Sprouts Farmers Market (NASDAQ:SFM) is a Pheonix-based company that specializes in the retailing of fresh, natural, and organic food products under the Sprouts brand in the United States. The supermarket chain was founded over 20 years ago and is particularly concentrated in the southern United States. Its shares have climbed 1.3% month-over-month as of close on Monday, July 29, 2024. Meanwhile, the stock has jumped 72% in the year-to-date period at the time of this writing.
The company unveiled its second quarter (Q2) fiscal 2024 earnings on that same Monday. For Q2 FY2024, Sprouts Farmers Market reported net sales of $1.9 billion. That was up 12% compared to the same period in fiscal 2023. Sprouts reported comparable store sales growth of 6.7%. Moreover, diluted earnings per share came in at $0.94 – up from diluted EPS of $0.65 in the previous year. Sprouts Farmers Market opened five new stores in the second quarter. That brings its grand total to 419 stores in 23 states as of June 30, 2024.
Looking ahead, Sprouts Farmers Market provided guidance for the third quarter and the full-year fiscal 0224. In Q3 2024, the company expects comparable store sales growth between 3.5% and 4.5% and adjusted diluted earnings per share between $0.71 and $0.75. For the full year, Sprouts is projecting net sales growth between 9% and 10%, comparable store sales growth between 4% and 5%, and adjusted EBIT between $445 and $455 million.
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