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Sprouts Farmers Market, Inc. Reports First Quarter 2014 Results

Stocks in this article: SFM

PHOENIX, May 7, 2014 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (the "Company") (Nasdaq:SFM) today reported results for its 13-week first quarter ended Mar. 30, 2014.

First Quarter Highlights:

  • Net sales of $722.6 million; a 26% increase from the same period in 2013
    • Same store sales growth of 12.8% and two-year combined pro forma same store sales growth of 20.8%
  • Net income increased to $33.7 million with diluted earnings per share of $0.22
  • Adjusted net income increased 90% to $35.4 million; compared to $18.6 million in 2013
  • Adjusted diluted earnings per share increased 64% to $0.23; compared to $0.14 from the same period in 2013
  • Adjusted EBITDA of $77.5 million; a 49% increase from adjusted EBITDA in 2013
  • Increased the Company's guidance for 2014

"Sprouts' focus on value is resonating with a broad and growing base of customers who now have the opportunity to purchase healthy food at an affordable price. This has resulted in 28 consecutive quarters of positive same store sales growth and record first quarter financial performance that outperformed our targets," said Doug Sanders, president and chief executive officer of Sprouts Farmers Market. "During the first quarter, Sprouts' net sales increased 26%, generating additional leverage and resulting in a 49% improvement of EBITDA growth. Given our strong business momentum and impressive first quarter results we are increasing our annual guidance, and feel confident in achieving our growth plans."

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. Where applicable, the numbers below are first presented on a GAAP basis and then on an adjusted basis.

First Quarter 2014 Financial Results

Net sales in the first quarter of 2014 increased 26% to $722.6 million. Net sales growth was driven by a 12.8% increase in same store sales growth and strong performance in new stores opened, including our first new store in the Kansas City market.

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