Last updated on May 11th, 2017 at 10:52 am
Sprouts Farmers Market has reported results for the 13-week first quarter ended April 2, marking its 40th consecutive quarter of positive same-store sales. The company also said its new stores are performing well.
The Phoenix, Arizona-based supermarket chain’s net sales for the quarter was $1.1 billion, a 14 percent increase from the same period in 2016. Comparable store sales grew 1.1 percent and two-year comparable store sales grew 5.9 percent. Net income was $46 million, flat from the same period in 2016. Diluted earnings per share of $0.33 marked a 10 percent increase from the same period in 2016.
“In an industry with continued deflationary challenges, I am extremely proud of the Sprouts team for delivering our 40th consecutive quarter of positive comps, strong new store productivity and new market entries in Florida and North Carolina,” said Amin Maredia, CEO of Sprouts Farmers Market. “Sprouts was the first grocer to combine fresh, natural and organic foods with value prices, and we continue to differentiate through our high level of customer service and unique product offerings. Our focus remains on our strategic priorities of category innovation, developing team members, enhancing the customer experience and investing in infrastructure to support our long-term growth.”
During the first quarter of 2017, Sprouts opened eight new stores: one each in Arizona, Florida, Kansas and North Carolina and two each in California and Georgia. Seven additional stores have been opened in the second quarter to date, resulting in a total of 268 stores in 15 states as of May 4.