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Sprouts Farmers Market has reported $722.6 million in net sales for the first quarter ended March 30, 2014, a 26 percent increase from the same period in 2013. The company attributed its growth to a 12.8 percent increase in same-store sales as well as a strong performance in new stores – two in California, and one each in Kansas and Oklahoma.
The company's net income increased to $33.7 million with diluted earnings per share of 22 cents, up $15.6 million from the year-ago period. Adjusted net income increased 90 percent to $35.4 million, compared to $18.6 million in 2013.
"Sprouts' focus on value is resonating with a broad and growing base of customers who now have the opportunity to purchase healthy food at an affordable price," said Doug Sanders, Sprouts' president and CEO. "This has resulted in 28 consecutive quarters of positive same store sales growth and record first quarter financial performance that outperformed our targets."
"During the first quarter, Sprouts' net sales increased 26%, generating additional leverage and resulting in a 49% improvement of EBITDA growth," Sanders continued. "Given our strong business momentum and impressive first quarter results we are increasing our annual guidance, and feel confident in achieving our growth plans."
Phoenix-based Sprouts Farmers Market operates more than 170 stores in nine states, and plans to open an additional 23-24 stores this year.