Sprouts Farmers Market on Thursday said its sales grew 27% in the fourth quarter, fueled by new-store openings and double-digit comps.
Net income grew 174% in the quarter, to $9.3 million. Adjusted for several one-time items, net income was up 119%, to $11.4 million, compared with the year-ago fourth quarter. Sales totaled $608.2 million.
Comparable-store sales were up 13.8% in the period, and pro forma comparable-store sales rose 10.7%.
“Driven by our best-in-class people, products and prices, Sprouts reported its 27th consecutive quarter of positive same store comps, and an impressive 27% increase in net sales for the quarter," said Doug Sanders, president and CEO of the Phoenix-based chain, which operates 167 stores in eight states.
He noted that the company crossed the $2 billion sales threshold in 2013, with volume of $2.44 billion, up 36% over 2012, and up 22% over pro forma results (as if its acquisition of Sunflower Farmers Market had occurred at the beginning of that year).
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Net income for the full year was up 163%, to $51.3 million.
Sprouts projected comp-store sales growth of 10.5% to 11.5% for the first quarter of the current fiscal year, and comps of 7% to 8% for the full year. It also projected sales growth of 16% to 18%, with unit growth of 22 to 24 new stores.
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