Business
Sprouts Farmers Market, Inc. Reports Third Quarter 2024 Results
PHOENIX--(BUSINESS WIRE)-- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week third quarter ended September 29, 2024. "The
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 September 29, 2024.\n\n\"The third quarter was another exceptional performance by our Sprouts team,\" said Jack Sinclair, chief executive officer of Sprouts Farmers Market. \"We are driving robust traffic growth and continue to execute at a very high level. We remain confident in our long-term growth potential.\"\n\nThird Quarter Highlights:\n\n\nNet sales totaled $1.9 billion; a 14% increase from the same period in 2023\n\n\nComparable store sales growth of 8.4%\n\n\nDiluted earnings per share of $0.91; compared to diluted earnings per share of $0.64 and Adjusted diluted earnings per share of $0.65(1) in the same period in 2023\n\n\nOpened 9 new stores, resulting in 428 stores in 23 states as of September 29, 2024\n\n\n\n\n(1)\n\n\n\n\nAdjusted diluted earnings per share, a non-GAAP financial measure, excludes the impact of certain special items. For the third quarter ended September 29, 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\nLeverage and Liquidity in Third Quarter 2024\n\n\nEnded the quarter with $310 million in cash and cash equivalents and zero balance on its $700 million revolving credit facility\n\n\nRepurchased 264 thousand shares of common stock for a total investment of $25 million, excluding excise tax\n\n\nGenerated cash from operations of $520 million and invested $132 million in capital expenditures, net of landlord reimbursement, year-to-date thru September 29, 2024\n\n\nFourth Quarter and Full-Year 2024 Outlook\n\nThe following provides information on our fourth quarter 2024 outlook:\n\n\nComparable store sales growth: 8.0% to 10.0%\n\n\nAdjusted diluted earnings per share: $0.67 to $0.71\n\n\nThe following provides information on our full-year 2024 outlook:\n\n\nNet sales growth: approximately 12.0%\n\n\nComparable store sales growth: approximately 7.0%\n\n\nAdjusted EBIT: $490 million to $495 million\n\n\nAdjusted diluted earnings per share: $3.64 to $3.68\n\n\nUnit growth: 33 new stores; the openings of two Florida stores affected by Hurricane Milton are expected to be postponed to the first quarter of 2025\n\n\nCapital expenditures (net of landlord reimb...