PHOENIX — Sprouts Farmers Market reported “solid” financial results for the 13 weeks to October 1, featuring gains in net sales, comparable-store sales, and earnings from the third quarter a year earlier.
“Our results signal the alignment of our 31,000 team members across merchandising, marketing, supply chain, and operational initiatives — propelling our strategy forward,” Jack Sinclair, chief executive officer of Sprouts Farmers Market, said in a press release.
Third-quarter highlights include net sales of $1.7 billion through its nearly 400 stores in 23 states. That’s a 7.6% increase from a year ago. Comps increased 3.9%. Diluted per-share earnings were up slightly.
Sprouts said it opened 10 new stores in the quarter, taking its total to 401.
Sprouts projects comps to increase 3% in the current quarter, and forecasts a full-year gain of 3%. Net sales in the full year are projected to increase in the range of 6.5% to 7%. Sprouts expects store count to increase by 30 in the fiscal year ending December 31.
Valentine promoted to CFO role
The company also announced that Curtis Valentine will assume the role of chief financial officer on January 1. Valentine currently serves Sprouts as senior vice president of finance. He’s being promoted to succeed Lawrence (“Chip”) Molloy, who previously announced his intention to retire as CFO at the end of this year.
“Curtis and Chip have worked closely together for the last two years, and I believe there is no one better suited for the role to ensure a seamless transition as we continue to execute on our strategy and deliver value to our shareholders,” Sinclair said in announcing the promotion.
Valentine has more than 15 years of financial and retail experience, including eight years as a leader in Sprouts’ financial organization. He previously served in financial management roles across multiple business units at PetSmart Inc.
Valentine earned a bachelor of science degree from Bowling Green State University and a master of business administration degree from the W.P. Carey School of Business at Arizona State University.
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