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Sprouts Farmers Market Inc. has cut its third-quarter and 2016 guidance, blaming “significant ongoing deflation, the stepped-up promotional environment” and its "cautious outlook" through the year's end.
For its fiscal third quarter, which ends Oct. 2, Sprouts expects comps to be flat, compared with its original guidance of 3 percent to 4 percent growth. For the full year, comps should now range from 1.5 percent to 2.5 percent, down from the previous 3.5 percent to 4.5 percent.
Sprouts CEO Amin Maredia said Sprouts has “operated and managed through similar competitive and deflationary periods,” and that its team will keep focusing on accelerating traffic and sales in the current environment while continuing to execute its plan to "build long-term value.”
Phoenix-based Sprouts operates more than 240 stores in 13 states from coast to coast, and employs more than 23,000 associates.