Sprouts Posts Q4, FY Double-digit Gains
Sprouts Farmers Market posted net sales of $608.2 million for Q4 2013, a 27 percent increase from the year ago period, due in large part to a 13.8 percent boost in comparable store sales and a strong performance from newly opened stores.
Gross profit for the quarter increased 28 percent to $174.2 million, primarily driven by leverage in occupancy costs. Net income for Q4 was $9.3 million, up $5.9 million from the same period in 2012.
"Driven by our best-in-class people, products and prices, Sprouts reported its 27th consecutive quarter of positive same store comps, and an impressive 27% increase in net sales for the quarter," said Doug Sanders, president and CEO of Phoenix-based Sprouts Farmers Market.
Fiscal Year Results
For the fiscal year, the company posted a net sales increase of 36 percent to $2.44 billion, driven largely by the Sunflower Transaction, strong comps and new store openings.
Gross profit for the year increased 37 percent to $725.3 million, and net income was $51.3 million, up $31.8 million from 2012, an increase of 163 percent.
"In 2013 we crossed the $2 billion sales milestone with the opening of 19 stores and strong same store sales growth resulting in an increase of 22% in pro forma net sales and 69% increase in adjusted pro forma net income,” Sanders added. “This record performance, in our first year as a public company, demonstrates Sprouts' ability to create value, build trust and deliver on our strategy to successfully grow our company."
In fiscal 2013, Sprouts opened 19 new stores -- six in Texas, five in California, three in both Arizona and Colorado, and two in Oklahoma -- representing unit growth of 13 percent, for a total of 167 stores in eight states.