Sprouts Farmers Market, Inc. - SFM STOCK NEWS

On March 28, 2023, Sprouts Farmers Market (SFM) announced plans to eliminate single-use plastic bags by the end of 2023, aiming to remove over 200 million bags annually. The initiative, already implemented in 132 California stores, will expand to locations in Nevada, Utah, Maryland, Pennsylvania, and Virginia next month. Customers will be offered reusable plastic bags made from 40% post-consumer recycled material, designed for at least 125 uses. The company has also ceased providing paper bags due to their environmental impact. Customers can recycle soft plastics at Sprouts stores, with nearly one million pounds recycled in 2022.

Sprouts Farmers Market (Nasdaq: SFM) has acquired two independently owned stores in Chula Vista, California, that operated under its brand name. This acquisition grants the company full control over the stores, enhancing its presence in the San Diego market and allowing for further expansion opportunities in Southern California. The stores were not included in the company’s previous financial outlook. The acquisition follows a long-standing trademark license arrangement with a third-party operator, marking a unique development as no other licensed Sprouts stores exist. CFO Chip Molloy emphasizes the strategic significance of these stores for serving more customers.

Sprouts Farmers Market (Nasdaq: SFM) will participate in the UBS 12^th Annual Global Consumer and Retail Conference in New York City on March 15, 2023, at 10:00 AM EST. CEO Jack Sinclair and CFO Chip Molloy will conduct a fireside chat during the event.

A live webcast of the discussion will be available on Sprouts' Investor Relations website. Sprouts is known for its unique grocery offerings that emphasize fresh, organic, and natural products, and operates approximately 380 stores across 23 states, employing around 31,000 team members.

Meati Foods expands its retail partnership with Sprouts Farmers Market (NASDAQ: SFM), launching its animal-free protein products across approximately 380 locations in 23 states. Following a successful pilot in Colorado, the rollout includes various Eat Meati cutlets and steaks now available in the frozen section. Scott Tassani, president of Meati Foods, highlights the high demand and nutritional benefits of these products. This partnership signifies Meati's commitment to broader market availability while supporting sustainable food practices, with plans for a national omni-channel footprint by late 2023.

Sprouts Farmers Market reported strong fourth-quarter results for the 13-week period ending January 1, 2023, with net sales reaching $1.6 billion, a 6% increase year-over-year. Comparable store sales rose 2.9%, while diluted earnings per share jumped to $0.42 from $0.32 in the previous year. Over the fiscal year, net sales totaled $6.4 billion, up 5% from 2021. The company plans to open 30 new stores in 2023 but will close 11 underperforming stores. For the first quarter, comparable store sales growth is expected at 1.5%-2.5%, with adjusted diluted earnings per share projected between $0.83 and $0.87.

Sprouts Farmers Market, Inc. (Nasdaq: SFM) will release its financial results for the fourth quarter and fiscal year ended January 1, 2023, on March 2, 2023, before the market opens. A conference call with management is scheduled for 10:00 a.m. EST on the same day to discuss the results. Investors can access a live webcast at investors.sprouts.com. Replay of the call will be available at about 4:00 p.m. EST on March 2, 2023. Sprouts continues to grow as a leading specialty retailer of fresh and organic food.

Sprouts Farmers Market has launched its Rescued Organics program, aimed at reducing food waste and supporting local farmers, in all 130 California stores. The initiative offers discounted imperfect organic produce, which may be misshapen or have slight color variations but maintains high quality and nutritional value. This program addresses the issue of billions of meals worth of edible food being wasted annually, allowing customers to access organic produce at reduced prices while aiding farmer profitability. The program features 12 varieties, including potatoes, onions, and citrus fruits.

Local Bounti Corporation (NYSE: LOCL) has launched its new Asian Style Chicken Lettuce Wrap Kit, available at 194 Sprouts Farmers Markets in California and Arizona, as of January 16, 2023. This convenient meal kit includes sustainably grown living butter lettuce and is designed for quick preparation, taking only about five minutes. At 120 calories per serving, it aims to meet growing consumer demand for premium, healthy meals at home. Local Bounti emphasizes sustainability and aims to reduce food waste while providing high-quality ingredients.

Sprouts Farmers Market announced the appointment of Alisa Gmelich as Senior Vice President and Chief Marketing Officer, effective December 5, 2022. Reporting directly to President and COO Nick Konat, Gmelich will enhance the company's marketing strategy to drive customer engagement and expansion. With over 25 years of experience, including roles at Auntie Anne's and IHOP, she aims to strengthen Sprouts' brand connection with customers. The company operates approximately 380 stores across 23 states.