Sprouts reaps benefits from healthy food focus

(Source: SproutsFarmersMarket/Facebook)

Specialty food retailer Sprouts Farmers Market has reported a “solid” second quarter with net sales up 6 per cent compared to last year.

Jack Sinclair, CEO of Sprouts Farmers Market, said the company was encouraged by another solid quarter, “as we further establish Sprouts as a go-to healthy specialty food retailer”.

“We believe we are on track with our long-term growth strategy, with positive traffic, an enhanced supply chain, and continued product innovation.”

For the quarter to July 2, net sales reached $1.7 billion while comparable store sales growth was up 3.2 per cent.

Cash from operations reached $295 million while $93 million was invested in capital expenditures. The retailer also opened six new stores bringing its network to 391 stores in 23 states.

For the full year, the company expects net sales to grow 5-6 per cent while comparable store sales growth to be in the range of 2 per cent to 3 per cent.

Adjusted EBIT is expected to be between $378 million to $390 million.

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