Comps, Store Traffic Drive Sprouts Q3 Sales Growth

It was a solid third quarter for Sprouts Farmers Market as revenue was driven by comparable store sales growth along with continued store expansion that included the opening of the retailer’s 400th location.

For the quarter ended October 1, net sales totaled $1.7 billion, a 7.6% increase from the comparable quarter the previous year. Diluted earnings per share were $0.64 with adjusted diluted earnings per share of $0.65. Diluted earnings per share in the third quarter of 2022 were $0.61. Comparable store sales growth in the quarter was 3.9%.

"We are pleased to report another solid quarter at Sprouts, with continued increases in both traffic and comparable store sales," said Jack Sinclair, chief executive officer of Sprouts Farmers Market. "Our results signal the alignment of our 31,000 team members across merchandising, marketing, supply chain, and operational initiatives-- propelling our strategy forward."

During the quarter, Sprouts opened 10 new stores, giving the grocer 401 stores in 23 states as of October 1.

Looking ahead, the company is forecasting comparable store sales growth of 3% for the fourth quarter, and net sales growth of between 6.5% and 7% for the full year.