Sprouts Farmers Market Releases Second Quarter 2022 Results; Jack Sinclair and Chip Molloy Discuss
PHOENIX, AZ - Sprouts Farmers Market has a strategy, and it's sticking to it—especially after achieving positive results for its 13-week second quarter ending July 3, 2022. In its recently released financial report, the retailer revealed that its net sales had topped $1.6 billion, just one of several categories in which the company saw growth.
"The disciplined execution of our long-term strategy, with a sharp focus on near-term initiatives, delivered results that surpassed our expectations during the second quarter," said Jack Sinclair, Chief Executive Officer. "As we celebrate our company's 20th anniversary, I want to express my sincere appreciation to all of our team members for their passion and dedication to our customers."
In addition to a 5 percent increase in net sales from the same period in 2021, other highlights include:
- Comparable store sales growth of 2 percent
- Diluted earnings per share of $0.57; compared to diluted earnings per share of $0.52 in the same period in 2021
- Opened two new stores and closed three stores due to lease expirations, resulting in 378 stores in 23 states as of July 3, 2022
Looking ahead, the retailer anticipates further positive results despite ongoing hurdles across the supply chain and inflation.
"We are relatively pleased with our financial performance year to date and continue to be encouraged by another quarter of positive traffic," said Chip Molloy, Chief Financial Officer. "We are cautiously optimistic that we can continue to successfully navigate the remainder of the year during these highly inflationary times while simultaneously pushing forward with our long-term strategy which is supported by our strong cash generation."
To read the report in its entirety and see Sprouts' outlook for the remainder of 2022, click here.
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