Business
Sprouts Farmers Market, Inc. Reports First Quarter 2023 Results
PHOENIX, May 01, 2023 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week first quarter ended April 2, 2023.
About this update from Sprouts Farmers Market, Inc.
[{"type":"text","content":"PHOENIX, May 01, 2023 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week first quarter ended April 2, 2023. \"We are pleased with our first quarter; we believe our long-term growth strategy is gaining traction and driving positive performance,\" said Jack Sinclair, chief executive officer of Sprouts Farmers Market. \"Our results included comparable store sales growth of 3.1%, total sales growth of 6 percent, and adjusted diluted earnings per share growth of 24 percent.\" First Quarter Highlights: Net sales totaled $1.7 billion; a 6% increase from the same period in 2022Comparable store sales growth of 3.1%Diluted earnings per share of $0.73; Adjusted diluted earnings per share of $0.98(1); a 24% increase from the same period in 2022Opened 8 new stores, closed 1 store, and acquired 2 previously licensed stores, resulting in 395 stores in 23 states as of April 2, 2023 ________________________1 Adjusted diluted earnings per share, a non-GAAP financial measure, excludes the impact of certain special items. See the “Non-GAAP Financial Measures” section of this release for additional information about this item. Leverage and Liquidity in First Quarter 2023 Ended the quarter with $295 million in cash and cash equivalents and a $225 million balance on its $700 million revolving credit facilityRepurchased 3 million shares of common stock for a total investment of $98 millionGenerated cash from operations of $180 million and invested $45 million in capital expenditures, net of landlord reimbursement, year-to-date thru April 2, 2023 Second Quarter and Full-Year 2023 OutlookThe following provides information on our full-year 2023 outlook: Net sales growth: 5% to 6%Comparable store sales growth: 2% to 3%Adjusted EBIT: $370 million to $385 millionAdjusted diluted earnings per share: $2.58 to $2.68Unit growth: 30 new stores, closing 11 stores, and acquisition of 2 previously licensed storesCapital expenditures (net of landlord reimbursements): $210 million to $230 million The following provides information on our second quarter 2023 outlook: Comparable store sales growth: approximately 3%Adjusted diluted earnings per share: $0.61 to $0.65 First Quarter 2023 Conference CallSprouts will hold a conference call at 5:00 p.m. Eastern Daylight Time on Monday, May 1, 2023, during which Sprouts executi...