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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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  "notes": "The slide uses two tables and one bar chart to demonstrate underperformance relative to peers.",
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      "kind": "annotation",
      "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": "Adjusted EBITDA Margins (2021)",
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      "text": "Similarly, United Natural Foods (UNFI) a direct peer in food distribution has significantly grown its EBITDA compared to SpartanNash",
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      "text": "Retail EBITDA growth has significantly underperformed its two closest retail competitors since 2014\nIngles (IMKTA) and Weis Markets (WMK) each operate ~200 grocery stores",
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      "text": "Adjusted EBITDA ($ in millions) for Retail peers",
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      "text": "Adjusted EBITDA ($ in millions) for Food Distribution peers",
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      "kind": "title",
      "text": "THE BOARD HAS OVERSEEN SUSTAINED OPERATIONAL UNDERPERFORMANCE COMPARED TO ITS CLOSEST PEERS - EBITDA",
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