Sprouts Farmers Market, Inc. Reports First Quarter 2020 Results and Second Quarter Update

About this update from Sprouts Farmers Market, Inc.

[{"type":"text","content":"Announces Initial Steps in Growth Strategy\nPHOENIX, May 05, 2020 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week first quarter ended March 29, 2020, an update on second quarter results and outlined its strategy for profitable long-term growth.\n First Quarter Highlights: Net sales of $1.6 billion; a 16% increase from the same period in 2019Comparable store sales growth of 10.6% and two-year comparable store sales growth of 12.0%Net income of $92 million; compared to net income of $56 million from the same period in 2019Adjusted net income(1) of $93 million; compared to $57 million from the same period in 2019Diluted earnings per share of $0.78 and adjusted diluted earnings per share(1) of $0.79; compared to $0.46 diluted and adjusted diluted earnings per share from the same period in 2019Positive impact from COVID-19 pandemic was estimated to be $0.22 of diluted earnings per share “I am inspired by our hard-working and profoundly dedicated 32,000 team members who have served under the most difficult of circumstances to ensure our customers have healthy food to feed their families,” said Jack Sinclair, chief executive officer of Sprouts Farmers Market. “During the first quarter, the COVID-19 crisis led to a significant increase in sales as consumers bought more food to consume at home. As we navigate these ever-changing circumstances, we remain steadfast and decisive, prioritizing team member and customer safety and remaining in-stock on fresh, healthy food for our communities, all the while not losing sight of our transformational strategy that will set us up for long-term success.” ____________1 Adjusted net income and adjusted diluted earnings per share, non-GAAP financial measures, exclude the impact of certain special items. See the “Non-GAAP Financial Measures” section of this release for additional information about these items. First Quarter 2020 Financial Results Net sales for the first quarter of 2020 were $1.6 billion, a 16% increase compared to the same period in 2019. Net sales growth was driven by a 10.6% increase in comparable store sales and solid performance in new stores opened. Due to the impact of the COVID-19 pandemic, demand increased dramatically during the latter part of the quarter. As a result, net sales were positively impacted by an estimated $146 ...

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