Business
Sprouts Farmers Market, Inc. Reports Fourth Quarter and Full Year 2022 Results
PHOENIX, Ariz., March 02, 2023 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week fourth quarter and
About this update from Sprouts Farmers Market, Inc.
[{"type":"text","content":"PHOENIX, Ariz., March 02, 2023 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week fourth quarter and 52-week year ending January 1, 2023. \"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 of Sprouts Farmers Market. \"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.\" Fourth Quarter Highlights: Net sales totaled $1.6 billion; a 6% increase from the same period in 2021Comparable store sales growth of 2.9%Diluted earnings per share of $0.42; compared to diluted earnings per share of $0.32 in the same period in 2021Opened 7 new stores Fiscal Year 2022 Highlights: Net sales totaled $6.4 billion; a 5% increase from 2021Comparable store sales growth of 2.2%Diluted earnings per share of $2.39; compared to diluted earnings per share of $2.10 in 2021Opened 16 new stores, resulting in 386 stores in 23 states as of January 1, 2023 Leverage and Liquidity in 2022: Ended the quarter with $293 million in cash and cash equivalents and a $250 million balance on its $700 million revolving credit facilityRepurchased 6.9 million shares of common stock for a total investment of $200 millionGenerated cash from operations of $371 million and invested $112 million in capital expenditures, net of landlord reimbursement First Quarter and Full Year 2023 Outlook:\"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 of Sprouts Farmers Market. \"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% larger than our current prototype and are underperforming financially.” The following provides information on our full-year 2023 outlook: Net sales growth: 4% to 6%Comparable store sales growth: low single digitsAdjusted EBIT: $355M to $3...