Sprouts Farmers Market Reports 1.7B Net Sales in Second Quarter 2023 Results; Jack Sinclair Comments
PHOENIX, AZ - From store openings to strategic investments, Sprouts Farmers Market is utilizing its strong footprint to achieve continued growth. The grocery chain’s latest financial report reveals net sales of $1.7 billion for the second quarter of 2023, in addition to other key developments.
"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."
The details of Sprouts’ second quarter performance include:
- A 6 percent increase in net sales from the same period in 2022
- Comparable store sales growth of 3.2 percent
- Diluted earnings per share of $0.65; Adjusted diluted earnings per share of $0.71
- Opened six new stores, resulting in 391 stores in 23 states as of July 2, 2023 (including the closure of 10 stores during the quarter)
The grocer also shared updates regarding leverage and liquidity in Q2 2023:
- Ended the quarter with $259 million in cash and cash equivalents and a $175 million balance on its $700 million revolving credit facility
- Repurchased 1.4 million shares of common stock for a total investment of $50 million
- Generated cash from operations of $295 million and invested $93 million in capital expenditures, net of landlord reimbursement, year-to-date thru July 2, 2023
Sharing insights into its full-year 2023 outlook, Sprouts anticipates net sales growth of 5 to 6 percent and comparable sales growth of 2 to 3 percent. The grocer has also forecasted unit growth of 30 new stores.
To view the full financial report, click here.
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