Sprouts Farmers Market booked higher sales in the third quarter of FY23 as the supermarket chain opened 10 new stores during the period.

The company saw net sales rise 7.6 per cent year over year to $1.7 billion in the 13 weeks ended October 1. Net profit, however, fell 0.65 per cent to $65.3 million while gross margin slid to 36.5 per cent.

“We are pleased to report another solid quarter at Sprouts, with continued increases in both traffic and comparable store sales,” said Jack Sinclair, CEO at Sprouts Farmers Market.

“Our results signal the alignment of our 31,000 team members across merchandising, marketing, supply chain, and operational initiatives – propelling our strategy forward.”

The company ended the quarter with 401 stores across 23 states.

Meanwhile, the company’s net sales in the first three quarters totaled $5.1 billion, up 6.4 per cent from the comparative period a year ago.

Net income in the first 39 weeks fell 3.3 per cent to $208.8 million while gross margin declined to 37.0 per cent.