Business
Sprouts Farmers Market, Inc. Reports First Quarter 2024 Results
PHOENIX--(BUSINESS WIRE)-- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week first quarter ended March 31, 2024. "We were
About this update from Sprouts Farmers Market, Inc.
[{"type":"text","content":" PHOENIX--(BUSINESS WIRE)--\nSprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week first quarter ended March 31, 2024.\n\n\n\"We were pleased with our impressive financial results this quarter, with strength in comparable store sales, traffic, and ecommerce,\" said Jack Sinclair, chief executive officer of Sprouts Farmers Market. \"These outcomes highlight the effectiveness of our strategy and the exceptional execution by our team members across the country. We are reinforcing our position as a leading specialty food retailer as we build new stores in line with our growth plans.”\n\n\nFirst Quarter Highlights:\n\n\n\nNet sales totaled $1.9 billion; a 9% increase from the same period in 2023\n\n\n\nComparable store sales growth of 4.0%\n\n\n\nDiluted earnings per share of $1.12; compared to diluted earnings per share of $0.73 and Adjusted diluted earnings per share of $0.98(1) in the same period in 2023\n\n\n\nOpened 7 new stores, resulting in 414 stores in 23 states as of March 31, 2024\n\n\n\n\n\n(1)\n\n\n\n\n\n\n\nAdjusted diluted earnings per share, a non-GAAP financial measure, excludes the impact of certain special items. For the first quarter ended March 31, 2024, there were no adjustments due to special items. See the “Non-GAAP Financial Measures” section of this release for additional information about this item.\n\n\n\n\n\n\n\nLeverage and Liquidity in First Quarter 2024\n\n\n\nEnded the quarter with $312 million in cash and cash equivalents and a $125 million balance on its $700 million revolving credit facility\n\n\n\nRepurchased 958 thousand shares of common stock for a total investment of $60 million, excluding excise tax\n\n\n\nGenerated cash from operations of $220 million and invested $46 million in capital expenditures, net of landlord reimbursement, year-to-date thru March 31, 2024\n\n\n\nSecond Quarter and Full-Year 2024 Outlook\n\n\nThe following provides information on our second quarter 2024 outlook:\n\n\n\nComparable store sales growth: 3% to 4%\n\n\n\nAdjusted diluted earnings per share: $0.75 to $0.79\n\n\n\nThe following provides information on our full-year 2024 outlook:\n\n\n\nNet sales growth: 7% to 8%\n\n\n\nComparable store sales growth: 2.5% to 3.5%\n\n\n\nAdjusted EBIT: $415 million to $425 million\n\n\n\nAdjusted diluted earnings per share: $3.05 to $3.13\n\n\n\nUnit ...