Sprouts Farmers Market Reports Solid Q2 Sales Gains

Second quarter sales at Sprouts Farmers Market were up as the specialty grocer reported solid gains in comparable store sales.

For the 13-week period ended July 2, net sales were $1.7 billion, an increase of 6% from the comparable quarter the previous year. Adjusted diluted earnings per share were $0.71⁾; a 25% increase from the same period in 2022. Comparable store sales were up 3.2%.

"We are encouraged by another solid quarter, as we further establish Sprouts as a go-to healthy specialty food retailer," said Jack Sinclair, chief executive officer of Sprouts Farmers Market. "We believe we are on track with our long-term growth strategy, with positive traffic, an enhanced supply chain, and continued product innovation."

During the second quarter, the grocer opened six new stores, resulting in 391 stores in 23 states as of July 2. This includes the closure of 10 stores during the quarter, as previously announced.

Looking ahead to the remainder of the year, Sprouts is forecasting net sales growth of between 5% and 6% with comparable store sales growth of between 2% and 3%. The company also plans to open 30 new stores in the quarter.