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Sprouts Farmers Market on Thursday unveiled its latest succession plan, through which Doug Sanders, current president/CEO, has been named executive chairman of the board, while CFO Amin Maredia replaces Sanders as CEO. Meanwhile, Jim Nielsen, current COO, will take on the president/COO role.
The company also has appointed Susannah Livingston, VP of investor relations and treasury, as its interim CFO until Sprouts completes its search for a permanent CFO.
"This transition is the result of our board's deliberate succession planning process, and I am pleased that this same team will continue to lead Sprouts into the future," said Andrew Jhawar, chairman of the board.
"During their respective tenures at Sprouts, both Amin and Jim have proven they are the right leaders to guide Sprouts, and Doug's appointment to the executive chairman role will allow him to continue to provide strategic direction for the company," he said.
Sprouts Farmers Market Q2, YTD Results
For its second quarter ended June 28, Sprouts posted $902.2 million in net sales, a 21 percent increase over the year-ago period, and a 5.1 percent increase in comparable-store sales. The grocer posted net income for Q2 of $31.3 million, or diluted earnings per share of $0.20, up $1.2 million from the year-ago period.
Adjusted net income for the quarter increased 16 percent to $35 million, compared to $30.2 million for the same period in 2014, and adjusted EBITDA totaled $77.6 million, up $8.5 million, or 12 percent, from the year-ago. Additionally, adjusted diluted earnings per share was $0.22, a 10 percent increase from the $0.20 in 2014.
Year-to-date, net sales for Sprouts came in at $1.8 billion, a 20 percent increase over last year, buoyed by a 4.9 percent increase in comparable-store sales. Net income was $68.8 million for this period, an increase of $4.9 million.
Adjusted net income increased 12 percent to $73.6 million compared to $65.6 million last year, and adjusted EBITDA totaled $161.9 million, up $15.3 million, or 11 percent from the year-ago. Adjusted diluted earnings per share was $0.47, a 9 percent increase from $0.43 in 2014.
"Our focus on driving top-line revenue resulted in solid sales growth, including strong new store performance," noted Sanders. "With a store count of 212 stores today and our planned 14% annual unit growth going forward, we continue to focus on our tremendous growth opportunities in existing markets and new markets like Tennessee, and remain confident in our long-term target of 1,200 stores across the country."
Phoenix, Ariz.-based Sprouts Farmers Market Inc. operates more than 212 stores in 13 states.