Sprouts Farmers Market is starting 2022 on the right foot to success, as shown in its 2022 first quarter Results. Detailing the 13-week period ending April 3, 2022, the retailer revealed net sales of $1.6 billion.
“We are encouraged with the strong start to the year,” said Jack Sinclair, Chief Executive Officer. “We delivered top-line growth, supported by both positive comps and traffic, while simultaneously maintaining our gross margin discipline. The commitment, passion, and dedication of Sprouts ~31,000 team members to one another, our customers, and communities were key to our success. We look forward to continuing to engage our communities with innovative, healthy products in convenient smaller format stores, shaping our brand as a destination specialty grocer.”
With $1.6 billion in net sales, Sprouts saw an increase of 4 percent from the same period in 2021, which was spurred by a positive increase in comparable store sales and new store openings, the report explained. Other key takeaways from the retailer’s First Quarter Results include:
Sprouts further noted that even though Q1 results were positive, the company will be taking a more conservative approach in its future goals due to ongoing inflation. However, the retailer does plan to continue expanding.
“While we are pleased with our first-quarter performance, inflation is not slowing and customers are continuing to put a few less items in their baskets,” said Chip Molloy, Chief Financial Officer. “Despite transaction comp continuing to be positive, given the level of uncertainty in the marketplace, we believe it is prudent to assume a more conservative approach to our outlook...We still expect to open between 15–20 new stores.”
For more details from the retailer’s First Quarter Results, click here.
How will Sprouts and the retail industry continue to grow and adapt? Keep checking back to find out.