It was a solid third quarter for Sprouts Farmers Market as the grocer reported growth in total sales and comparable store sales for the 13-week period ended Oct. 2.
Net sales were up 5% to $1.6 billion with comp-store sales up 2.4%. Net income was $65.7 million, up from net income of $63.9 million in the same quarter of 2021. Diluted earnings per share were $0.61; compared to diluted earnings per share of $0.56 in the comparable quarter the previous year.
Sprouts opened one new store in the quarter and operates 379 stores in 23 states as of Oct. 2.
"We are encouraged by our performance in the third quarter,” said Jack Sinclair, chief executive officer of Sprouts Farmers Market. "We are excited about bringing the holiday season to life in our stores and are well-positioned to benefit from the ongoing health and wellness trends."
As a result of its strong third quarter, the company is updating its full-year outlook. Net sales are now expected to grow between 4.5% and 5%, with comparable store sales growth of approximately 2%. Adjusted diluted earnings per share is expected to be in the range of $2.32 and $2.36.
"Due to our strong performance to date, we are raising our full-year outlook," said Chip Molloy, chief financial officer of Sprouts Farmers Market. "We remain focused on controlling the controllable to deliver strong results and create sustainable shareholder value for the long-term."