Sprouts Posts Strong Sales Gains for Q3, YTD

Sprouts Farmers Market reported strong sales growth for its third quarter and year to date, both ended Sept. 27, 2015.

The Phoenix-based retailer's Q3 net sales increased 18 percent to $903.1 million over last year's figures, driven by comparable-store sales growth of 5.8 percent, as well as the performance of eight new stores opened in the quarter.

The company reported $32 million in net income in Q3, or diluted earnings per share of $0.21, up $5.9 million from the same period in 2014.

"Sprouts' commitment to health and value continues to resonate with customers seeking fresh, natural and organic products at great prices, driving 34 consecutive quarters of positive comparable store sales growth," said CEO Amin Maredia.

"Top-line sales increased through strong promotions and operational execution which drove increased customer traffic trends. Looking ahead, we continue to focus on product innovation, private label growth, great operational execution and 14% unit growth coast-to-coast," Maredia added.

The grocer's Q3 financials buoyed similar growth in the company's year-to-date report, which revealed $2.7 billion in net sales, a 19 percent increase over last year, supported by a 5.2 percent increase in comps. Net income was $100.8 million, up $10.8 million from the same period in 2014.

Additionally, on Nov. 4, Sprouts' board of directors authorized a $150 million common stock share repurchase program; shares may be purchased over a two year period, subject to general business and market conditions, the company said.

Sprouts Farmers Market operates more than 200 stores in 13 states.