Sprouts Farmers Market Reports Prodigious Third Quarter 2018 Results, Amin Maredia Comments
PHOENIX, AZ - After expanding operations throughout the calendar year and announcing a slew of stores set to open in 2019, Sprouts Farmers Market reported the results of its third quarter fiscal 2018 this week. The result of the 13-week period ending September 30, 2018, included double-digit growth in net sales, net income, and diluted earnings per share.
“Robust new store productivity, continued product innovation, and strong operations drove a double digit increase in net sales in the third quarter,” Amin Maredia, Chief Executive Officer, said. “During this time, we introduced Sprouts’ unique model of health, value, and service to two new states where very strong sales demonstrated that our brand continues to resonate well in communities from coast to coast and is firmly positioned for long-term growth.”
The company affirmed its net sales guidance, narrowing the scope of its projected comparable store sales growth from 1.5%-2.5% to 1.7%-2.0%, boosting its diluted earnings per share of $1.24-$1.28 to $1.28-$1.30, and lowering its projected capital expenditures from $165-$170 million to $160-$165 million.
Highlights from the company’s Q3 include:
- Net sales of $1.3 billion, a 10% increase from the same period in 2017
- Comparable store sales growth of 1.5% and two-year comparable store sales growth of 6.1%
- Net income of $38 million, a 19% increase from the same period in 2017
- Diluted earnings per share of $0.29, a 26% increase from the same period in 2017
- Excluding the one-time income tax benefit of $3 million, diluted earnings per share of $0.27, a 17% increase from the same period in 2017
- Raised the low-end of 2018 net sales and EPS guidance and tightened the comparable store sales growth range
For more information, read Sprouts’ Q3 release in its entirety here.