GRAND RAPIDS, Mich. - SpartanNash Company (NASDAQ:SPTN), a food solutions organization, disclosed on Wednesday that its Board of Directors has sanctioned an increment in its quarterly cash dividend. The dividend has been raised by 1.2%, from $0.2150 to $0.2175 per common share, and is scheduled for payment on March 28, 2024, to shareholders on record as of March 14, 2024.
This modest increase in the dividend reflects the company's commitment to delivering value to its shareholders and its confidence in the financial health and stability of the business. SpartanNash, which prides itself on a People First culture, employs approximately 17,000 associates and operates through two primary business segments: food wholesale and grocery retail.
The company's wholesale division caters to a diverse clientele, including independent grocers, chain supermarkets, national retailers, online platforms, and military commissaries and exchanges. On the retail side, SpartanNash owns and operates 144 grocery stores, with additional pharmacies and fuel centers, under various banners such as Family Fare and Martin's Super Markets.
SpartanNash's retail network and its extensive global supply chain enable the company to distribute a wide range of products, covering all grocery store aisles from fresh produce to household essentials. The company also promotes its OwnBrands, including the Our Family® line of products, which further underscores its commitment to quality and value.
As of the announcement date, SpartanNash had 34,469,289 common shares outstanding. While the dividend increase is modest, it signals the company's ongoing efforts to enhance shareholder returns.
This financial update is based on a press release statement issued by SpartanNash. The company's forward-looking approach to business operations and its strategic decisions are aimed at sustaining growth and ensuring a robust supply chain to meet the demands of its wholesale and retail customers.
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