Sprouts Farmers Market Names Brad Lukow CFO
Sprouts Farmers Market has named Brad Lukow as the company's new CFO, effective March 4. He replaces interim CFO Susannah Livingston, who will remain with the company as VP of investor relations and treasury.
Leveraging 25 years of experience in the consumer retail sector, Lukow will lead the Phoenix-based grocer's financial, accounting, investor relations and treasury functions. Prior to his appointment at Sprouts, Lukow served with Shoppers Drug Mart, a leading drug store retailer in Canada.
“We are looking forward to Brad joining Sprouts as our new CFO,” said CEO Amin Maredia, who was recently appointed to the company's board of directors, replacing Andrew Jhawar, who resigned from the board effective Feb. 23.
Sprouts Farmers Market Q4, FY Results
Sprouts posted fourth-quarter sales of $930.3 million for the 14 weeks ended Jan. 3, a 27 percent increase over the year-ago period, driven by a 7.4 percent boost in comparable-store sales.
Gross profit for Q4 increased 27 percent to $268.7 million, while net income for the quarter came in at $28.2 million, or earnings per share of $0.18. Adjusted net income for the quarter increased 57 percent to $28.4 million, compared to $18.2 million for the same period in 2014, and adjusted EBITDA increased 25 percent to $66.7 million, compared to $53.4 million for the year-ago.
The grocer's 53-week full year also saw profitable gains, bringing in $3.59 billion in net sales, a 21 percent surge over the year-ago, along with a 5.8 increase in comps. Gross profit grew 19 percent to $1.05 billion, and net income for the year came to $129 million, or earnings per share of $0.83.
Adjusted net income came to $134.7 million, a 21 percent increase from the year-ago, and adjusted EBITDA was $302.1 million, up 14 percent from 2014.
“As more and more Americans embraced our 'Healthy Living for Less' model, Sprouts’ position of strength in the industry continued to grow in 2015,” said Maredia. “This momentum enables us to focus on our strategic priorities, including product and category innovation, in and out-of-store customer experience and developing team members who can lead our new stores as we continue to grow."
Sprouts Farmers Market Inc. operates 220 stores in 13 states. In January, the grocer announced plans to open an additional 11 stores in Q2 2016.