PHOENIX, AZ - After announcing plans in early April that it was opening 13 more stores, Sprouts Farmers Market’s expansion plan is well underway. After announcing the results of its first quarter report, ended March 31, 2019, it appears the retailer’s growth is only continuing.
“Sprouts’ efficient model continues to produce strong returns on invested capital resulting in healthy cash generation,” said Brad Lukow, Interim Co-Chief Executive Officer and Chief Financial Officer, in a recent press release. “This sound financial footing, coupled with strong new store productivity, supports continued expansion of our trusted brand across existing markets and three additional states this year. We are on track to achieve our 2019 financial targets, and we are raising the bottom-end of our EPS guidance.”
Highlights from the first quarter report include:
- Net sales of $1.4 billion; a 10% increase from the same period in 2018
- Comparable store sales growth of 1.4% and two-year comparable store sales growth of 4.1%
- Net income of $56 million, compared to $67 million from the same period in 2018
- Adjusted net income of $57 million; compared to $67 million from the same period in 2018
- Diluted earnings per share of $0.46; compared to $0.50 from the same period in 2018
- Raised the low-end of 2019 EPS guidance
“Our focus on fresh and healthy products at great prices has positioned us well to meet the needs of today’s customers, and our ongoing investments in technology for efficiency, digital channels for brand and product awareness, and innovation for differentiation are paving the way to success for years to come,” added Jim Nielsen, Interim Co-Chief Executive Officer, President, and Chief Operating Officer.
To view the entirety of Sprouts’ financial report, please click here.
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