We refer to adjusted gross profit, adjusted gross margin, EBIT, adjusted EBIT, adjusted EBIT Margin, and adjusted diluted earnings per share, each of which is a Non-GAAP Financial Measure. These measures are not prepared in accordance with, and are not intended as alternatives to, generally accepted accounting principles in the United States, or GAAP. The Company's management believes that such measures provide useful information to management, analysts and investors regarding certain additional financial a ...

Financial Performance - The Company's net sales for the twenty-six weeks ended June 30, 2024, were $3,777.3 million, an increase from $3,425.6 million for the same period in 2023, representing a growth of 10.3%[98]. - Net income for the twenty-six weeks ended June 30, 2024, was $209.4 million, up from $143.5 million for the same period in 2023, indicating a year-over-year increase of 46.0%[119]. - Basic net income per share for the twenty-six weeks ended June 30, 2024, was $2.08, compared to $1.39 for the same period in 2023, reflecting a growth of 49.6%[119]. - Net income for the thirteen weeks ended June 30, 2024, was $95.3 million, a 42% increase from $67.3 million in the prior year[191]. - Net sales for the thirteen weeks ended June 30, 2024, reached $1,893,519, up from $1,692,247 in the prior year, indicating a growth of approximately 11.9%[164]. - Gross profit for the thirteen weeks ended June 30, 2024, was $718.4 million, an increase of $92.4 million or 15%, with a gross margin of 37.9%[183]. - Gross profit totaled $1.4 billion, an increase of $164.6 million or 13%, with a gross margin of 38.1% compared to 37.3% in the previous year[224]. Stockholder Equity and Liabilities - For the thirteen weeks ended June 30, 2024, total stockholders' equity increased to $1,269,275 thousand from $1,148,547 thousand, representing a growth of approximately 10.5% year-over-year[36]. - As of June 30, 2024, total liabilities and stockholders' equity amounted to $3,410,519 thousand, compared to $3,327,428 thousand as of July 2, 2023, indicating an increase of about 2.5%[36]. - The company had no outstanding loans under the Credit Agreement as of June 30, 2024, after making principal payments of $125,000 thousand during the period[86]. - The company’s total long-term debt and finance lease liabilities were reported at $8,057 thousand as of June 30, 2024, down from $133,685 thousand as of December 31, 2023[80]. - The company’s long-term debt remained at $125 million as of June 30, 2024[141]. - The company had no long-term debt outstanding as of June 30, 2024, compared to $125.0 million as of December 31, 2023[214]. Share Repurchase and Stock Awards - The Company authorized a new $600 million share repurchase program, replacing the previous program with $119.3 million remaining available[91]. - The total cost of common shares acquired in the twenty-six weeks ended June 30, 2024, was $105.2 million, with an average price per share of $65.86[116]. - The company repurchased an additional 0.1 million shares of common stock for $7,400 thousand subsequent to June 30, 2024[65]. - The company had 1,080,489 stock awards outstanding as of June 30, 2024, with 5,584,937 shares remaining available for issuance under the 2022 Incentive Plan[100]. - The company granted share-based compensation awards totaling $6,789 during the thirteen weeks ended June 30, 2024, compared to $5,609 in the prior year[160]. Tax and Interest Expenses - The effective tax rate decreased to 23.8% for the twenty-six weeks ended June 30, 2024, compared to 24.0% for the same period in 2023, primarily due to increased excess tax benefits from share-based payment awards[89]. - The effective tax rate increased to 25.2% for the thirteen weeks ended June 30, 2024, compared to 24.7% for the same period in 2023[144]. - Total interest expense, net, decreased by 84% to $679,000 for the twenty-six weeks ended June 30, 2024, compared to $4.4 million in the prior year[201]. - Interest expense, net decreased to $0.7 million for the twenty-six weeks ended June 30, 2024, down from $4.4 million in the prior year due to lower average debt outstanding[229]. Store Operations - As of June 30, 2024, the company operated 419 stores across 23 states[139]. - The company opened 5 new stores during the thirteen weeks ended June 30, 2024, bringing the total number of stores to 419, up from 391 a year ago[164]. - The company closed 11 underperforming stores in 2023, resulting in a charge of $27.8 million related to impairment of leasehold improvements[131]. - Selling, general and administrative expenses increased by $58.4 million, or 12%, compared to the same period last year, primarily due to the increase in new stores[168]. Cash Flow - Cash flows from operating activities for the twenty-six weeks ended June 30, 2024, were $311,295, compared to $294,781 for the same period last year[150]. Performance Metrics - Comparable store sales growth was 6.7% for the thirteen weeks ended June 30, 2024, compared to 3.2% for the same period last year, reflecting improved performance[164]. - Comparable store sales growth was 5.4% for the twenty-six weeks ended June 30, 2024, compared to 3.2% in the prior year[223]. - Return on Invested Capital (ROIC) increased to 13.7% for the rolling four quarters ended June 30, 2024, compared to 13.0% for the previous year[208].

Cash and Financial Position - Ended the quarter with $177 million in cash and cash equivalents and zero balance on its $700 million revolving credit facility after a $125 million voluntary pay down [1] - Generated cash from operations of $311 million and invested $89 million in capital expenditures, net of landlord reimbursement, year-to-date thru June 30, 2024 [1] - Total assets as of June 30, 2024, were $3.410519 billion, up from $3.327428 billion at the end of 2023 [19] - Current assets decreased to $568.051 million from $603.772 million at the end of 2023 [19] - Long-term operating lease liabilities increased to $1.482797 billion from $1.399676 billion at the end of 2023 [19] - Total liabilities decreased to $2.141244 billion from $2.178881 billion at the end of 2023 [19] Share Buyback and Capital Allocation - Authorized a new $600 million share buyback program and repurchased 640 thousand shares of common stock for a total investment of $44 million, excluding excise tax [1] Earnings and Profitability - Adjusted diluted earnings per share for Q3 2024 is projected to be $0.71 to $0.75 [1] - Diluted earnings per share for Q2 2024 was $0.94, compared to $0.65 in the same period in 2023 [15] - Adjusted diluted earnings per share of $0.94 for Q2 2024, unchanged from the previous year [30] - Gross profit for Q2 2024 was $718.365 million, with a gross margin of 37.9% [30] - Adjusted EBITDA for Q2 2024 was $160.551 million, up from $132.952 million in Q2 2023 [30] - Net income for Q2 2024 was $95.289 million, compared to $67.334 million in Q2 2023 [30] Sales Performance - Net sales growth for Q3 2024 is expected to be 9% to 10% [1] - Net sales for Q2 2024 totaled $1.9 billion, a 12% increase from the same period in 2023 [15] - Comparable store sales growth for full-year 2024 is projected to be 4% to 5% [7] - Comparable store sales growth of 6.7% in Q2 2024 [21] Store Operations and Expansion - Opened 5 new stores, resulting in 419 stores in 23 states as of June 30, 2024 [15] - The company operates more than 415 stores in 23 states nationwide, employing approximately 32,000 team members [24] Adjusted EBIT and Forecasts - Adjusted EBIT for Q3 2024 is forecasted to be $445 million to $455 million [1]

Wall Street analysts forecast that Sprouts Farmers (SFM) will report quarterly earnings of $0.77 per share in its upcoming release, pointing to a year-over-year increase of 8.5%. It is anticipated that revenues will amount to $1.83 billion, exhibiting an increase of 8% compared to the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this tim ...

JungKwanJang is now available at Sprouts Farmers Market!JungKwanJang is now available at Sprouts Farmers Market! "Everytime" by JungKwanJang is the most purchased health supplement by foreigners visiting Korea, consistently ranking in the top five in sales at Incheon Airport Duty-Free shops including No. 1 in single-item sales. Additionally, JungKwanJang has ranked first in the global ginseng retail market for ten consecutive years according to Euromonitor, and last year, it held a 46% market share in the g ...

Sprouts Farmers Market (SFM) continues to carve out a unique niche in the highly competitive grocery industry by consistently prioritizing key areas that resonate with both consumers and investors. The company's commitment to product innovation, supply-chain optimization, store expansion and customer-centric strategies has positioned it as a formidable player in the market. Known for its health-conscious offerings, Sprouts has effectively differentiated itself through a continuous stream of innovative produ ...

SFM's full-year Zacks Consensus Estimates are calling for earnings of $3.12 per share and revenue of $7.38 billion. These results would represent year-over-year changes of +9.86% and +7.99%, respectively. Looking at valuation, Sprouts Farmers is presently trading at a Forward P/E ratio of 26.55. For comparison, its industry has an average Forward P/E of 14.68, which means Sprouts Farmers is trading at a premium to the group. Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and mor ...

Loading... Loading... Goldman Sachs analyst Leah Jordan reiterated a Buy rating on Sprouts Farmers Market, Inc. SFM, raising the price forecast to $89 from $78 due to higher estimates. The company said it would issue financial results for the second quarter after the market closes on July 29, 2024. The analyst anticipates a solid beat for Sprouts Farmers in the second quarter. Given its differentiated assortment across the natural and organic grocery landscape, Sprouts Farmers is well positioned to continue ...

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Sprouts Farmers has implemented a robust, multifaceted strategy to grow its customer base and meet evolving consumer demands. By focusing on product innovation, targeted marketing and competitive pricing, the company ensures its offerings resonate with a diverse range of customers. Sprouts Farmers' commitment to providing natural and organic products has been a pivotal part of its strategy, addressing the rising demand for healthier food options and solidifying its presence in this high-growth segment. In a ...