PHOENIX, AZ - Following a banner year in 2016, Sprouts is kicking off 2017 on a high note with its most recent financial report, showing a substantial 14% increase in net sales for Q1 over last year. As net sales climbed to $1.1 billion, CEO Amin Maredia called out the focus on fresh, natural, and organic food combined with value prices.
“In an industry with continued deflationary challenges, I am extremely proud of the Sprouts team for delivering our 40th consecutive quarter of positive comps, strong new store productivity, and new market entries in Florida and North Carolina,” said Maredia. “Sprouts was the first grocer to combine fresh, natural, and organic foods with value prices, and we continue to differentiate through our high level of customer service and unique product offerings. Our focus remains on our strategic priorities of category innovation, developing team members, enhancing the customer experience, and investing in infrastructure to support our long-term growth.”
Other first quarter highlights included:
- Net sales of $1.1 billion; a 14% increase from the same period in 2016
- Comparable store sales growth of 1.1% and two-year comparable store sales growth of 5.9%
- Net income of $46 million; flat from the same period in 2016
- Diluted earnings per share of $0.33; a 10% increase from the same period in 2016
- Increased the Company’s sales and EPS guidance
Additionally, during the first quarter of 2017, the company opened 8 new stores: one each in Arizona, Florida, Kansas, and North Carolina, and two each in California and Georgia. Seven additional stores have been opened in the second quarter to date, resulting in a total of 268 stores in 15 states as of May 4, 2017.
