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Jul 02, 2023
Sprouts Q2 2023 Earnings Report
Sprouts reported solid results driven by positive traffic, an enhanced supply chain, and continued product innovation.
Key Takeaways
Sprouts Farmers Market reported a 6% increase in net sales to $1.7 billion and a comparable store sales growth of 3.2%. Diluted earnings per share were $0.65, with adjusted diluted earnings per share increasing by 25% to $0.71. The company opened 6 new stores, bringing the total to 391 stores in 23 states.
Net sales totaled $1.7 billion, a 6% increase from the same period in 2022.
Comparable store sales growth was 3.2%.
Diluted earnings per share reached $0.65, and adjusted diluted earnings per share was $0.71, a 25% increase from the previous year.
Opened 6 new stores, resulting in 391 stores in 23 states.
Sprouts
Sprouts
Forward Guidance
Sprouts provided its outlook for the third quarter and full year of 2023.
Positive Outlook
- Net sales growth: 5% to 6%
- Comparable store sales growth: 2% to 3%
- Adjusted EBIT: $378 million to $390 million
- Adjusted diluted earnings per share: $2.68 to $2.76
- Unit growth: 30 new stores
Challenges Ahead
- Comparable store sales growth: low single digit comps
- Adjusted diluted earnings per share: $0.59 to $0.63
- No specific negatives were listed, only guidance.