Sprouts Farmers Market, Inc. Reports Third Quarter 2016 Results

PHOENIX, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (Nasdaq:SFM) today reported results for the 13-week third quarter ended October 2, 2016. 

Third Quarter Highlights:
  • Net sales of $1.0 billion; a 15% increase from the same period in 2015
  • Comparable store sales growth of 1.3% and two-year comparable store sales growth of 7.5%
  • Net income of $24 million and diluted earnings per share of $0.16
  • Net income decreased $8 million from the same period in 2015, and $9 million from adjusted net income
  • Diluted earnings per share decreased $0.05 from diluted and adjusted diluted earnings per share in the same period in 2015
  • Raising the bottom of our full-year comparable store sales growth from 1.5% to 2.0%

"The Sprouts team delivered 15% sales growth, strong new store performance and our 38th consecutive quarter of positive same store sales, all despite a highly deflationary and competitive environment," said Amin Maredia, chief executive officer of Sprouts Farmers Market. "The core fundamentals of our business remain strong, and we continue to prioritize product innovation, investing in our team members and infrastructure for scale, and enhancing the customer experience both in and out-of-store."

In order to aid in understanding 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 certain non-GAAP measures which are explained and reconciled to the GAAP measures in the tables included in this release. For 2016 and 2015, the company has referenced EBITDA and adjusted EBITDA, respectively. In addition, for 2015, the company has presented adjusted net income and adjusted earnings per share.  In each case, the "adjusted" measure excludes the after-tax impact of disposal of assets, store closure and exit costs, secondary offering expenses and loss on extinguishment of debt.  For the first three quarters of 2016, such adjustments would be immaterial.  Accordingly, the company has presented net income, earnings per share and EBITDA for 2016 without adjustment and, where applicable, has provided comparisons of such measures to the corresponding adjusted measures from 2015. Where applicable, results are first presented on a GAAP basis and then on an adjusted basis.

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