Sprouts Farmers Market, Inc. - SFM STOCK NEWS

Sprouts Farmers Market reported a strong first quarter for 2022, with net sales of $1.6 billion, a 4% increase from Q1 2021, driven by positive comparable store sales growth of 1.6%. The company opened 6 new stores, bringing its total to 379 stores across 23 states. Diluted earnings per share rose to $0.79, up from $0.70 a year prior. Despite this positive momentum, Sprouts indicated a cautious outlook due to inflationary pressures, projecting sales and earnings growth at the low end of previous estimates.

Sprouts Farmers Market (SFM) has announced that it will release its financial results for Q1 2022 on May 4, 2022, after market close. A conference call will follow at 2:00 PM PDT, where management will discuss the results. Investors can access a webcast of the call through Sprouts' investor website. An audio replay will be available later that evening for 72 hours. Headquartered in Phoenix, Sprouts is one of the largest specialty retailers of natural and organic food in the U.S., operating over 380 stores across 23 states.

Sprouts Healthy Communities Foundation is hosting the inaugural Growing School Gardens Summit from April 22 to 25 in Denver, Colorado, aimed at enhancing school garden education across the U.S. This four-day event will bring together over 400 educators and leaders, supporting programs that benefit an estimated 2.5 million students annually. The Foundation has granted $15 million since 2015 in support of nutrition education and hands-on learning, highlighting its commitment to improving children's nutrition education through community engagement.

Sprouts Farmers Market (SFM) has closed a $700 million revolving credit facility to refinance its previous credit agreement. This facility provides greater financial flexibility and includes sustainability-linked pricing based on performance metrics like Board diversity and sales of sustainable products. As of closing, Sprouts had $250 million in borrowings and $32 million in letters of credit outstanding, leaving $418 million available. CFO Chip Molloy emphasized the importance of cash flow generation and sustainability in funding operations and growth.

Sprouts Farmers Market (SFM) has announced a new $600 million share repurchase program, authorized by its Board of Directors on March 2, 2022. This program replaces the previous authorization, which had less than $100 million remaining. Purchases will be made at the company's discretion based on market conditions and other opportunities until December 31, 2024. CFO Chip Molloy emphasized the company's strong cash flow and commitment to long-term value creation for investors.

Sprouts Farmers Market (Nasdaq: SFM) will participate in the UBS Global Consumer and Retail Conference. CEO Jack Sinclair and CFO Chip Molloy are scheduled for a fireside chat on March 10, 2022, at 9:00 AM EST. A live webcast will be accessible through the Investor Relations section of their website.

Sprouts focuses on providing a unique grocery experience with fresh produce and health-conscious products, operating over 370 stores across 23 states. With approximately 31,000 employees, Sprouts continues to grow in the healthy grocery sector.

Sprouts Farmers Market announced the appointment of Nicholas Konat as president and chief operating officer, effective March 21, 2022. Konat, who previously served as chief merchandising officer at Petco, brings extensive experience in merchandising and product innovation. His role will encompass operations, marketing, merchandising, and innovation, reporting to CEO Jack Sinclair. Konat expressed enthusiasm about joining Sprouts and aims to improve access to healthy living options as the company continues its growth strategy.

Sprouts Farmers Market (SFM) reported a 7% decrease in net sales to $1.49 billion for Q4 2021, influenced by a 2020 extra week. Year-over-year net income fell to $36 million from $68 million, with diluted EPS at $0.32. For FY 2021, net sales totaled $6.1 billion, down 6%, yet up 8% from 2019. SG&A expenses decreased, but increased 12.8% from 2019 levels. Looking ahead, SFM anticipates Q1 2022 net sales growth of 4% to 6% and plans to open 15 to 20 new stores.

Sprouts Farmers Market, Inc. (Nasdaq: SFM) will release its financial results for Q4 and the full year ending January 2, 2022, on February 24, 2022, after market close. A conference call will follow at 3:00 PM MST (5:00 PM EST) to discuss these results. Interested parties can access a webcast of the call at their investor website. An audio replay will be available post-call and will remain accessible for 72 hours. Sprouts, headquartered in Phoenix, operates over 370 stores across 23 states, emphasizing fresh, health-focused grocery offerings.