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Sep 29, 2024
Sprouts Q3 2024 Earnings Report
Sprouts reported an exceptional performance driven by robust traffic growth and strong execution.
Key Takeaways
Sprouts Farmers Market reported strong third-quarter results, with net sales increasing by 14% to $1.9 billion and comparable store sales growth of 8.4%. Diluted earnings per share were $0.91. The company opened 9 new stores, bringing the total to 428 stores in 23 states. Sprouts ended the quarter with $310 million in cash and cash equivalents.
Net sales totaled $1.9 billion, a 14% increase from the same period in 2023.
Comparable store sales growth was 8.4%.
Diluted earnings per share reached $0.91, compared to $0.64 in the same period in 2023.
Opened 9 new stores, resulting in 428 stores in 23 states.
Forward Guidance
Sprouts provided its outlook for the fourth quarter and full year of 2024.
Positive Outlook
- Comparable store sales growth: 8.0% to 10.0% (Q4 2024)
- Adjusted diluted earnings per share: $0.67 to $0.71 (Q4 2024)
- Net sales growth: approximately 12.0% (Full-Year 2024)
- Comparable store sales growth: approximately 7.0% (Full-Year 2024)
- Adjusted EBIT: $490 million to $495 million (Full-Year 2024)
Challenges Ahead
- Adjusted diluted earnings per share: $3.64 to $3.68 (Full-Year 2024)
- Unit growth: 33 new stores; the openings of two Florida stores affected by Hurricane Milton are expected to be postponed to the first quarter of 2025
- Capital expenditures (net of landlord reimbursements): $205 million to $215 million (Full-Year 2024)
- There is no guarantee that Sprouts will achieve its projected financial expectations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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