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  "docSlug": "jarvis-macellum-spartan-nash-presentation-may-2022",
  "documentTitle": "Macellum Spartan Nash Presentation May 2022",
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  "presentationDate": "2022-05-01 00:00:00",
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  "nDataPoints": 100,
  "notes": "The table includes specific acquisition context for Caito and Martin's.",
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      "kind": "list",
      "text": "SPTN's revenue growth has underperformed both retail and food distribution peers\nSPTN acquired Caito in 2017 and Martin's in 2018, which added roughly $450 million in annual revenue",
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      "text": "Source: Company SEC Filings, Bloomberg LP. All peer data has been calendarized to match the fiscal reporting period of SpartanNash. See Slide 5 for List of Peers",
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      "text": "Revenue comparison table for SPTN vs peers 2014-2021",
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      "kind": "title",
      "text": "THE BOARD HAS OVERSEEN SUSTAINED OPERATIONAL UNDERPERFORMANCE - REVENUE",
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      "beatName": "Agitate (Make it worse)",
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      "evidence": "The document agitates the problems by highlighting poor governance, failed M&A, and misaligned executive compensation",
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