Strategic investments. Well-thought-out expansions. Innovative growth strategies. What more could we ask for from Sprouts Farmers Market? The grocer recently showcased its performance for its fourth quarter and full year of 2022, in which the company shared its net sales have reached $1.6 billion. The grocer's $1.6 billion net sales represent a 6 percent increase from the same period in 2021.
"We are pleased with our strong fourth-quarter results, closing out the year with double-digit earnings per share growth," said Jack Sinclair, Chief Executive Officer. "These solid trends reflect the resilience of healthy, natural, and organic food, and give us confidence in our future business. I want to thank the entire team for driving these results in the face of a challenging year, and for living our values daily."
In addition to this sizable sales boost, the grocer also solidified its footprint with the opening of seven new stores.
The retailer also unveiled its full-year highlights and 2023 outlook in the report.
Sprouts’ fiscal year 2022 highlights include:
"While we recognize the near-term economic environment is difficult to predict, the stability of our recent sales is encouraging," said Chip Molloy, Chief Financial Officer. "We are optimistic about our ongoing cash generation and our ability to invest in our business for growth. During 2023, we expect to open 30 new stores. Additionally, as part of a recent real estate portfolio review, we expect to close 11 stores. The closing stores, on average, are approximately 30 percent larger than our current prototype and are underperforming financially."
Click here to read more details of the report.
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