Sprouts beats Street with Q3 profit

Phoenix, Ariz. -- Net income at Sprouts Farmers Market Inc. soared 79% to $26.1 million in the third quarter of fiscal 2014 from $14.6 million in the same quarter a year earlier. A reduction in pretax losses helped boost net income growth.



Net sales were $766.4 million, a 21% increase compared to $633.6 million in the same period in 2013. Net sales growth was driven by strong performance in new stores opened and a 9% increase in same-store sales growth. Looking ahead, Sprouts expects net and same-store sales growth during the full fiscal year 2014.



“In a competitive environment, Sprouts is pleased to report another quarter of strong top-line growth with solid financial results," said Doug Sanders, president and CEO of Sprouts Farmers Market. "Our combination of healthy products at affordable prices, unparalleled customer service, and strong operational execution continues to separate Sprouts from the competition by meeting the needs of today's growing number of health conscious consumers. In the third quarter, we successfully delivered on our high growth strategy with the opening of 14 new stores, ending the quarter with 191 locations in ten states across the country."