Sprouts Farmers Market Reports Strong Second Quarter
Sprouts Farmers Market turned in a strong second quarter as the grocer reported double-digit sales gains driven by robust comparable store sales growth.
For the quarter ended June 30, total sales were up 12% to $1.9 billion. Diluted earnings per share were $0.94; compared to diluted earnings per share of $0.65 in the same quarter the previous year. Comparable store sales were up 6.7% and the company opened five new stores in the quarter to grow its store count to 419 as of June 30.
"Sprouts saw outstanding second quarter results, thanks to exceptional teamwork and strategic focus,” said Jack Sinclair, chief executive officer of Sprouts Farmers Market. “Customers are responding to our healthy product assortment and our unique in-store experience. We are excited about the opportunities ahead."
Sprouts ended the quarter with $177 million in and no balance on its $700 million revolving credit facility after a $125 million voluntary paydown. The company also authorized a new $600 million share buyback program and repurchased 640,000 shares of common stock for a total investment of $44 million, excluding excise tax
For the remainder of the year, Sprouts is forecasting net sales growth of between 9% and 10% with comparable store sales expected to grow between 4% and 5%. The company will open approximately 35 new stores by the end of its fiscal year.
