Business
Sprouts Farmers Market, Inc. Reports Third Quarter 2023 Results
PHOENIX--(BUSINESS WIRE)-- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week third quarter ended October 1, 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 third quarter ended October 1, 2023.\n\n\n\"We are pleased to report another solid quarter at Sprouts, with continued increases in both traffic and comparable store sales,\" said Jack Sinclair, chief executive officer of Sprouts Farmers Market. \"Our results signal the alignment of our 31,000 team members across merchandising, marketing, supply chain, and operational initiatives-- propelling our strategy forward.\"\n\n\nThird Quarter Highlights:\n\n\n\nNet sales totaled $1.7 billion; a 7.6% increase from the same period in 2022\n\n\n\nComparable store sales growth of 3.9%\n\n\n\nDiluted earnings per share of $0.64; Adjusted diluted earnings per share of $0.65(1); compared to diluted earnings per share of $0.61 in the same period in 2022.\n\n\n\nOpened 10 new stores, resulting in 401 stores in 23 states as of October 1, 2023\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 Third Quarter 2023\n\n\n\nEnded the quarter with $252 million in cash and cash equivalents and a $150 million balance on its $700 million revolving credit facility\n\n\n\nRepurchased 831 thousand shares of common stock for a total investment of $32 million\n\n\n\nGenerated cash from operations of $409 million and invested $157 million in capital expenditures, net of landlord reimbursement, year-to-date thru October 1, 2023\n\n\n\nFourth Quarter and Full-Year 2023 Outlook\n\n\nThe following provides information on our fourth quarter 2023 outlook:\n\n\n\nComparable store sales growth: approximately 3%\n\n\n\nAdjusted diluted earnings per share: $0.42 to $0.46\n\n\n\nThe following provides information on our full-year 2023 outlook:\n\n\n\nNet sales growth: 6.5% to 7%\n\n\n\nComparable store sales growth: approximately 3%\n\n\n\nAdjusted EBIT: $387 million to $393 million\n\n\n\nAdjusted diluted earnings per share: $2.77 to $2.81\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\nThird Quarter 2023 Conference Call\n\n\nSprouts will hold a conference call at 10:30 a.m. ...