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Sprouts Posts 10.8% Comps in Q2

PHOENIX — Sprouts Farmers Market here on Thursday posted pro-forma comparable-store sales gains 10.8% for the fiscal second quarter, which ended June 30.

Sprouts CEO Doug Sanders
Doug Sanders

“We are pleased to report strong financial results in our initial quarterly release as a public company,” said Doug Sanders, president and chief executive officer of Sprouts Farmers Market, in a statement. “Our robust momentum continued into the second quarter resulting in strong top-line performance with pro forma comparable store sales growth of 10.8%. New store sales continue to exceed our expectations as the Sprouts Farmers Market brand continues to attract health-conscious customers focused on value, paving the way for future success.”


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Net income was $12.5 million for the second quarter, up 135% over year-ago results. Net income in the most recent quarter included an $8.2 million pre-tax loss on extinguishment of debt and pre-tax store closure and exit costs of $0.9 million.

Sales for the quarter totaled $622,4 million, an increase of 45% over year-ago results.

For the 26-week period, net income rose 106%, to $30.6 million, on a 48% increase in sales, to $1.2 billion.

During second quarter, Sprouts opened six new stores — four in California and one each in Oklahoma and Texas. Another five stores have been opened in the third quarter to date, bringing 2013 new store openings to 17, for a total of 165 stores in eight states as of Aug. 22. The company expects to open two more stores in 2013.

For the full fiscal year, Sprouts is projecting pro forma sales growth of 19% to 21%, and pro forma comps of 8.5% to 9%. Net income is projected at $44 million to $47 million.

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