKLSZLWK'H&$DQGLWV QHZLQLWLDWLYHWRRIIHUSULYDWHEUDQGSURGXFWVLQ86PLOLWDU\FRPPLVVDULHV:HH[SHFWWKHIXOOSULYDWHEUDQGUROORXWWRWDNHVHYHUDO\HDUV DQGWRKDYHDSRVLWLYHHIIHFWRQRXUFRPSHWLWLYHSRVLWLRQLQJVDOHVDQGSUR¿WV In the Retail segmentVDOHVZHUHFKDOOHQJHGE\RQJRLQJGHÀDWLRQDU\SUHVVXUHVDQGGLI¿FXOWHFRQRPLFFRQGLWLRQVSULPDULO\LQRXU1RUWK 'DNRWDUHJLRQ:HFRQWLQXHGWRLPSOHPHQWLQLWLDWLYHVWRHQKDQFHRXUPHUFKDQGLVLQJSULFLQJDQGSURPRWLRQDOVWUDWHJLHVLQRUGHUWRGULYH JUHDWHUFXVWRPHUHQJDJHPHQWDQGLPSURYHWKHRYHUDOOVKRSSLQJH[SHULHQFH:HDOVRFRQWLQXHGWRLQYHVWLQVHOHFWUHWDLOPDUNHWVDQG WRH[SDQGRXUQDWXUDORUJDQLFDQGSULYDWHEUDQGRIIHULQJVLQFOXGLQJRXUQHZIUHVKEUDQGOpen Acress.™ As part of our ongoing plan to RSWLPL]HRXU5HWDLOVWRUHEDVHZHDOVRFORVHGFHUWDLQUHWDLOVWRUHVWKDWZHUHXQGHUSHUIRUPLQJDQGGLGQRWPHHWRXUEUDQGFULWHULD 'XULQJWKH\HDUZHKHOGJUDQGUHRSHQLQJVIRUHLJKWRIRXUQHZO\UHPRGHOHGDQGUHEDQQHUHGFamily FareeVWRUHVDQGUHODXQFKHG DWRWDORIVWRUHVLQJUHDWHU2PDKD1HEUDVNDXQGHUWKH Family FareeEDQQHU$VSDUWRIWKLVLQLWLDWLYHZHLQYHVWHGLQYDOXHSURJUDPV DQGSURGXFWYDULHW\WREHWWHUDOLJQWKHVHVWRUHVZLWKWRGD\¶VFRQVXPHUH[SHFWDWLRQV:HDOVRPDGHVRXQGLQYHVWPHQWVLQVHOHFW ' :)UHVK0DUNHWWVWRUHVDQGFRQWLQXHWRVHHSRVLWLYHUHVXOWVLQUHVSRQVHWRLPSOHPHQWLQJRXUQHZSUHVHQWDWLRQDQGSULFLQJVWUDWHJLHV ZKLFKZHORRNIRUZDUGWRUHSOLFDWLQJDWRWKHUUHWDLOORFDWLRQV:HDUHFRPPLWWHGWRPDNLQJWDUJHWHGFDSLWDOLQYHVWPHQWVLQ¿VFDO by converting certain stores to the Family Fare EDQQHUDQGUHPRGHOLQJRWKHUVZKLOHDOVRFRQWLQXLQJRXUEUDQGRSWLPL]DWLRQSURJUDP WRHQVXUHH[LVWLQJVWRUHV¿WZLWKRXUIRUPDWDQGRYHUDOOEXVLQHVVVWUDWHJ\ OUTLOOK $VZHHQWHU¿VFDOZHEHOLHYH6SDUWDQ1DVKLVZHOOSRVLWLRQHGWRFRQWLQXHWROHYHUDJHLWVVWURQJEXVLQHVVPRGHOWRJURZVDOHVDQG HDUQLQJVLQ6SHFL¿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ÀRZLQIXWXUH\HDUV
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