SpartanNash Co (SPTN) 2025 Q1 法說會逐字稿

Thank you for standing by. Welcome to the SpartanNash first quarter fiscal 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Kayleigh Campbell, SpartanNash Head of Investor Relations.

感謝您的支持。歡迎參加 SpartanNash 2025 財年第一季財報電話會議。（操作員指示）現在，我想將電話轉給 SpartanNash 投資者關係主管 Kayleigh Campbell。

Kayleigh?

凱莉？

Thank you, and good morning. 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 7:00 AM. Eastern Time. For a copy of the earnings release as well as the company's supplemental earnings presentation, please visit SpartanNash's website.

謝謝，早安。今天參加電話會議的公司人員有總裁兼執行長 Tony Sarsam 和執行副總裁兼財務長 Jason Monaco。現在，每個人都應該可以看到今天早上 7:00 左右發布的收益報告。東部時間。如需查看收益報告以及公司補充收益報告的副本，請造訪 SpartanNash 的網站。

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

此通話將會被錄音，重播將在公司網站上提供。在我們開始之前，公司想提醒您，今天的討論將包括一些前瞻性的陳述。這些聲明受某些風險和不確定性的影響，可能導致實際結果與前瞻性聲明中表達的結果有重大差異。

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

如果您參考 SpartanNash 今天早上發布的收益報告以及該公司最近向美國證券交易委員會提交的文件，您將看到有關可能導致公司實際結果與這些前瞻性陳述存在重大差異的因素的討論。請記住，今天所做的所有前瞻性陳述僅反映我們目前的預期，SpartanNash 不承擔更新或修改這些前瞻性陳述的義務。

The company will also make a number of references to non-GAAP financial measures. The company believes these measures provide investors with a useful perspective on the underlying growth trends of the business and it has included in the earnings release a full reconciliation of certain non-GAAP financial measures to the most comparable GAAP measures, which can be found on SpartanNash's website. And now it is my pleasure to turn the call over to Tony.

該公司也將多次引用非公認會計準則財務指標。該公司認為，這些指標為投資者提供了了解業務潛在成長趨勢的有用視角，並在收益報告中將某些非 GAAP 財務指標與最具可比性的 GAAP 指標進行了全面對賬，這些對帳可在 SpartanNash 的網站上找到。現在我很高興將電話轉給托尼。

Thank you, Kayleigh, and good morning, everyone. Glad to be here. I'd first like to take a moment to welcome our summer 2025 intern cohort. This summer, we are hosting 89 students from 35 universities across the country. With a focus on developing talent and the next generation of leaders, our internship program is a key component of our people-first culture. And we are proud to say that our award-winning internship program has now welcomed 300 students over the past 3-years.

謝謝你，凱莉，大家早安。很高興來到這裡。首先，我想花點時間歡迎我們 2025 年夏季實習生團隊。今年夏天，我們將接待來自全國 35 所大學的 89 名學生。我們的實習計畫著重培養人才和下一代領導者，是我們以人為本文化的重要組成部分。我們很自豪地說，我們屢獲殊榮的實習計畫在過去 3 年裡已經接待了 300 名學生。

Thank you for spending the summer with us interns, we look forward to learning and growing together. All right. Let's shift gears to the first quarter results. We had a fantastic first quarter, beating our budget and delivering a record-breaking adjusted EBITDA of nearly $77 million. And building on last year's momentum, we posted another quarter of growth.

感謝您與我們實習生一起度過這個夏天，我們期待共同學習和成長。好的。讓我們來看看第一季的業績。我們的第一季表現非常出色，超出了預算，並實現了創紀錄的近 7700 萬美元的調整後 EBITDA。在去年勢頭的基礎上，我們又實現了一個季度的成長。

In Q1, our sales increased 3.7% to over $2.9 billion. Our retail segment results were strong with a 1.6% increase in comparable store sales. This is despite inclement weather conditions in our core market. And on top of that, the stores we acquired in 2024 contributed to our strong sales results. Notably, retail performance was up against a tough backdrop.

第一季度，我們的銷售額成長 3.7%，達到 29 億美元以上。我們的零售部門業績強勁，同店銷售額成長 1.6%。儘管我們的核心市場天氣惡劣，但情況仍然如此。除此之外，我們在 2024 年收購的商店也為我們強勁的銷售業績做出了貢獻。值得注意的是，零售業績在嚴峻的背景下有所上升。

Following the historic ice storm in late March, nearly 10% of our stores were impacted for a few days in our core market. The total effect on our comp from these temporary closures was 80 basis points. I want to thank the team for jumping into action when our customers needed us. In addition to donating two truckloads of food and water, some of our Michigan stores provided additional relief to the communities we serve.

繼 3 月底發生的歷史性冰暴之後，我們核心市場中近 10% 的商店在幾天內受到了影響。這些臨時關閉對我們公司造成的整體影響為 80 個基點。我要感謝團隊在客戶需要我們時立即採取行動。除了捐贈兩卡車的食物和水外，我們密西根州的一些商店還為我們服務的社區提供了額外的救濟。

This included hot meals, [product] donations and discounted groceries. Thank you to the associates who stepped up to help our neighbors in a time of need. Now on to the Wholesale segment. Overall, we are pleased with Wholesale's performance. Net sales for this segment were nearly $2 billion.

其中包括熱餐、[產品]捐贈和折扣雜貨。感謝那些在鄰居需要幫助時挺身而出的同事。現在進入批發領域。總體而言，我們對 Wholesale 的表現感到滿意。該部門的淨銷售額接近 20 億美元。

Although there was expected softness in our national accounts channel, these volume pressures were partially offset by higher sales in the military channel. The military business has grown 13 consecutive quarters. Okay. Pivoting back to the bottom line. Both adjusted performance metrics, EBITDA and EPS were ahead of our expectations. Again, adjusted EBITDA came in at a record $77 million for the quarter.

儘管我們的國家帳戶管道預計會疲軟，但軍事管道的銷售額增加部分抵消了這些銷售壓力。軍事業務已連續13季成長。好的。回到底線。調整後的績效指標 EBITDA 和 EPS 都超乎我們的預期。本季調整後的 EBITDA 再次達到創紀錄的 7,700 萬美元。

This is a 2.6% increase compared to the prior year first quarter. Overall, we had a very strong quarter. Sales were up, retail comps were positive, wholesale margins improved and bottom line results delivered. And we were able to maintain strong margins while investing in our transformational initiatives. Congratulations to the team for a stellar quarter.

與去年同期第一季相比，成長了2.6%。總體而言，本季我們的表現非常強勁。銷售額上升，零售額成長，批發利潤率提高，獲利結果良好。我們在投資轉型計畫的同時，也能夠維持強勁的利潤率。祝賀團隊取得了輝煌的季度業績。

Now let's discuss the current environment we're operating in. Our recently launched cost leadership program is designed to improve our cost structure and add earnings certainty. The program is expected to deliver $50 million of annual benefits with in-year gains this year of approximately $20 million. The program enables us to invest in growth and expand margins all while offsetting industry headwinds. Some examples include leveraging our scale to deliver more procurement benefits, implementing automated solutions in our DCs and establishing new retail processes to ensure effective labor spend and time efficiencies.

現在讓我們討論一下我們當前的營運環境。我們最近推出的成本領先計劃旨在改善我們的成本結構並增加獲利確定性。該計劃預計每年將帶來 5,000 萬美元的收益，今年的年內收益約為 2,000 萬美元。該計劃使我們能夠投資於成長並擴大利潤率，同時抵消行業逆風。一些例子包括利用我們的規模來提供更多的採購效益，在我們的配送中心實施自動化解決方案，以及建立新的零售流程以確保有效的勞動力支出和時間效率。

Speaking of our retail processes, this is a good segue into the discussion about the next phase of our strategic plan. Since 2021, our strategic plan has generated more than $130 million from our margin-enhancing initiatives, including our supply chain and merchandising transformation. The next logical step of our strategic plan is to unlock the significant potential of our retail business.

說到我們的零售流程，這是一個很好的過渡，可以引出我們關於策略計畫下一階段的討論。自 2021 年以來，我們的策略計畫已透過提高利潤率的舉措（包括供應鏈和商品轉型）創造了超過 1.3 億美元的收益。我們戰略計劃的下一個合理步驟是釋放零售業務的巨大潛力。

With new leadership in retail, associates have been relentless in their efforts to achieve operational excellence. Within the past few months, the team has implemented initiatives which are improving execution while enhancing the shopper experience. Although our shoppers are looking for low prices, they are really seeking overall value. And we're focused on providing the right balance in our retail stores, price and value with a differentiated offering.

隨著零售業新領導層的到來，員工們一直不懈努力，以實現卓越營運。在過去的幾個月裡，該團隊實施了一些舉措，以提高執行力並增強購物者的體驗。儘管我們的購物者尋求的是低價，但他們真正追求的是整體價值。我們致力於透過差異化產品在零售店中實現價格和價值的適當平衡。

As one example, we acquired Metcalfe's Market last year, and they established the world's largest broadcast in Madison, Wisconsin. This summer, we are leveraging the spirit and branding from that event and highlighting what differentiates our retail stores. We're making BroadWorks fresh in-house daily with a unique flavor featured every week.

舉個例子，我們去年收購了梅特卡夫市場，他們在威斯康辛州麥迪遜建立了世界上最大的廣播電台。今年夏天，我們將利用活動的精神和品牌，突顯我們零售店的與眾不同之處。我們每天都在內部製作新鮮的 BroadWorks，每週推出獨特的風味。

This is a new in-store destination and summer grilling campaign available in all of Our Family Fare, D&W Fresh Market and Martin's supermarkets. We're really enjoying some growth drills with this one, giving shoppers a chance to relish in a variety of new flavors. And during the first week of the summer, broth sales were up a sizzling 148%.

這是 Our Family Fare、D&W Fresh Market 和 Martin's 超市推出的全新店內目的地和夏季燒烤活動。我們真的很享受這次的成長訓練，讓購物者有機會品嚐各種新口味。夏季第一周，肉湯銷量激增 148%。

All right. So as discussed last quarter, we plan to continue investing in our Retail segment through three growth platforms. One, expanding our capital deployment into slight conventional and upmarket store remodels. Two, leaning into the attractive convenience store sector. And three, leveraging our capabilities in the Hispanic food markets by growing our ethnic store footprint. Speaking of growing our Hispanic food markets. I was honored to be part of the company's largest-ever grand opening event. Our newest Supermercado Nuestra Familia in Omaha, Nebraska expands access to culturally relevant products and services.

好的。正如上個季度所討論的，我們計劃透過三個成長平台繼續投資我們的零售部門。一是擴大我們的資本配置，用於輕微的傳統和高檔商店改造。二、傾力佈局極具吸引力的便利商店領域。第三，透過擴大我們的民族商店足跡，發揮我們在西班牙裔食品市場的能力。談到擴大我們的西班牙裔食品市場。我很榮幸能夠參加該公司有史以來規模最大的盛大開幕活動。我們位於內布拉斯加州奧馬哈的最新 Supermercado Nuestra Familia 擴大了獲得與文化相關的產品和服務的管道。

Thank you to the retail team for introducing this store to the community in a memorable one-of-a-kind event. As I hope you can tell, we have a lot going on, and that's why our team is energized about the future of SpartanNash. We continue to execute our strategic plan and deliver on our commitments.

感謝零售團隊透過一次令人難忘的獨一無二的活動向社區介紹這家商店。我希望您能看出，我們有很多事情要做，這就是為什麼我們的團隊對 SpartanNash 的未來充滿熱情。我們繼續執行我們的策略計劃並履行我們的承諾。

As you may have seen in this morning's earnings release, we beat our internal expectations, and we are reaffirming our yearly guidance despite the macro environment. Our results to date as well as our expectations for growth programs give us confidence that we will achieve the 2025 targets we laid out in February.

正如您可能在今天早上的收益報告中看到的那樣，我們的業績超出了內部預期，儘管宏觀環境如此，我們仍重申年度指引。我們迄今為止所取得的成果以及對成長計畫的預期使我們有信心實現 2 月制定的 2025 年目標。

And with that, I'll now turn the call over to Jason to walk you through the quarterly financials in greater detail.

現在，我將電話轉給 Jason，讓他向您更詳細地介紹季度財務狀況。

Thanks, Tony, and welcome to everyone joining us on today's call. Before jumping into the detailed quarterly results, I'd like to touch on a few key successes from our strategic plan. Some of these highlights include. One, increasing net sales by over $1 billion since 2019. Two, making significant progress on our margin-enhancing initiatives, including the supply chain transformation, merchandising transformation, marketing innovation work and the go-to-market plan. Three, launching our newest transformational initiatives, the cost leadership program. As Tony mentioned, we expect to deliver $20 million in savings this year alone.

謝謝，托尼，歡迎大家參加今天的電話會議。在介紹詳細的季度業績之前，我想先談談我們策略計畫中的一些關鍵成功之處。其中一些亮點包括：一、自2019年以來淨銷售額增加10多億美元。二、我們在提高利潤率的措施上取得了重大進展，包括供應鏈轉型、商品銷售轉型、行銷創新工作和市場進入計畫。三、啟動我們最新的轉型措施－成本領先計畫。正如東尼所提到的，我們預計光是今年就能節省 2000 萬美元。

The benefits from the program are included in this year's guidance and we expect to capture $50 million of savings annually in future years. And four, generating more than $130 million in total benefits from our margin-enhancing initiatives, achieving our multi-year plan target of $125 million to $150 million a year early, and we still have plenty of runway ahead.

該計劃帶來的收益已包含在今年的指導中，我們預計未來幾年每年可節省 5000 萬美元。第四，我們的利潤提升措施創造了超過 1.3 億美元的總收益，提前一年實現了 1.25 億至 1.5 億美元的多年計畫目標，而且我們仍有很大的發展空間。

Okay. Jumping into our first quarter results. We started the year strong, delivering solid growth. Consolidated net sales in the quarter increased 3.7% to $2.9 billion versus first quarter 2024 sales of $2.8 billion. While we experienced lower case volumes in our wholesale segment, we more than offset those trends with incremental sales in our retail segment from both acquired stores and higher comparable store sales.

好的。了解我們的第一季業績。我們今年開局強勁，實現了穩健成長。本季綜合淨銷售額成長 3.7%，達到 29 億美元，而 2024 年第一季的銷售額為 28 億美元。雖然我們的批發部門的銷售額有所下降，但我們透過收購商店和更高的可比較商店銷售額在零售部門實現了增量銷售，這足以抵消這些趨勢的影響。

Gross profit for the quarter increased to $481 million or 16.5% of net sales compared to $440 million or 15.7% of net sales in the prior year's first quarter. The 86 basis points margin improvement was driven by a sales mix shift towards the higher-margin retail segment and an increase in the wholesale segment gross margin rate.

本季毛利增至 4.81 億美元，佔淨銷售額的 16.5%，而去年同期第一季的毛利為 4.4 億美元，佔淨銷售額的 15.7%。利潤率提高 86 個基點的原因是銷售組合向利潤率更高的零售部門轉變，以及批發部門的毛利率提高。

Compared to the prior year quarter, interest expense increased $1.7 million to $15.2 million due primarily to an increase in borrowings related to our recent acquisitions. On a reported basis, our net earnings were $2.1 million or $0.06 per diluted share. This is compared to net earnings of $13 million or $0.37 per diluted share in Q1 of last year.

與去年同期相比，利息支出增加了 170 萬美元，達到 1,520 萬美元，這主要是由於我們最近的收購相關的借款增加。據報道，我們的淨收益為 210 萬美元，即每股 0.06 美元。相比之下，去年第一季的淨收益為 1,300 萬美元，即每股 0.37 美元。

Both adjusted EPS and adjusted EBITDA were ahead of our expectations during the quarter. On an adjusted basis, net earnings were $12 million or $0.35 per diluted share compared to net earnings of $18.5 million or $0.53 in Q1 last year. Notably, we started the year strong with a record adjusted EBITDA in Q1 of $76.9 million. This was a 2.6% increase compared to Q1 2024's adjusted EBITDA of $74.9 million. The higher profitability from the quarter was due to several factors, including higher retail sales, improvements in wholesale margins, reduced shrink within our supply chain and lower corporate administrative expenses. Now turning to our segments.

本季調整後的每股盈餘和調整後的息稅折舊攤提前利潤均超出我們的預期。經調整後，淨收益為 1,200 萬美元或每股攤薄收益 0.35 美元，而去年第一季淨收益為 1,850 萬美元或每股攤薄收益 0.53 美元。值得注意的是，我們今年開局表現強勁，第一季調整後 EBITDA 創下 7,690 萬美元的紀錄。與 2024 年第一季調整後的 EBITDA 7,490 萬美元相比，成長了 2.6%。本季獲利能力的提高得益於多種因素，包括零售額的增加、批發利潤的提高、供應鏈損耗的減少以及企業管理費用的降低。現在轉向我們的部分。

Net sales for our wholesale business, which includes independent grocery customers, national accounts and military channels were almost $2 billion. Higher sales in the military business partially offset volume pressures in national accounts and independents. Notably, Sales now also reflect the intercompany elimination of revenue related to the recent Fresh Encounter acquisition. For reference, Fresh Encounter represented approximately 1.7% of the prior year sales.

我們的批發業務（包括獨立雜貨客戶、全國客戶和軍事管道）的淨銷售額接近 20 億美元。軍事業務銷售額的成長部分抵消了國家帳戶和獨立帳戶的銷售壓力。值得注意的是，銷售額現在也反映了與最近的 Fresh Encounter 收購相關的公司間收入消除。作為參考，Fresh Encounter 約佔去年銷售額的 1.7%。

Wholesale adjusted EBITDA increased an impressive 7.2% to $61.8 million compared to last year's $57.6 million. The improved results were driven by a higher gross profit rate, benefits from our margin-enhancing initiatives and lower corporate administrative expenses. Wholesale reported first quarter operating earnings were $33.2 million, a decrease of 7.6% compared to $36 million in the prior year's first quarter. Now moving to retail. The segment sales grew 19.6% to $947.2 million versus the prior year quarter's $792.2 million.

批發調整後的 EBITDA 較去年的 5,760 萬美元大幅成長 7.2%，達到 6,180 萬美元。業績改善的原因是毛利率上升、利潤率提高措施帶來的好處以及公司管理費用的降低。批發業務報告第一季營業收入為 3,320 萬美元，較去年同期的 3,600 萬美元下降 7.6%。現在轉向零售業。該部門銷售額較去年同期的 7.922 億美元成長 19.6%，達到 9.472 億美元。

Along with the recent retail acquisitions, these results were also driven by a 1.6% increase in comparable store sales, another positive step change in our growth trajectory. Retail adjusted EBITDA was $15.1 million compared to $17.3 million in the prior year quarter. The decrease was due to higher store labor and occupancy costs which were partially offset by increased sales volume and lower corporate administrative expenses. Retail reported an operating loss of $14.3 million compared to a loss of $5.4 million in the first quarter of 2024. With that, let's turn to our balance sheet.

除了最近的零售收購之外，這些業績還得益於同店銷售額 1.6% 的成長，這是我們成長軌跡的另一個積極變化。零售調整後 EBITDA 為 1,510 萬美元，而去年同期為 1,730 萬美元。下降的原因是店面勞動力和占用成本增加，但被銷售量增加和公司管理費用降低部分抵消。零售業務報告營業虧損為 1,430 萬美元，而 2024 年第一季的虧損為 540 萬美元。有了這些，我們來看看資產負債表。

Our leverage ratio of net long-term debt to adjusted EBITDA slightly increased in the first quarter to 2.9 times compared to 2.8 times at the end of the fourth quarter. We generated $25.8 million of cash from operating activities during the quarter compared to $36.5 million in Q1 2024. This was mostly driven by changes in working capital, and reported earnings. Our liquidity at the end of the quarter was about $270 million, giving us capacity to fund our strategic growth plan, including M&A opportunities. As Tony mentioned, following a strong first quarter, we are re-affirming our guidance for fiscal 2025.

我們淨長期債務與調整後 EBITDA 的槓桿率在第一季略有上升，從第四季末的 2.8 倍上升至 2.9 倍。本季我們從經營活動產生了 2,580 萬美元的現金，而 2024 年第一季為 3,650 萬美元。這主要是由於營運資本和報告收益的變化所致。我們在本季末的流動資金約為 2.7 億美元，使我們能夠為我們的策略成長計畫（包括併購機會）提供資金。正如托尼所提到的，在第一季表現強勁之後，我們重申了對 2025 財年的預期。

The outlook has several considerations, including challenging market conditions within the grocery industry. These have been partially offset by our strong operating performance to date and the ongoing benefits we expect to realize from our transformational initiatives.

前景有幾個考慮因素，包括食品雜貨業嚴峻的市場環境。這些損失已被我們迄今為止強勁的經營業績以及我們預期從轉型舉措中實現的持續收益部分抵消。

To execute this plan, we continue to invest in our capabilities and initiatives that deliver long-term shareholder value. This year's investments began in Q1, and we expect them to continue throughout the year, weighted more in the first half versus the back half of the year. To summarize the guidance ranges for our 53-week year, we continue to expect net sales to be $9.8 billion to $10 billion with a mid-point of 3.7% growth.

為了執行這項計劃，我們將繼續投資於能夠為股東帶來長期價值的能力和措施。今年的投資始於第一季，我們預計投資將持續全年，上半年的投資比重將大於下半年。總結我們 53 週年度的指導範圍，我們繼續預期淨銷售額為 98 億美元至 100 億美元，中間值為 3.7%。

And adjusted EBITDA is expected to be $263 million to $278 million with a midpoint of 4.6% growth. For your models, noncash expenses, primarily D&A, are expected to have about a $0.30 drag on EPS for the year, unchanged from our annual guidance. We continue to expect adjusted EPS to be $1.60 to $1.85 per diluted share. As a reminder, the D&A impact is driven by acquired assets and our capital investments we've made as part of our growth strategy. And lastly, our CapEx is still expected to be in the range of $150 million to $165 million, inclusive of ongoing capital requirements for recently acquired assets.

調整後的 EBITDA 預計為 2.63 億美元至 2.78 億美元，中位數為成長 4.6%。對於您的模型，非現金支出（主要是折舊及攤銷前費用）預計將對全年每股收益造成約 0.30 美元的拖累，與我們的年度指引相比沒有變化。我們繼續預計調整後的每股收益為 1.60 美元至 1.85 美元。提醒一下，D&A 的影響力是由我們作為成長策略的一部分而收購的資產和所做的資本投資所驅動的。最後，我們的資本支出預計仍將在 1.5 億美元至 1.65 億美元之間，其中包括最近收購資產的持續資本需求。

Notably, achieving our 2025 outlook would deliver an adjusted EBITDA compound annual growth rate of approximately 7% since 2019. Before turning the call over to Tony, I wanted to provide an update on food and home inflation. Since providing our guidance in February, we now expect inflation to be about 2% for the fiscal year versus our prior expectation of 1%.

值得注意的是，實現我們的 2025 年展望將使自 2019 年以來調整後的 EBITDA 複合年增長率達到約 7%。在將電話轉給托尼之前，我想提供有關食品和住房通膨的最新情況。自二月提供指導以來，我們現在預計本財年的通膨率約為 2%，而我們先前的預期為 1%。

Higher food inflation is typically a short-term benefit for wholesalers. And although we are opportunistic with short-term forward-buy opportunities, we continue to execute on our enhanced category planning program to ensure customers get the best cost. This merchandising initiative helps combat rising food costs by improving offerings and value for our wholesale customers and store guests. As a food solutions company, we strongly believe that when the shopper wins, we all win.

食品價格上漲通常對批發商來說是一種短期利益。儘管我們抓住了短期遠期購買機會，但我們仍會繼續執行增強的品類規劃計劃，以確保客戶獲得最優惠的價格。這項行銷措施透過為我們的批發客戶和商店顧客提供更好的產品和價值來幫助應對不斷上漲的食品成本。作為一家食品解決方案公司，我們堅信，當購物者獲勝時，我們所有人都獲勝。

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

說完這些，我想把電話轉回給東尼。

Thank you, Jason. We hit the ground running in 2025, and the momentum continues to prove that our strategic plan is working. We remain diligent in our execution of that plan to further drive results to capture market share and maximize shareholder value.

謝謝你，傑森。我們於 2025 年開始全力以赴，而這一勢頭持續證明我們的戰略計劃正在發揮作用。我們將繼續認真執行該計劃，以進一步推動業績，佔領市場份額並實現股東價值最大化。

Before we open up the call to Q&A, I wanted to share that our team is thrilled to welcome 2,000 suppliers, independent grocery customers and associates at our upcoming Annual Food Solutions Expo. This summer's event will feature award ceremonies for suppliers and customers, retail discussion groups, educational sessions, product introductions, special deals, live auctions and more. We look forward to meeting with industry leaders who are passionate about elevating the grocery shopping experience. See you all in July.

在我們開始問答環節之前，我想分享一下，我們的團隊很高興在即將舉行的年度食品解決方案博覽會上歡迎 2,000 名供應商、獨立雜貨店客戶和同事。今年夏季的活動將包括供應商和客戶頒獎典禮、零售討論小組、教育課程、產品介紹、特價優惠、現場拍賣等。我們期待與熱衷於提升雜貨店購物體驗的業界領袖會面。七月見。

With that, I'd like to turn the call back over to the operator and open it up for your questions.

說完這些，我想把電話轉回給接線生，並回答你們的問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Charles Cerankosky, North Coast Research.

查爾斯‧塞蘭科斯基 (Charles Cerankosky)，北海岸研究公司。

Good morning, everyone. Regarding the Hispanic store format, is that largely concentrated in the Omaha market, I think where it began, do you see it moving into other markets? And maybe give us an idea what kind of store count we have now and where you think it will be in 2- or 3-years, please?

大家早安。關於西班牙裔商店的形式，它主要集中在奧馬哈市場嗎？我認為它是從那裡開始的，你認為它會進入其他市場嗎？請告訴我們現在我們有多少家店，以及您認為 2 到 3 年後門市數量會是多少？

Great. Great question. So I appreciate that. We -- so right now, we have -- as you know, we had three of the Supermercado Nuestra Familia in Omaha. We opened a fourth one in Omaha just this past month.

偉大的。好問題。我很感激。我們 — — 所以現在，我們有 — — 如你所知，我們在奧馬哈有三家 Supermercado Nuestra Familia。上個月我們在奧馬哈開設了第四家店。

And we have -- we are looking to be more aggressive in opening new stores there. So what you'll see is, going forward, we will open two or three more stores in the Mid-west during the balance of this year and then at least one or two in the first quarter of next year as well. So we're looking to expand that footprint and open new stores. And it will be a combination of converting not necessarily our stores. This one we did in overhaul was a conversion of one of our stores.

我們已經——我們正在尋求更積極地在那裡開設新店。因此，您會看到，展望未來，我們將在今年餘下時間內在中西部地區開設兩到三家門市，並在明年第一季開設一到兩家門店。因此，我們希望擴大業務範圍並開設新店。這將是多種轉換的組合，不一定是我們的商店。我們這次大修是對我們的一家商店進行改造。

But most of the conversions of other stores that are either follow or out of business and -- but in the neighborhood, we can best serve that community. So very, very excited about the future with growth with those Hispanic stores.

但大多數其他商店的轉型要么跟隨要么倒閉——但在附近，我們可以為該社區提供最好的服務。我對這些西班牙裔商店未來的發展感到非常興奮。

Tony, do you see those moving into Michigan at all?

東尼，你看到有人搬進密西根州嗎？

Yes.

是的。

Alex Slagle, [Barclays].

亞歷克斯·斯拉格爾，[巴克萊銀行]。

Congrats on the progress. Yes, the ethnic store expansion that was interesting in one of my questions, well, I'm just kind of curious how that works out, opening up and sort of doing a conversion in the market and sort of the consumer response?

恭喜你取得進展。是的，我之前的一個問題中關於民族風商店擴張的問題很有趣，好吧，我只是有點好奇這個擴張會如何進行，開放之後在市場上進行轉化，消費者的反應如何？

And then just some thoughts on recent performance of the newly acquired stores overall, just any new learnings you've seen there or incremental opportunities you're thinking about as you look ahead with these stores or plans for acquisitions in the future?

然後，您對新收購商店的近期整體表現有何看法，您在展望這些商店或未來收購計劃時，是否看到了任何新的經驗或正在考慮的增量機會？

Sure. The -- our Hispanic stores have performed very well on the whole time I've been here. We've got out of the gates this year. They have led our store portfolio in both top line and bottom line performance. And so we remain very bullish on that channel.

當然。在我任職期間，我們的西班牙裔商店一直表現得很好。今年我們已經踏出了第一步。他們在營收和利潤表現方面都領先於我們的門市組合。因此我們仍然非常看好該頻道。

And those stores, as you know, are established stores and communities we've had those stores for over a decade. So they continue to grow, they continue to grow and grow profitably. The new store conversion we did, it's awfully new right now, but we converted that store over and right now we are up double digits from where it was before the conversion, and that's again that's early days, so we feel very strongly about how that store will perform and that's why our continued enthusiasm to open more stores.

如您所知，這些商店都是老牌商店和社區，我們已經經營這些商店十多年了。因此他們繼續成長，繼續成長並且獲利成長。我們進行的新店改造，現在看來非常新，但我們已經改造了那家店，現在我們的業績比改造前增長了兩位數，而且這還只是初期階段，所以我們對那家店的表現非常有信心，這也是我們繼續熱衷於開設更多商店的原因。

Yeah, maybe building on that. Alex, this is Jason. We're, Tony's talked about our excitement about these stores. We're energized and the strategy and the thinking of how we deployed these is that we've got a market where we've got strength and a brand awareness in Omaha.

是的，也許可以以此為基礎。亞歷克斯，這是傑森。托尼談到了我們對這些商店的興奮之情。我們充滿活力，我們的策略和部署思維是，我們在奧馬哈擁有實力和品牌知名度的市場。

We began with a conversion of a form of family affair into a super Mercado. And then we'll be expanding, as Tony said, outside of the Omaha market into the into new geographies, some of them where we operate today and some new geographies where we don't have retail operations based on the attractiveness of those markets. But think about this in the context of you've got to crawl, then walk then run as we build out this strategy, make sure that we what we're deploying is working. We learn from those activities and we execute it well. We've got a real hidden gem in the portfolio here.

我們首先將家庭事務的形式轉變為超級市場。然後，正如托尼所說，我們將擴展到奧馬哈市場以外的新地區，其中一些是我們目前開展業務的地區，還有一些我們尚未開展零售業務的新地區，這取決於這些市場的吸引力。但是，當我們制定這個策略時，請先從爬、走、跑的角度來思考這個問題，確保我們所部署的方法有效。我們從這些活動中學習並很好地執行了它們。我們的投資組合中確實有一顆隱藏的寶石。

We want to deploy that across our marketplace and early returns are quite positive as we've said before, generally on remodels we get double digit revenue growth and these this store. Is no different. We would expect similar performance in in new store conversions and new builds going forward on the acquisition front, pretty early days on Fresh Encounter and Markham since those came in late in the year.

我們希望在整個市場中部署這一點，正如我們之前所說的那樣，早期的回報非常積極，一般來說，在改造過程中，我們會獲得兩位數的收入增長，而這些就是這家商店。沒有什麼不同。我們預計，在收購方面，新店轉型和新建業務也將有類似的表現，Fresh Encounter 和 Markham 的收購仍處於初期階段，因為它們是在年底收購的。

Late last year, but thus far they've been delivering largely according to plan. We've been happy with the results and we've been working together with those teams to integrate them into the SpartanNash family and ensuring that not only are we delivering the business case, but we're delivering the employee and associate promise that we've made to those folks.

去年年底，但到目前為止，他們的交付基本上按照計劃進行。我們對結果非常滿意，並且一直與這些團隊合作，將他們融入 SpartanNash 大家庭，確保我們不僅能實現商業案例，還能兌現我們對這些人所做的員工和同事的承諾。

Benjamin Wood, BMO Capital Markets.

本傑明伍德 (Benjamin Wood)，BMO 資本市場。

Hey, good morning. This is Ben on behalf of [Kaliban]. Wanted to start and to see if you could provide some more color on the cadence of that $40 million in cost leadership this year. I believe you said it would be more first half weighted. But how much of that program would have impacted 1Q? And then just which segments should we see that popping up in?

嘿，早安。我是 Ben，代表[卡利班]。想先看看您是否可以提供一些有關今年 4000 萬美元成本領先節奏的更多資訊。我相信您說過它會更加重視上半部。但該計劃對第一季的影響有多大？那麼我們應該在哪些部分看到它出現呢？

Hey Ben, this is Jason. Thanks for the question. The bias towards the first half is more towards the expenses we're investing in the programs. And we expect to have -- or to deliver $20 million of benefit this year from our new cost leadership programs. Those $20 million -- or that $20 million on an annual basis is expected to be around $50 million, and we'd see the full $50 million in 2026.

嘿，本，我是傑森。謝謝你的提問。對上半年的偏向更在於我們在專案上投資的費用。我們預計今年我們的新成本領先計畫將帶來 2000 萬美元的收益。這 2000 萬美元——或者說每年 2000 萬美元預計約為 5000 萬美元，我們將在 2026 年看到全部 5000 萬美元。

With respect to the segments that, that $20 million in year represents, I expect most of that to be in the back half of this year. There will be a little bit in Q2, but it's largely in the back half of the year. And you should expect to see it impact both segments as we're deploying benefits against our retail operations, where we've got changes in our supply chain operations, and we have changes in the way that we're buying from a procurement standpoint.

對於每年 2000 萬美元所代表的各個部分，我預計其中大部分將在今年下半年實現。第二季會有一點，但主要還是在下半年。您應該會看到它對兩個部門都產生影響，因為我們正在為零售業務部署效益，我們的供應鏈營運發生了變化，從採購的角度來看，我們的購買方式也發生了變化。

So both segments will be impacted largely by those three levers. In addition to that, to get to the $40 million that you see in the supplemental materials on the Investor Relations website, what you've got is $20 million of run rate in indirect procurement and shrink benefits that we talked about last year.

因此，這兩個部分都將受到這三個槓桿的重大影響。除此之外，要達到投資者關係網站補充資料中提到的 4000 萬美元，我們需要支付 2000 萬美元的間接採購運行費用和我們去年討論過的縮減收益。

So we were investing last year to deliver $20 million of run rate benefits coming into '25. The $20 million is in our plan, it's in our guidance. And you should expect to see that largely ratably throughout the year. And that's been in the Q1 run rate thus far. So think about this as two blocks of the $40 million.

因此，我們去年進行了投資，以在 2025 年實現 2000 萬美元的運行率效益。2000 萬美元在我們的計劃中，也在我們的指導範圍內。您應該會看到，全年這一數字將大幅增加。這是迄今為止第一季的運行率。所以可以將其視為 4000 萬美元中的兩個部分。

There's $20 million that we worked on last year and kind of entered the year with $20 million in run rate and that's ratable. There's another $20 million that we're investing in at the first half of this year, and that's why you see earnings a little bit suppressed in the first half, with the benefits largely in the back half of this year and ramping up to an annualized $50 million or so of benefits in '26?

去年我們的工作量為 2000 萬美元，今年的運行率也達到了 2000 萬美元，這是可以評估的。我們在今年上半年又投資了 2000 萬美元，這就是為什麼您會看到上半年的收益有所下降，而收益主要集中在今年下半年，並在 26 年增加到年化 5000 萬美元左右？

That's great. Thank you. for all the additional color there. And then just beyond the weather that you guys called out any more details you could give on the cadence of the quarter in terms of sales volume, inflation, promotions. And then just as the underlying strength in the retail comps, has that continued quarter-to-date?

那太棒了。謝謝。為那裡增添了更多的色彩。除了天氣之外，你們還能否提供有關本季銷售量、通貨膨脹和促銷方面的節奏的更多細節？那麼，就像零售業的潛在優勢一樣，這種優勢在本季至今是否持續了下來？

Yeah. Good question. So cadence in the quarter from a retail comp standpoint was, I would say, pretty solid. There was some variability in part due to timing of holidays. I know you all have a food industry tracker.

是的。好問題。因此，從零售角度來看，本季的節奏相當穩健。由於假期時間的原因，出現了一些變化。我知道你們都有一個食品業追蹤器。

So you see that as well. But with Easter landing much later this year, we had some variability both in our retail in our wholesale segment as you saw changes to the supply chain with Easter being out a few weeks later. Otherwise, we've seen, I would say, relatively stable performance throughout the quarter.

所以你也看到了這一點。但由於今年復活節來得晚，我們的零售和批發部門都出現了一些變化，因為復活節晚了幾週，供應鏈也發生了變化。除此之外，我想說，我們看到整個季度的表現相對穩定。

And overall, delivering a 1.6% comp that's with an 80 basis points headwind from weather from an ice storm in Michigan. So on a pro forma basis, I think about this as more like a 2.4 run rate all in across the entire business. From an inflation standpoint, not a lot of variability either, think about that as kind of 2%-ish through the quarter. Again, there's some variability within certain product categories.

總體而言，受密西根州冰暴天氣影響，該公司獲利下降了 80 個基點，但整體獲利為 1.6%。因此，從形式上看，我認為這更像是整個業務的 2.4 運行率。從通貨膨脹的角度來看，變化也不大，整個季度的通貨膨脹率大約是 2% 左右。同樣，某些產品類別中存在一些差異。

I know [eggs] were quite popular in the news early in the year. And so you saw that coming a little bit up and down in the kind of dairy inflation, but broadly relatively stable inflationary environment.

我知道[雞蛋]在今年年初的新聞中相當受歡迎。因此，您會看到乳製品通膨略有波動，但整體通膨環境相對穩定。

That's great. If I could just sneak in one more. Just on the retail profitability pressures in 1Q that you called out, any onetime or things isolated to 1Q in that? How should we think about it going forward? And then just I think last quarter, you guys highlighted some potential footprint rationalization that you might do at retail.

那太棒了。如果我能再偷偷溜進去一次就好了。就您提到的第一季零售獲利壓力而言，是否有一次性事件或與第一季相關的事件？我們該如何看待這個問題？然後我想上個季度你們就強調了在零售領域可能進行的一些潛在的足跡合理化。

Any update on that?

有最新消息嗎？

Yeah, I'll start with the profitability. There's a handful of puts and takes in the overall profit versus last year's Q1. Among them, as you mentioned earlier, the ice storm was no small amount. That was almost the difference maker by itself, but we also had a pretty significant impact I'll call out on pharmacy. We had a impact there of over -- right around $3 million.

是的，我將從獲利能力開始。與去年第一季相比，整體利潤出現了一些波動。其中，正如你剛才提到的，冰暴的規模也不小。這幾乎是其本身的決定性因素，但我們也對藥房產生了相當大的影響。我們在那裡的影響超過——大約 300 萬美元。

And it's a little bit of the same story about the pressures that are coming on to pharmacies from the PBMs. And as you probably also know, there is a great of legislation going on right now that we're also helping the champion that help get that stabilized so that consumers have good choices on pharmacy, particularly the folks we serve and small pharmacies can continue to thrive. That's been an ongoing pressure for the last 5- or 6-years, and it was part of the story again in Q1 for us.

這與 PBM 給藥店帶來的壓力有一點相似。您可能也知道，目前正在進行大量立法，我們也在幫助倡議者實現穩定，以便消費者在藥局方面有更好的選擇，特別是我們服務的消費者和小型藥局能夠繼續蓬勃發展。這是我們過去五、六年來一直面臨的壓力，而對我們來說，這在第一季再次成為問題的一部分。

Yeah, Ben, the only other thing I'd add on a kind of on a onetime basis is that same ice storm that impacted comps by 80 basis points impacted the bottom line. You think about the food spoilage, generators and the like. We, of course, scramble to get our stores back up and running, but a good portion of the network was out due to power. And as a consequence, we had some losses. Think about that as kind of in the $1 million to $2 million impact range the quarter, and I don't see that as a continuing impact.

是的，本，我唯一要補充的是，那場對同店銷售額造成 80 個基點影響的冰暴也影響了底線。您會想到食物腐敗、發電機等等。當然，我們會盡力恢復商店的運營，但由於電力問題，很大一部分網路中斷了。結果，我們遭受了一些損失。想像一下，本季的影響範圍在 100 萬美元到 200 萬美元之間，而且我認為這不會產生持續的影響。

Andrew Wolf, CL King.

安德魯沃爾夫、CL金。

Hi, good morning. I just wanted to ask with respect to the competitive environment, if you could discuss major kind of operational differences, pricing, volume type of things or anything else. Differences between the wholesale, what you're seeing in the wholesale as you go to market versus the retail, which I think you've been a little more specific on the retail.

嗨，早安。我只是想問一下，關於競爭環境，您是否可以討論一下主要的營運差異、定價、數量類型或其他任何事情。批發與零售的區別，當你進入市場時你會看到批發與零售之間的區別，我認為你對零售的描述更具體。

Yeah. As far as the pricing and go-to-market for the independent grocers that we serve, I would say -- I'd say it's pretty similar to what we're doing. We obviously are very tight in terms of what the split is between promoted and kind of full revenue and what's going on in the marketplace there.

是的。至於我們服務的獨立雜貨店的定價和市場進入方式，我想說——這與我們所做的非常相似。顯然，我們在促銷收入和全部收入之間的分配以及市場情況方面非常嚴格。

So I think it's largely the same as Jason mentioned earlier, our promotional activity has been up again. And we see that as being a sort of a market-wide effect. We see that with the -- with our competition as well that they are promoting and doing more deals to try to get more shoppers. So we see that as -- that's been an ongoing trend now for a couple of years of kind of incrementally more promotions, more deals try to drive more excitement -- people into the stores. And for us, between the wholesale grocers, we see that behavior similar to our retail.

所以我認為這與 Jason 之前提到的大致相同，我們的促銷活動再次活躍起來。我們認為這是一種全市場效應。我們看到，我們的競爭對手也在促銷，做更多的交易，試圖吸引更多的購物者。所以我們認為，這幾年來一直是一個持續的趨勢，即逐步增加促銷活動、增加優惠，以激發更多興趣，吸引人們走進商店。對我們來說，在批發雜貨商之間，我們看到的行為與零售類似。

And so I think that's the big story. And of course, the balance of our wholesale is not quite given there, but our military business I mentioned earlier, has continued to be very strong. The military has done -- has -- I think I believe is also doing more promoter activity. But that has been a really strong business for us on the wholesale side and been a pretty stable overall pricing.

所以我認為這是重要的事情。當然，我們的批發業務的平衡還沒有完全實現，但我之前提到的軍事業務一直非常強勁。我認為軍方已經做了——已經——也正在做更多的推動活動。但這對我們來說在批發方面確實是一項強勁的業務，而且整體定價也相當穩定。

Okay. And quick follow-up related to that, you did mention there's some changes, obviously, in the value-seeking behavior to customers between price promotion and you've been investing in service and some value-added offerings with your re-models. Are you still getting what you hope for from those remodels in terms of takeaway of value-added product because it's -- it still authors them something? Or is there a budgetary part of it that is impacting anything?

好的。與此相關的快速跟進，您確實提到了在價格促銷和您在重新設計中對服務和一些增值產品進行投資之間，客戶的價值尋求行為顯然發生了一些變化。就增值產品的外賣而言，您是否仍能從這些改造中獲得您所希望的東西，因為它——它仍然為他們創造一些東西？或者其中的預算部分是否對某事產生了影響？

Yeah, the remodels have performed very well. We see -- and we're learning our way into it. We see the shoppers have responded well to the expanded fresh offerings. They responded well to the -- some of the service and the new [deli] items and some of the new offerings there. So we're very excited about those re-models as they come.

是的，改造後的效果非常好。我們看到了——並且我們正在學習如何做到這一點。我們看到購物者對擴大的新鮮商品反應良好。他們對這裡的一些服務、新的熟食產品和一些新產品反應良好。因此，我們對這些重新設計的模型感到非常興奮。

There are -- it's time consuming to do the conversions and costly as well. So we have to pace ourselves and we learned something new with each one we do. But so far, the headline is the remodels have performed well. Those stores continue to be amongst our better performing stores once those re-models are completed, and we changed that mix of the offerings. And that's why we feel very confident that as our differentiated offering is going to be those types of things.

進行轉換非常耗時，而且成本也很高。所以我們必須控制自己的節奏，並且從每件事中我們都學到了新的東西。但到目前為止，頭條新聞是改造效果良好。一旦這些重新設計完成，這些商店將繼續成為我們表現較好的商店之一，我們改變了產品組合。這就是為什麼我們非常有信心，我們的差異化產品就是這些類型的東西。

It's going to be service, It's going to be the unique things we can offer in fresh like our great [BroadWorks]. And those are the things that will bring people into our stores ultimately. So we're working hard to make sure we can offer those in pieces where it makes sense, like the broad shopper did all of our stores. And then as we do the re-models, we learn what works best and incorporate that into the new re-models as well.

這將是服務，這將是我們所能提供的獨特新鮮事物，例如我們偉大的[布羅德沃克斯]。這些最終都會吸引人們光顧我們的商店。因此，我們正在努力確保能夠在合理的地方提供這些商品，就像廣大購物者在我們所有的商店所做的那樣。然後，當我們進行重新建模時，我們會了解什麼是最有效的，並將其融入新的重新建模中。

Yeah. Andrew, this is Jason. Maybe two things to think about in the competitive dynamic. One is, we continue to expand our own brands portfolio, and it's a winning proposition with our shoppers. We're pleased, but of course, not satisfied.

是的。安德魯，這是傑森。在競爭動態中也許有兩件事需要考慮。一是，我們繼續擴大自己的品牌組合，這對我們的購物者來說是一個雙贏的提議。我們很高興，但當然並不滿意。

We think there's more that we can do from a private label standpoint. And maybe the second thing to think about from a consumer behavior standpoint, and we've seen this now for a couple -- two, three quarters in a row, probably is despite the tightening wallet, in many instances, we're seeing some consumers that are spending or investing in relatively high revenue, high cost items.

我們認為從自有品牌的角度來看我們還可以做更多的事情。也許從消費者行為的角度來看，第二件需要考慮的事情是，我們已經連續兩個季度、三個季度看到這種情況，儘管錢包收緊，但在很多情況下，我們仍然看到一些消費者在相對高收入、高成本的商品上進行消費或投資。

So think of things like gut health products -- those products -- and those are performing at double-digit growth levels, sometimes significant double-digit growth levels, high-protein products that are complementary to a GLP-1 -- for a GLP-1 healthy user, healthy snacking. All of those things are going on concurrent to consumers that are seeking promotions and deals. So though the promo activity environment is rising both in the wholesale and in the retail space.

因此，想想腸道健康產品之類的產品——這些產品——它們的增長水平達到兩位數，有時甚至是顯著的兩位數增長水平，這些高蛋白產品是 GLP-1 的補充——對於 GLP-1 健康用戶來說，它們是一種健康的零食。對於尋求促銷和優惠的消費者來說，所有這些事情都是同時發生的。因此，批發和零售領域的促銷活動環境都在上升。

The product portfolio is also -- is also such that we are able to access reach and grow with both the consumers seeking the discounted product and the upmarket consumer or the consumer with a few dollars in their pocket that's pursuing things like gut health, high protein, healthy snacking.

產品組合也使我們能夠接觸到尋求折扣產品的消費者和高端消費者或口袋裡只有幾美元、追求腸道健康、高蛋白、健康零食等的消費者，並實現成長。

And that's really part of our broader service offering and what makes both our wholesale and our retail business unique. And because we think when our when our consumers are winning, whether they're buying gut health products or they're buying a discounted can of beans or peas on the shelf, we're all winning through the supply chain.

這實際上是我們更廣泛的服務產品的一部分，也是我們的批發和零售業務的獨特之處。因為我們認為，當我們的消費者獲勝時，無論他們購買腸道健康產品還是購買貨架上的折扣豆類或豌豆罐頭，我們都透過供應鏈獲勝。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Good morning and thanks for taking the question. Just one quick one on my end. Jason, hopefully, just hoping you can elaborate a little bit on the change in the food at home inflation expectations, the 2% from 1% prior. Can you just give us a sense of what's driving that currently? And do you feel like 2% is probably the right number for this year? Or it just feels like we continue to hear inflation moving a little bit higher. Just any thoughts on the inflation outlook for this year would be helpful.

早上好，感謝您回答這個問題。我這邊只有一個快速答案。傑森，希望您能詳細說明家庭食品通膨預期的變化，從之前的 1% 上升到 2%。您能否向我們介紹目前推動這股趨勢的因素？您是否認為 2% 可能是今年的正確數字？或者我們只是感覺通貨膨脹率繼續略有上升。對今年通膨前景的任何想法都會有所幫助。

Thanks.

謝謝。

Sure, Pete thanks. And thanks for the question. Yeah, the step-up in our assumption was largely reflective of what we're seeing in the marketplace. So in both wholesale and the retail space, we're seeing a migration of inflation upwards. We don't see it as a -- we haven't seen it as a steep incline. I think I mentioned earlier, it's still a relatively stable inflationary environment.

當然，皮特，謝謝。感謝您的提問。是的，我們假設的增加很大程度上反映了我們在市場上看到的情況。因此，無論是批發還是零售領域，我們都看到通貨膨脹率呈現上升趨勢。我們不認為這是一個——我們不認為這是一個陡峭的斜坡。我想我之前提到過，這仍然是一個相對穩定的通膨環境。

So we're talking about a full year assumption previously you have won and now a full year assumption of 2%. The categories are largely -- that are impacted are largely across the board. There are a handful that you'd see go backwards. Some of those are more commodity style products. But there's nothing -- there's no smoking gun, if you will, here.

因此，我們討論的是之前您贏了的全年假設，現在是 2% 的全年假設。受影響的類別基本上是全方位的。你會看到有少數事物在倒退。其中一些是更具商品風格的產品。但什麼都沒有——如果你願意的話，這裡沒有確鑿的證據。

What you're seeing is kind of a slow move in inflation upwards. And at the same time, the promo environment is rising. So the net impact is blunted a bit by rising promotional cost or promotional investments, if you will. But the underlying business is running at a slightly higher inflation rate.

您所看到的是通貨膨脹正在緩慢上升。同時，促銷環境也不斷改善。因此，如果你願意的話，淨影響會因促銷成本或促銷投資的增加而減弱。但基礎業務的運轉通膨率略高。

Scott Mushkin, R5 Capital.

斯科特·穆甚金（R5 Capital）。

Hey guys, thanks for taking my question. I apologize, I actually jumped on late because of a lot of calls. So if these have been covered. One of the -- it's more and more long-term first up is Make America healthy, changes to food stamps have a lot of profitability, not just you guys. And the industry is driven by money from CPG. If we continue to be negative volumes there and maybe even accelerate, how do you guys think about your business in that environment?

嘿夥計們，謝謝你們回答我的問題。抱歉，實際上由於電話太多我才遲到。所以如果這些已經被涵蓋了。其中之一就是讓美國變得更健康，這是越來越長期的首要任務，食品券的改變會帶來很大的盈利，不僅僅是你們。該行業是由 CPG 的資金推動的。如果我們繼續出現負成長甚至加速，你們如何看待這種環境下的業務？

I mean in an environment where the CPGs are chasing volume with promotion, I understand the question.

我的意思是，在快速消費品公司透過促銷來追求銷售的環境下，我理解這個問題。

Yeah, we're just in a permanent or semi-permanent in CPG and decline in volume and maybe actually tripping into sales. I mean, how do you think your business works in that scenario with big center, it's not just yours, the whole industry -- concept -- how does it flow?

是的，我們在快速消費品領域處於永久性或半永久性的地位，銷量正在下降，銷售額實際上可能正在下滑。我的意思是，您認為在擁有大中心的場景下您的業務如何運作，這不僅僅是您的業務，而是整個行業 - 概念 - 它如何運作？

Yeah, we certainly wouldn't suggest that there's a permanent flat line or declining from the CPG, I think there's a shift in consumer trends that we always have to be aware of. And I think amongst those, Jason mentioned, Great Media right now is -- there's a little bit more focus on health right now, and we're responding to that.

是的，我們當然不會認為快速消費品價格會永遠保持平穩或下降趨勢，我認為消費者趨勢正在轉變，我們必須時刻注意這一點。我認為，傑森提到的其中一點是，Great Media 現在更加關注健康，我們正在回應。

And we will find that even if there is -- people's response to holds are going to eat less, there's an opportunity to actually sell them to things that will help support their diet, and there's good margin in those products. So these things that spot back and forth. The macro trends that we've talked about over time about the consumers focus on health on price value and indulgence and convenience. Those things have been sort of stable for probably 30- or 40-years, but it is low in between. There's a little bit more focus on health in one period of time.

我們會發現，即使人們對維持飲食的反應是吃得更少，也有機會向他們出售有助於維持飲食習慣的產品，而且這些產品的利潤率很高。所以這些事情來來回回。我們一直以來談論的宏觀趨勢是消費者關注健康、價格價值、享受和便利。這些情況可能已經穩定了 30 到 40 年，但在此期間卻很低。在某個時期，人們更加關注健康。

We get some -- in a recessionary period, there will be -- maybe more focused on more price sensitivity. But the things we can go back and forth, and we need to be vigilant on that. Our country's population is growing and people are eating. And so we see that the trends are going to be stable in terms of the total calorie consumption, but the opportunity to delight shoppers with what they need from a convenience standpoint or indulgence or health or price value. It's a fascinating business in that regard, and we see there's growth in that even in a situation where the population growth may not be wildly aggressive.

在經濟衰退時期，我們可能會更加關注價格敏感度。但事情可能會反复，我們需要對此保持警惕。我們國家的人口正在成長，人們的吃飯問題。因此，我們看到，就總卡路里消耗而言，趨勢將保持穩定，但從便利性、享受性、健康性或價格價值的角度，我們有機會讓購物者滿意他們所需要的產品。從這個角度來說，這是一項令人著迷的業務，即使在人口成長可能不是非常迅猛的情況下，我們也看到這項業務仍在成長。

So we don't see that as a big threat. We see that as a real challenge, and we're up for it.

所以我們並不認為這是一個很大的威脅。我們認為這是一個真正的挑戰，我們願意接受它。

Yes, Scott, it's even an opportunity -- Yes. I mean it's even an opportunity. I mean, as you think about this, our stores offer -- it provides unique offerings for our shoppers. We've proven thus far that we've been -- we've got the flexibility to deliver when things change.

是的，斯科特，這甚至是一個機會——是的。我的意思是這甚至是一個機會。我的意思是，正如您所想，我們的商店為我們的購物者提供獨特的產品。到目前為止，我們已經證明——當情況發生變化時，我們能夠靈活地應對。

The GLP-1 movement has changed the way some consumers eat, not all of them, in fact, not even a majority of them and yet we've been able to provide an assortment that meets the needs of those consumers, and we've done quite well in that space.

GLP-1 運動改變了一些消費者的飲食方式，但並不是全部，事實上，甚至不是大多數，但我們已經能夠提供滿足這些消費者需求的產品，並且我們在該領域做得相當不錯。

And we expect we continue to work together and partner with the vendor community the supplier community to ensure that we've got the right products on the shelf at the right time and count on their innovation models and innovation platforms to have the right product and right assortment for those consumers.

我們希望繼續與供應商社群合作，確保我們在正確的時間將正確的產品擺上貨架，並依靠他們的創新模式和創新平台為消費者提供正確的產品和正確的組合。

So I hear the question, and it's something we're, of course, thinking about but we want to make sure we've got a flexible enough model to meet those consumers needs, and we've got a track record of doing that thus far.

所以我聽到了這個問題，當然這也是我們正在考慮的事情，但我們希望確保我們有一個足夠靈活的模型來滿足消費者的需求，到目前為止我們已經有這樣做的記錄。

And the food step changes. I don't know if you guys to think you touched on that.

且食物步驟發生變化。我不知道你們是否認為自己觸及了這一點。

We have not spoken about that today. The impact to us was slightly negative in the first quarter, but it's certainly at a pace that's slower than we saw I don't know, 12-, 18-months ago as the tail end of the COVID investments into the SNAP program are coming out, particularly in Michigan. So we're down in Snap down a little bit more than -- we're down in Snap versus what we've seen in the rest of our business, but it's not a particularly amplified level because we don't have a large proportion of our shoppers that are using Snap to begin with.

我們今天還沒有談論這個。第一季對我們的影響略有負面影響，但速度肯定比 12 個月或 18 個月前慢，因為 COVID 對 SNAP 計畫的投資即將結束，尤其是在密西根州。因此，我們在 Snap 上的下滑幅度比我們在其他業務中看到的要大一些，但這並不是一個特別嚴重的下滑，因為我們使用 Snap 的購物者比例並不大。

All right. I was actually thinking like big beautiful bill in '27, but that's good color on the immediate. And then my final one was on M&A. I don't know if you touched on that. I know you guys have been somewhat active. Where is your head that way, both being acquisitive or maybe the other way and all the yield.

好的。我實際上想的是 27 年的大而美麗的鈔票，但那是立即的好顏色。我的最後一個問題是有關併購的。我不知道您是否提到過這一點。我知道你們一直很活躍。你的頭腦是怎樣的呢？既是貪婪的，又是另一種方式，而且全是收益。

Thank you.

謝謝。

Yeah. We are always open, and this is about maximizing our business and maximizing shareholder value. So we have a pretty active team that is looking at all the opportunities. We've talked about some today that we did here recently, really productive sort of smaller tuck-in acquisitions, and we are looking for those, and we're looking for ones that are larger. And so when there's something to talk about there, we will make it well known, but just know that we're very, very active and always looking at ways we can improve our business.

是的。我們始終保持開放，這是為了最大化我們的業務和股東價值。因此，我們有一個非常活躍的團隊正在尋找所有機會。我們今天談到了最近在這裡進行的一些真正富有成效的小型收購，我們正在尋找這些收購，我們也在尋找更大的收購。因此，當有事情要談時，我們會廣為人知，但要知道，我們非常非常活躍，並且一直在尋找改善業務的方法。

There are no further questions at this time. I would like to turn it back to Tony Sarsam for closing remarks.

目前沒有其他問題。我想請 Tony Sarsam 作最後發言。

All right. Well, thank you again for your participation today. We really appreciate the opportunity to share our business and appreciate your interest in SpartanNash. And so from our family to yours, we'd like to wish you all a great pleasant good day.

好的。好吧，再次感謝您今天的參與。我們非常感謝有機會分享我們的業務，並感謝您對 SpartanNash 的關注。因此，我們全家祝福你們大家有個愉快又美好的一天。

Thank you, presenters. And this concludes today's conference call. Thank you for attending. You may now disconnect.

謝謝各位主持人。今天的電話會議到此結束。謝謝您的出席。您現在可以斷開連線。