Business
Sprouts Farmers Market, Inc. Reports Second Quarter 2024 Results
PHOENIX--(BUSINESS WIRE)-- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week second quarter ended June 30, 2024. "Sprouts saw
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 June 30, 2024.\n\n\n\"Sprouts saw outstanding second quarter results, thanks to exceptional teamwork and strategic focus,” said Jack Sinclair, chief executive officer of Sprouts Farmers Market. “Customers are responding to our healthy product assortment and our unique in-store experience. We are excited about the opportunities ahead.\"\n\n\nSecond Quarter Highlights:\n\n\n\nNet sales totaled $1.9 billion; a 12% increase from the same period in 2023\n\n\n\nComparable store sales growth of 6.7%\n\n\n\nDiluted earnings per share of $0.94; compared to diluted earnings per share of $0.65 and Adjusted diluted earnings per share of $0.71(1) in the same period in 2023\n\n\n\nOpened 5 new stores, resulting in 419 stores in 23 states as of June 30, 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 second quarter ended June 30, 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 Second Quarter 2024\n\n\n\nEnded the quarter with $177 million in cash and cash equivalents and zero balance on its $700 million revolving credit facility after a $125 million voluntary pay down\n\n\n\nAuthorized a new $600 million share buyback program and repurchased 640 thousand shares of common stock for a total investment of $44 million, excluding excise tax\n\n\n\nGenerated cash from operations of $311 million and invested $89 million in capital expenditures, net of landlord reimbursement, year-to-date thru June 30, 2024\n\n\n\nThird Quarter and Full-Year 2024 Outlook\n\n\nThe following provides information on our third quarter 2024 outlook:\n\n\n\nComparable store sales growth: 3.5% to 4.5%\n\n\n\nAdjusted diluted earnings per share: $0.71 to $0.75\n\n\n\nThe following provides information on our full-year 2024 outlook:\n\n\n\nNet sales growth: 9% to 10%\n\n\n\nComparable store sales growth: 4% to 5%\n\n\n\nAdjusted EBIT: $445 million to $455 million\n\n\n\nAdjusted diluted earnings per share: $3.29 to $3.37\n\n\n\nUnit growth: Approximately 35 new stores\n\n\n\nCapital expendit...