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Sprouts Farmers Market Reports Third Quarter 2018 Results

Sprouts Farmers Market Reports Third Quarter 2018 Results


PHOENIX, AZ
Thursday, November 1st, 2018

After, last month, announcing a spate of new store openings to take place in 2019, Sprouts has returned to the present to report on its third quarter fiscal 2018. The result of the 13-week period ending September 30, 2018, were impressive—boasting double-digit net sales and net income growth.

Amin Maredia, CEO, Sprouts Farmers Market“Robust new store productivity, continued product innovation, and strong operations drove a double digit increase in net sales in the third quarter,” said Amin Maredia, Chief Executive Officer. “During this time, we introduced Sprouts’ unique model of health, value, and service to two new states where very strong sales demonstrated that our brand continues to resonate well in communities from coast to coast and is firmly positioned for long-term growth.”

Sprouts Farmers Market boasts double digit net sales and net income growth

Highlights from the company’s Q3 include:

  • Net sales of $1.3 billion, a 10% increase from the same period in 2017
  • Comparable store sales growth of 1.5% and two-year comparable store sales growth of 6.1%
  • Net income of $38 million, a 19% increase from the same period in 2017
  • Diluted earnings per share of $0.29; a 26% increase from the same period in 2017
  • Excluding the one-time income tax benefit of $3 million, diluted earnings per share of $0.27, a 17% increase from the same period in 2017
  • Raised the low-end of 2018 net sales and EPS guidance and tightened the comparable store sales growth range

The company affirmed its net sales guidance, narrowing its projected comparable store sales growth from 1.5%-2.5% to 1.7%-2.0%, boosting its diluted earnings per share of $1.24-$1.28 to $1.28-$1.30, and lowering its projected capital expenditures from $165-$170 million to $160-$165 million.

For more, read Sprouts’ Q3 release in its entirety here.

Sprouts Farmers Market
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