Business
Sprouts Farmers Market, Inc. Reports Second Quarter 2023 Results
PHOENIX--(BUSINESS WIRE)-- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week second quarter ended July 2, 2023. "We are
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 second quarter ended July 2, 2023.\n\n\n\"We are encouraged by another solid quarter, as we further establish Sprouts as a go-to healthy specialty food retailer,\" said Jack Sinclair, chief executive officer of Sprouts Farmers Market. \"We believe we are on track with our long-term growth strategy, with positive traffic, an enhanced supply chain, and continued product innovation.\"\n\n\nSecond Quarter Highlights:\n\n\n\nNet sales totaled $1.7 billion; a 6% increase from the same period in 2022\n\n\n\nComparable store sales growth of 3.2%\n\n\n\nDiluted earnings per share of $0.65; Adjusted diluted earnings per share of $0.71(1); a 25% increase from the same period in 2022\n\n\n\nOpened 6 new stores, resulting in 391 stores in 23 states as of July 2, 2023 (including the closure of 10 stores during the quarter, as previously announced).\n\n\n\n(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.\n\n\nLeverage and Liquidity in Second Quarter 2023\n\n\n\nEnded the quarter with $259 million in cash and cash equivalents and a $175 million balance on its $700 million revolving credit facility\n\n\n\nRepurchased 1.4 million shares of common stock for a total investment of $50 million\n\n\n\nGenerated cash from operations of $295 million and invested $93 million in capital expenditures, net of landlord reimbursement, year-to-date thru July 2, 2023\n\n\n\nThird Quarter and Full-Year 2023 Outlook\n\n\nThe following provides information on our full-year 2023 outlook:\n\n\n\nNet sales growth: 5% to 6%\n\n\n\nComparable store sales growth: 2% to 3%\n\n\n\nAdjusted EBIT: $378 million to $390 million\n\n\n\nAdjusted diluted earnings per share: $2.68 to $2.76\n\n\n\nUnit growth: 30 new stores\n\n\n\nCapital expenditures (net of landlord reimbursements): $190 million to $210 million\n\n\n\nThe following provides information on our third quarter 2023 outlook:\n\n\n\nComparable store sales growth: low single digit comps\n\n\n\nAdjusted diluted earnings per share: $0.59 to $0.63\n\n\n\nSecond Quarter 2023 Conference Call\n\n\nSprouts will hold a conference call at 5:00 p.m....