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Sprouts Farmers Market, Inc. Reports Third Quarter 2013 Results

PHOENIX, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (the "Company") (Nasdaq:SFM) today reported results for its 13-week third quarter ended Sept. 29, 2013.

Third Quarter Highlights:

  • Increased the Company's EPS guidance for 2013
  • Net sales of $633.6 million; a 24% increase from the same period in 2012
  • Pro forma comparable store sales growth of 10.2% and two-year combined pro forma comparable store sales growth of 20.2%
  • Diluted earnings per share of $0.08; compared to $0.01 from the same period in 2012
  • Adjusted diluted earnings per share of $0.13; compared to $0.06 from the same period in 2012
  • Adjusted EBITDA of $52.6 million; a 63% increase from pro forma adjusted EBITDA in 2012

"We are pleased to report another strong quarter, evidence of our customers' desire for fresh, natural and organic food at affordable prices," said Doug Sanders, president and chief executive officer of Sprouts Farmers Market. "Our positive first-half momentum continued into the third quarter, with comparable store sales growth of 10.2%. This gives us confidence in the power of our model and the ability to increase our guidance for the year. Our new store pipeline remains strong with more than 55 leases approved for 2014 and beyond, of which 30 are signed. Based on our robust pipeline, we remain optimistic about our future growth opportunities and expansion strategy."

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 13 and 39 weeks ended September 30, 2012, giving effect to the Sunflower Transaction, are included in the tables to this release.

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