Sprouts touts 16% sales gain in Q1
Natural food retailer Sprouts Farmers Market joins the list of other supermarkets seeing large gains in the first quarter, due to stock-up shopping and increased activity during the COVID-19 pandemic.
Sprouts reported net sales of $1.6 billion, up 16% from the same period last year. Comparable-store sales grew by nearly 11% and two-year comparable-store sales grew by 12%.
Sprouts recently drew major attention in the store brands community after hiring Gil Phipps to be its chief marketing officer. Phipps came from Kroger where he was a major influence on the retailer’s Our Brands strategy. The retailer has also been looking to expand its private label profile.
“During the first quarter, the COVID-19 crisis led to a significant increase in sales as consumers bought more food to consume at home,” said Jack Sinclair, CEO of Sprouts Farmers Market.
“As we navigate these ever-changing circumstances, we remain steadfast and decisive, prioritizing team member and customer safety and remaining in-stock on fresh, healthy food for our communities, all the while not losing sight of our transformational strategy that will set us up for long-term success,” he said.