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Sprouts Farmers Market(SFM) - 2025 Q2 - Quarterly Results
SFMSprouts Farmers Market(SFM)2024-07-29 20:09

Cash and Financial Position - Ended the quarter with 177millionincashandcashequivalentsandzerobalanceonits177 million in cash and cash equivalents and zero balance on its 700 million revolving credit facility after a 125millionvoluntarypaydown[1]−Generatedcashfromoperationsof125 million voluntary pay down [1] - Generated cash from operations of 311 million and invested 89millionincapitalexpenditures,netoflandlordreimbursement,year−to−datethruJune30,2024[1]−TotalassetsasofJune30,2024,were89 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 3.327428billionattheendof2023[19]−Currentassetsdecreasedto3.327428 billion at the end of 2023 [19] - Current assets decreased to 568.051 million from 603.772millionattheendof2023[19]−Long−termoperatingleaseliabilitiesincreasedto603.772 million at the end of 2023 [19] - Long-term operating lease liabilities increased to 1.482797 billion from 1.399676billionattheendof2023[19]−Totalliabilitiesdecreasedto1.399676 billion at the end of 2023 [19] - Total liabilities decreased to 2.141244 billion from 2.178881billionattheendof2023[19]ShareBuybackandCapitalAllocation−Authorizedanew2.178881 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 44million,excludingexcisetax[1]EarningsandProfitability−AdjusteddilutedearningspershareforQ32024isprojectedtobe44 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]−DilutedearningspershareforQ22024was0.75 [1] - Diluted earnings per share for Q2 2024 was 0.94, compared to 0.65inthesameperiodin2023[15]−Adjusteddilutedearningspershareof0.65 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 718.365million,withagrossmarginof37.9718.365 million, with a gross margin of 37.9% [30] - Adjusted EBITDA for Q2 2024 was 160.551 million, up from 132.952millioninQ22023[30]−NetincomeforQ22024was132.952 million in Q2 2023 [30] - Net income for Q2 2024 was 95.289 million, compared to 67.334millioninQ22023[30]SalesPerformance−NetsalesgrowthforQ32024isexpectedtobe967.334 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 445millionto445 million to 455 million [1]