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Sprouts Farmers Market, Inc. Reports Second Quarter 2013 Results

PHOENIX, Aug. 22, 2013 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (the "Company") (Nasdaq:SFM) today reported results for its 13 week second quarter ended June 30, 2013.

Second Quarter Highlights:

  • Net sales of $622.4 million; a 45% increase from the same period in 2012
  • Net sales increased 22% compared to pro forma net sales for the same period in 2012
  • Pro forma comparable store sales growth of 10.8% and two year combined comparable store sales growth of 21.0%
  • Diluted earnings per share of $0.10; a 100% increase from the same period in 2012
  • Adjusted diluted earnings per share of $0.14
  • Adjusted EBITDA of $52.7 million; a 27% increase from pro forma adjusted EBITDA in 2012

"We are pleased to report strong financial results in our initial quarterly release as a public company," said Doug Sanders, president and chief executive officer of Sprouts Farmers Market. "Our robust momentum continued into the second quarter resulting in strong top line performance with pro forma comparable store sales growth of 10.8%. New store sales continue to exceed our expectations as the Sprouts Farmers Market brand continues to attract health-conscious customers focused on value, paving the way for future success."

In order to aid understanding of the Company's business performance, it has presented results in conformity with accounting principles generally accepted in the United States ("GAAP") and has also presented adjusted net income, adjusted diluted earnings per share and adjusted EBITDA, which are non-GAAP measures that are explained and reconciled to the comparable GAAP measures in the tables included in this release. In addition, in comparing its results to the comparable periods of 2012, the Company has presented 2012 financial results on a pro forma basis as if the May 2012 business combination with Sunflower Farmers Market, Inc. ("Sunflower Transaction") had occurred on the first day of the Company's 2012 fiscal year. Unaudited pro forma condensed consolidated statements of operations for the thirteen and twenty-six weeks ended July 1, 2012, giving effect to the Sunflower Transaction, are included in the tables in this release.

Second Quarter 2013 Financial Results

Net sales in the second quarter 2013 increased 45% to $622.4 million. Second quarter net sales growth was driven by the Sunflower Transaction, an increase in comparable store sales growth and new store openings. Net sales increased 22% compared to pro forma sales for the same period of 2012, driven by pro forma comparable store sales growth of 10.8% and strong performance in new stores opened. The pro forma comparable store sales growth increase resulted from a balanced rise in traffic and basket size and continued strong performance across departments.

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