Sprouts Farmers Market Shares Q1 Earnings Report, Sustainability Progress
Sprouts Farmers Market is sharing its monetary and sustainability progress over the past 15 months with the release of its first quarter 2022 results, as well as its 2021 Environment, Social and Governance (ESG) report.
The retailer saw a net sales lift of 4% in the first quarter of 2022, as well as a 1.6% increase in comparable-store sales and six new store openings. Sprouts attributes its gains to the strength of its housemade deli meals, growth in grocery, dairy and bakery, and also a pandemic-driven lift in vitamin sales.
Looking to the remainder of 2022, the company expects total sales and comparable-store sales growth, 15 to 20 new stores, and capital expenditures between $150 million and $170 million.
As for environmental strides made in 2021, Sprouts reduced its carbon emissions per square foot by almost 10% since 2019, achieved an overall landfill diversion rate of 60%, recycled 500 tons of plastic film, and also recovered 78% of its food waste and made donations to those struggling with hunger. The retailer also made a commitment to improve chicken welfare through reduced stocking density by 2025 and more humane processing through controlled-atmosphere stunning by 2026.
Through a focus on employee development and wellness, Sprouts promoted 22% of its team members, with 54% of them being female and 49% racially or ethnically diverse, and also reduced worker safety claims by 22% compared to 2020. The company supported its community through $3 million in grants supporting youth nutrition education and food systems equity through the Sprouts Healthy Communities Foundation.
The company also reports that 29% of its board members are female and 14% are ethnically diverse, and formed a board-level risk committee to monitor enterprise risk and provide oversight of risks related to cybersecurity, critical systems and environmental and social matters.
"I’m very pleased with the meaningful achievements we made on our ESG initiatives in 2021,” said Jack Sinclair, Sprouts CEO. “Our accomplishments reinforce the commitment of our 31,000 purpose-driven team members in caring for each other, our customers, communities, and the planet. We look forward to continuing our progress in the years ahead as we execute on our long-term growth strategy that is rooted in ESG.”
Phoenix-based Sprouts Farmers Market, which employs approximately 31,000 team members at more than 370 stores in 23 states, is No. 48 on The PG 100, Progressive Grocer’s 2021 list of the top food and consumables retailers in North America.
