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Sprouts Farmers Market, Inc. Reports Fourth Quarter And Full Year 2013 Results

Stocks in this article: SFM

PHOENIX, Feb. 27, 2014 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (the "Company") (Nasdaq:SFM) today reported results for its 13-week fourth quarter and 52-week year ended Dec. 29, 2013.

Fourth Quarter 2013 Highlights:

-- Net sales of $608.2 million; a 27% increase from the same period in 2012

  • Pro forma comparable store sales growth of 13.8% and two-year combined pro forma comparable store sales growth of 22.4%

-- Net income increased to $9.3 million with diluted earnings per share of $0.06

-- Adjusted diluted earnings per share of $0.07; compared to $0.04 from the same period in 2012

-- Adjusted EBITDA of $37.7 million; a 31% increase from pro forma adjusted EBITDA in 2012

-- $40 million voluntary pay down of term loan

Fiscal Year End 2013 Highlights:

-- Net sales of $2.44 billion; a 36% increase compared to reported net sales and a 22% increase compared to pro forma net sales in 2012

  • Pro forma comparable store sales growth of 10.7% and two-year combined pro forma comparable store sales growth of 20.4%

-- Net income increased to $51.3 million with diluted earnings per share of $0.37

-- Adjusted net income increased to $67.4 million; compared to $40.0 million in 2012

-- Adjusted diluted earnings per share of $0.48; compared to $0.31 in 2012

-- Adjusted EBITDA of $195.2 million; a 33% increase from pro forma adjusted EBITDA in 2012

"Driven by our best-in-class people, products and prices, Sprouts reported its 27 th consecutive quarter of positive same store comps, and an impressive 27% increase in net sales for the quarter," said Doug Sanders, president and chief executive officer of Sprouts Farmers Market. "In 2013 we crossed the $2 billion sales milestone with the opening of 19 stores and strong same store sales growth resulting in an increase of 22% in pro forma net sales and 69% increase in adjusted pro forma net income. This record performance, in our first year as a public company, demonstrates Sprouts' ability to create value, build trust and deliver on our strategy to successfully grow our company."

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 52 weeks ended December 30, 2012, giving effect to the Sunflower Transaction, are included in the tables to this release. Where applicable, the numbers below are first presented on a GAAP basis and then on a pro forma, or an adjusted basis.

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