Sprouts Farmers Market opening 35 stores in 2024; Q4 sales up 8%
Sprouts Farmers Market reported strong fourth quarter and full-year results as it continues to expand its footprint.
The fresh, natural and organic foods grocer’s net sales totaled $1.7 billion for the quarter ended Dec, 31, an 8% increase from the year-ago period. Comparable store sales rose 3.3%. Earnings per share were $0.49, compared to earnings per share of $0.42 in the previous year.
Sprouts opened 30 new stores and acquired two previously licensed stores in 2023, for a total of 407 stores in 23 states. The company expects to open approximately 35 new stores in 2024.
Earlier this year, Sprouts set the opening date for seven new stores that will open by March 15 (locations listed at end of article). As part of a five-year plan, the company is aiming to expand 10% year over year.
For the full year, Sprouts' net sales rose 7% to $6.8 billion and comparable store sales grew 3.4%. Adjusted earnings per share were $2.84 compared to $2.30 per share for 2022.
"Our fourth quarter performance demonstrates our continued strength as a leading specialty grocer," said Jack Sinclair, CEO of Sprouts Farmers Market. "Our 2023 results exceeded our original expectations, with solid comparable sales each quarter, positive traffic, accelerating unit growth, and increasing customer engagement. I am confident our strategy and our passionate, dedicated team will continue to create shareholder value.”
For 2024, Sprouts expects net sales growth of 5.5% to 7.5%, with comp sales growth of 1.5% to 3.5%.
Here’s a listing of the new stores the grocer has announced so far for 2024:
- •Port Charlotte, Fla. (Friday, Jan. 12)
- •Miami-Coconut Grove, Fla. (Friday, Jan. 19)
- •Burtonsville, Md. (Friday, Jan. 19)
- •Cudahy, Calif. (Friday, Feb. 16)
- •Bakersfield, Calif. (Friday, March 1)
- •Victorville, Calif. (Friday, March 15)
- •Rockwall, Tex. (Friday, March 15)
Phoenix-based Sprouts operates 407 stores in 23 states, including Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Kansas, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Washington.