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    Sprouts Posts Sales, Profit Gains in Q2

    Phoenix grocer sees 9.5% boost in comps

    By Kyle Shamorian, Stagnito Business Information

    Sprouts Farmers Market posted net sales of $743.8 million for its second quarter ended June 29, 2014, a 20 percent increase from the year-ago period.

    The company attributed its strong growth to new stores opened, as well as a 9.5 percent jump in comparable-store sales.

    Meanwhile, gross profit for Q2 increased 20 percent to $224 million, which drove a gross profit margin of 30.1 percent of sales. Net income for the quarter was $30.2 million, or diluted earnings per share of $0.20, up $17.7 million from the same period in 2013.

    Doug Sanders, president/CEO, noted the Phoenix-based grocer's strong sales growth and earnings improvement, adding that the "positive reception reinforces the broad appeal of our healthy, value-focused model and demonstrates our ability to deliver on our growth strategy."

    For its fiscal year-to-date, Sprouts netted sales of $1.5 billion, a 23 percent increase over the year-ago, driven by an 11.1 percent increase in comps. The grocer brought in net income of $63.9 million for the year, up $33.3 million from the same time in 2013.

    Sprouts' strong performance was buoyed by six new stores opened in Q2 –- two in Nevada, and one each in Arizona, California, Colorado and Georgia. The company has opened five additional stores so far in Q3, including a second store in Atlanta, bringing its current store total to 182 in 10 states.

    By Kyle Shamorian, Stagnito Business Information
    • About Kyle Shamorian In his digital editor role, Kyle Shamorian oversees all content on progressivegrocer.com, Progressive Grocer’s online extension that features real-time daily news, exclusive content, new products, blogs, and related multimedia products. In addition to writing and editing content on a wide range of grocery industry issues, Kyle helms the Brain Food department in PG’s print edition, which spotlights shopper behavior and consumer trends in the retail industry. Before joining Progressive Grocer’s editorial team in July 2012, Kyle, a 2003 graduate of Marquette University, previously managed digital platforms for a variety of industries.

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