Sprouts Q2 meets Street; names chief merchandising officer
Sprouts Farmers Market Inc. on Thursday reported sales and earnings in line with expectations, and also tapped an insider to the new role of chief merchandising offer.
The natural and organic grocer reported that its net income rose to $41.7 million, or 32 cents a share, from $41.0 million, or 29 cents a share, in the year-ago period.
Revenue rose 12% to $1.32 billion. Same-store sales rose 2.0%.
Direct store expense increased 16% to $273 million, due primarily to planned wage increases resulting from savings from recent tax legislation, as well as increased healthcare costs.
During the second quarter, the company opened seven new stores, including its first location in South Carolina. Four additional stores have been opened in the third quarter to date, resulting in a total of 305 stores in 17 states as of August 2, 2018.
In other news, Sprouts named Dave McGlinchey to the new role of chief merchandising officer. He was previously senior VP of merchandising services. Prior to Sprouts, McGlinchey was senior VP of merchandising and marketing for Shaw’s/Star Market. He earlier held a number of leadership roles during a 14-year stint with Stop & Shop/Giant Food.
The natural and organic grocer reported that its net income rose to $41.7 million, or 32 cents a share, from $41.0 million, or 29 cents a share, in the year-ago period.
Revenue rose 12% to $1.32 billion. Same-store sales rose 2.0%.
Direct store expense increased 16% to $273 million, due primarily to planned wage increases resulting from savings from recent tax legislation, as well as increased healthcare costs.
During the second quarter, the company opened seven new stores, including its first location in South Carolina. Four additional stores have been opened in the third quarter to date, resulting in a total of 305 stores in 17 states as of August 2, 2018.
In other news, Sprouts named Dave McGlinchey to the new role of chief merchandising officer. He was previously senior VP of merchandising services. Prior to Sprouts, McGlinchey was senior VP of merchandising and marketing for Shaw’s/Star Market. He earlier held a number of leadership roles during a 14-year stint with Stop & Shop/Giant Food.