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Section 1: 8-K (8-K)

sfm-8k_20190801.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 1, 2019

Sprouts Farmers Market, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-36029

 

32-0331600

(State or other jurisdiction

of incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

5455 E. High Street, Suite 111

Phoenix, Arizona 85054

(Address of principal executive offices and zip code)

(480) 814-8016

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

 

Trading Symbol(s)

Name of Each Exchange on Which Registered

 

Common Stock, $0.001 par value

SFM

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 

 

 


 

Item 2.02. Results of Operations and Financial Condition.

On August 1, 2019, Sprouts Farmers Market, Inc. (the “Company”) issued a press release announcing its results of operations for its second fiscal quarter ended June 30, 2019. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.

The information furnished in this Item 2.02, including Exhibit 99.1 attached hereto and incorporated herein, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

The text of this Current Report on Form 8-K is available on the Company’s investor relations website located at investors.sprouts.com, although the Company reserves the right to discontinue that availability at any time.

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits

 

Exhibit

Number

  

Description

 

 

 

99.1

  

Press release of Sprouts Farmers Market, Inc., dated August 1, 2019, entitled “Sprouts Farmers Market, Inc. Reports Second Quarter 2019 Results”

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

SPROUTS FARMERS MARKET, INC.

 

 

 

Date: August 1, 2019

 

By:

 

/s/ Brandon F. Lombardi

 

 

Name:

 

Brandon F. Lombardi

 

 

Title:

 

Chief Legal Officer and Corporate Secretary

 

 

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

sfm-ex991_6.htm

Exhibit 99.1

                  

 

 

Investor Contact:

Media Contact:

Susannah Livingston

Diego Romero

(602) 682-1584

(602) 682-3173

[email protected]

[email protected]

SPROUTS FARMERS MARKET, INC. REPORTS SECOND QUARTER 2019 RESULTS

PHOENIX, Ariz. – (Globe Newswire) – August 1, 2019 – Sprouts Farmers Market, Inc. (Nasdaq: SFM) today reported results for the 13-week second quarter ended June 30, 2019.  

Second Quarter Highlights:

Net sales of $1.4 billion; a 7% increase from the same period in 2018

Comparable store sales growth of 0.1% and two-year comparable store sales growth of 2.1%

Net income of $35 million, compared to $42 million from the same period in 2018

Diluted earnings per share of $0.30; compared to $0.32 from the same period in 2018

 

“We are grateful to have Jack Sinclair join the Sprouts team as our new chief executive officer and are confident his insightful grocery experience makes him well positioned to strategically advance Sprouts’ unique model and improve its performance as the brand expands its footprint,” said Chip Molloy, interim chief financial officer and board member of Sprouts Farmers Market.  

Second Quarter 2019 Financial Results

Net sales for the second quarter of 2019 were $1.4 billion, a 7% increase compared to the same period in 2018. Net sales growth was driven by strong performance in new stores opened and a 0.1% increase in comparable store sales.

Gross profit for the quarter increased 6% to $465 million, resulting in a gross profit margin of 32.8%, a decrease of 35 basis points compared to the same period in 2018.  This was primarily driven by product cost inflation not fully reflected in retail pricing and slightly higher distribution and transportation costs.

Selling, general and administrative expenses (“SG&A”) for the quarter increased 9% to $383 million, or 27.1% of sales, compared to 26.5% in the same period in 2018. Excluding the 35 basis point impact of the adoption of the new lease accounting standard that went into effect at the beginning of 2019, SG&A deleveraged 20 basis points. This primarily reflects investments in new stores, increased interchange fees and increased costs associated with the expansion of the company’s home delivery program.  

Depreciation and amortization for the quarter increased 12% to $30 million, or 2.1% of sales, compared to 2.0% of sales in the same period in 2018.

Net income for the quarter was $35 million and diluted earnings per share was $0.30, compared with $42 million and $0.32, respectively, in 2018.  This decrease was driven by the impact of the adoption of the new lease accounting standard in 2019 and a challenging sales environment. This was partially offset by fewer shares outstanding due to our repurchase program.

Fiscal Year-to-Date Financial Results

For the 26-week period ended June 30, 2019, net sales were $2.8 billion, an 8% increase compared to the same period in 2018. Growth was driven by strong performance in new stores opened and a 0.8% increase in comparable store sales.  Net income was $92 million compared to $108 million for the same period in 2018.  Diluted earnings per share was $0.76, a decrease of $0.06 or 7%, compared to diluted earnings per share of $0.82 for the same period in 2018.

 

 

 

 


Growth and Development

During the second quarter of 2019, we opened six new stores, including one each in the new states of Louisiana and New Jersey. As we planned, one lease expired during the second quarter and was not renewed. Five additional stores have been opened in the third quarter to date, resulting in a total of 331 stores in 21 states as of August 1, 2019.

Leverage and Liquidity

We generated cash from operations of $249 million year-to-date through June 30, 2019 and invested $84 million in capital expenditures net of landlord reimbursement, primarily for new stores. In addition, we repurchased 2.4 million shares of common stock for a total year-to-date investment of $163 million. We ended the quarter with a $515 million balance on our revolving credit facility, $27 million of letters of credit outstanding under the facility, $59 million in cash and cash equivalents, and $55 million available under our current share repurchase authorization.

2019 Outlook

We have adjusted our 2019 guidance, reflecting our year-to-date performance and our expectation for the remainder of the year. The following provides information on our guidance for 2019:

 

 

Full-Year 2019

Current Guidance

Net sales growth

7% to 8%

Unit growth

Approximately 28 stores

Comparable store sales growth

Flat

Diluted earnings per share 1

$1.05 to $1.09

Effective tax rate

Approximately 24%

Capital expenditures (net of landlord reimbursements)

$170M to $175M

 

Footnotes

1   The adoption of the new lease accounting standard will result in net incremental noncash rent expense of approximately $7 million pre-tax (or approximately $0.04 decrease in diluted earnings per share) for 2019.

 

Second Quarter 2019 Conference Call

We will hold a conference call at 7 a.m. Pacific Daylight Time (10 a.m. Eastern Daylight Time) on Thursday, August 1, 2019, during which Sprouts executives will further discuss our second quarter 2019 financial results.

A webcast of the conference call will be available through Sprouts’ investor webpage located at investors.sprouts.com. Participants should register on the website approximately 10 minutes prior to the start of the webcast.

The conference call will be available via the following dial-in numbers:

 

U.S. Participants: 877-398-9481

 

International Participants: Dial +1-408-337-0130

 

Conference ID: 9091469

The audio replay will remain available for 72 hours and can be accessed by dialing 855-859-2056 (toll-free) or 404-537-3406 (international) and entering the confirmation code: 9091469.

Important Information Regarding Outlook

There is no guarantee that Sprouts will achieve its projected financial expectations, which are based on management estimates, currently available information and assumptions that management believes to be reasonable.   These expectations are inherently subject to significant economic, competitive and other uncertainties and contingencies, many of which are beyond the control of management.  See “Forward-Looking Statements” below.

 

 

 

 


Forward-Looking Statements

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact (including, but not limited to, statements to the effect that Sprouts Farmers Market or its management "anticipates," "plans," "estimates," "expects," or "believes," or the negative of these terms and other similar expressions) should be considered forward-looking statements, including, without limitation, statements regarding the company’s guidance, outlook, growth and opportunities. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks and uncertainties include, without limitation, risks associated with the company’s ability to successfully compete in its intensely competitive industry; the company’s ability to successfully open new stores; the company’s ability to manage its rapid growth; the company’s ability to maintain or improve its operating margins; the company’s ability to identify and react to trends in consumer preferences; product supply disruptions; general economic conditions; the company’s ability to manage its transition to a new CEO and a new CFO; accounting standard changes including the new lease accounting guidance; and other factors as set forth from time to time in the company’s Securities and Exchange Commission filings, including, without limitation, the company’s Annual Report on Form 10-K. The company intends these forward-looking statements to speak only as of the time of this release and does not undertake to update or revise them as more information becomes available, except as required by law.

Corporate Profile

Sprouts Farmers Market, Inc. specializes in fresh, natural and organic products at prices that appeal to everyday grocery shoppers. Based on the belief that healthy food should be affordable, Sprouts’ welcoming environment and knowledgeable team members continue to drive its growth. Sprouts offers a complete shopping experience that includes an array of fresh produce in the heart of the store, a deli with prepared entrees and side dishes, The Butcher Shop, The Fish Market, an expansive vitamins and supplements department and more. Headquartered in Phoenix, Arizona, Sprouts employs more than 30,000 team members and operates in more than 325 stores in 21 states from coast to coast. Visit about.sprouts.com for more information.

 

 

 

 

 

 


SPROUTS FARMERS MARKET, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

 

 

 

Thirteen

weeks ended

 

 

Thirteen

weeks ended

 

 

Twenty-six

weeks ended

 

 

Twenty-six

weeks ended

 

 

 

June 30, 2019

 

 

July 1, 2018

 

 

June 30, 2019

 

 

July 1, 2018

 

Net sales

 

$

1,415,736

 

 

$

1,321,693

 

 

$

2,829,623

 

 

$

2,608,889

 

Cost of sales

 

 

950,954

 

 

 

883,212

 

 

 

1,880,492

 

 

 

1,725,799

 

Gross profit

 

 

464,782

 

 

 

438,481

 

 

 

949,131

 

 

 

883,090

 

Selling, general and administrative expenses

 

 

383,116

 

 

 

350,413

 

 

 

757,942

 

 

 

689,187

 

Depreciation and amortization (exclusive of depreciation included in cost of sales)

 

 

29,565

 

 

 

26,341

 

 

 

59,024

 

 

 

52,486

 

Store closure and other costs

 

 

769

 

 

 

26

 

 

 

1,277

 

 

 

36

 

Income from operations

 

 

51,332

 

 

 

61,701

 

 

 

130,888

 

 

 

141,381

 

Interest expense, net

 

 

(5,438

)

 

 

(6,544

)

 

 

(10,440

)

 

 

(12,609

)

Other income

 

 

 

 

 

117

 

 

 

 

 

 

325

 

Income before income taxes

 

 

45,894

 

 

 

55,274

 

 

 

120,448

 

 

 

129,097

 

Income tax provision

 

 

(10,551

)

 

 

(13,565

)

 

 

(28,713

)

 

 

(20,764

)

Net income

 

$

35,343

 

 

$

41,709

 

 

$

91,735

 

 

$

108,333

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.30

 

 

$

0.32

 

 

$

0.76

 

 

$

0.83

 

Diluted

 

$

0.30

 

 

$

0.32

 

 

$

0.76

 

 

$

0.82

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

118,251

 

 

 

129,423

 

 

 

120,754

 

 

 

130,924

 

Diluted

 

 

118,436

 

 

 

130,012

 

 

 

121,231

 

 

 

131,949

 

 

 

 

 

 


SPROUTS FARMERS MARKET, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

 

 

 

 

June 30, 2019

 

 

December 30, 2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

58,639

 

 

$

1,588

 

Accounts receivable, net

 

 

13,170

 

 

 

40,564

 

Inventories

 

 

269,463

 

 

 

264,366

 

Prepaid expenses and other current assets

 

 

38,776

 

 

 

27,323

 

Total current assets

 

 

380,048

 

 

 

333,841

 

Property and equipment, net of accumulated depreciation

 

 

728,441

 

 

 

766,429

 

Operating lease assets

 

 

1,018,301

 

 

 

 

Intangible assets, net of accumulated amortization

 

 

185,485

 

 

 

194,803

 

Goodwill

 

 

368,078

 

 

 

368,078

 

Other assets

 

 

12,138

 

 

 

12,463

 

Total assets

 

$

2,692,491

 

 

$

1,675,614

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

$

331,299

 

 

$

253,969

 

Accrued salaries and benefits

 

 

41,996

 

 

 

48,603

 

Current portion of capital and financing lease obligations

 

 

 

 

 

7,428

 

Current portion of operating lease liabilities

 

 

75,700

 

 

 

 

Current portion of finance lease obligations

 

 

610

 

 

 

 

Total current liabilities

 

 

449,605

 

 

 

310,000

 

Long-term capital and financing lease obligations

 

 

 

 

 

119,642

 

Long-term operating lease liabilities

 

 

1,078,513

 

 

 

 

Long-term debt and finance lease liabilities

 

 

526,861

 

 

 

453,000

 

Other long-term liabilities

 

 

40,601

 

 

 

153,377

 

Deferred income tax liability

 

 

65,262

 

 

 

50,399

 

Total liabilities

 

 

2,160,842

 

 

 

1,086,418

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Undesignated preferred stock; $0.001 par value; 10,000,000 shares

authorized, no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.001 par value; 200,000,000 shares authorized,

   120,436,879 shares issued and outstanding, March 31, 2019;

   124,975,691 shares issued and outstanding, December 30, 2018

 

 

118

 

 

 

124

 

Additional paid-in capital

 

 

665,454

 

 

 

657,140

 

Accumulated other comprehensive (loss) income

 

 

(4,579

)

 

 

1,134

 

Accumulated deficit

 

 

(129,344

)

 

 

(69,202

)

Total stockholders' equity

 

 

531,649

 

 

 

589,196

 

Total liabilities and stockholders' equity

 

$

2,692,491

 

 

$

1,675,614

 

 

 

 

 

 

 


SPROUTS FARMERS MARKET, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

 

 

 

 

Twenty-six weeks ended

 

 

Twenty-six weeks ended

 

 

 

June 30, 2019

 

 

July 1, 2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income

 

$

91,735

 

 

$

108,333

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

60,211

 

 

 

53,829

 

Operating lease asset amortization

 

 

40,477

 

 

 

 

Store closure and other costs

 

 

824

 

 

 

 

Share-based compensation

 

 

4,191

 

 

 

8,630

 

Deferred income taxes

 

 

10,691

 

 

 

17,550

 

Other non-cash items

 

 

32

 

 

 

900

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

20,378

 

 

 

(2,954

)

Inventories

 

 

(5,096

)

 

 

(21,022

)

Prepaid expenses and other current assets

 

 

(9,644

)

 

 

(1,312

)

Other assets

 

 

(451

)

 

 

(6,745

)

Accounts payable and other accrued liabilities

 

 

86,007

 

 

 

10,379

 

Accrued salaries and benefits

 

 

(6,288

)

 

 

(7,154

)

Operating lease liabilities

 

 

(40,297

)

 

 

 

Other long-term liabilities

 

 

(3,585

)

 

 

10,674

 

Cash flows from operating activities

 

 

249,185

 

 

 

171,108

 

Cash flows used in investing activities

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(93,414

)

 

 

(103,935

)

Cash flows used in investing activities

 

 

(93,414

)

 

 

(103,935

)

Cash flows used in financing activities

 

 

 

 

 

 

 

 

Proceeds from revolving credit facilities

 

 

122,860

 

 

 

140,000

 

Payments on revolving credit facilities

 

 

(60,860

)

 

 

(30,000

)

Payments on capital and financing lease obligations

 

 

 

 

 

(2,135

)

Payments on finance lease obligations

 

 

(325

)

 

 

 

Payments of deferred financing costs

 

 

 

 

 

(2,131

)

Cash from landlords related to capital and financing lease obligations

 

 

 

 

 

2,113

 

Repurchase of common stock

 

 

(163,310

)

 

 

(178,000

)

Proceeds from exercise of stock options

 

 

4,118

 

 

 

6,734

 

Other

 

 

(319

)

 

 

(59

)

Cash flows used in financing activities

 

 

(97,836

)

 

 

(63,478

)

Increase in cash, cash equivalents, and restricted cash

 

 

57,935

 

 

 

3,695

 

Cash, cash equivalents, and restricted cash at beginning of the period

 

 

2,248

 

 

 

19,479

 

Cash, cash equivalents, and restricted cash at the end of the period

 

$

60,183

 

 

$

23,174

 

 

 

 

 

 

 

 

 

 

 

 

 


Reclassification of Certain Income Statement Items

In the fourth quarter of fiscal 2018, we made a voluntary change to our consolidated statements of income presentation as follows:

 

Reclassified occupancy costs and buying costs from cost of sales to selling, general and administrative expenses (“SG&A”);

 

Reclassified depreciation and amortization (exclusive of depreciation related to supply chain which continues to be included in cost of sales) to a separate financial statement line item; and

 

Combined direct stores expense (“DSE”) and store pre-opening costs with SG&A.

 

These reclassifications had no impact on sales, income from operations, net income or earnings per share.  We made this voluntary change in presentation because we believe that the exclusion of occupancy and buying costs from cost of sales provides a more meaningful presentation of our gross margin. The changes also enhance the comparability of our financial statements with those of many of our industry peers and align with how we internally manage and review costs and margin. Prior years amounts have been reclassified to reflect this change. Updated financials for the five years prior have been posted on investors.sprouts.com.

 

 

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States (“GAAP”), the company presents EBITDA, adjusted EBITDA, adjusted net income and adjusted diluted earnings per share. These measures are not in accordance with, and are not intended as alternatives to, GAAP. The company's management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its results of operations and financial condition. In addition, management uses these measures for reviewing the financial results of the company, and certain of these measures may be used as components of incentive compensation.

The company defines EBITDA as net income before interest expense, provision for income tax, and depreciation, amortization and accretion and adjusted EBITDA as EBITDA excluding the impact of special items. The company defines adjusted net income and adjusted diluted earnings per share by adjusting the applicable GAAP measure to remove the impact of special items.

Non-GAAP measures are intended to provide additional information only and do not have any standard meanings prescribed by GAAP. Use of these terms may differ from similar measures reported by other companies. Because of their limitations, non-GAAP measures should not be considered as a measure of discretionary cash available to use to reinvest in the growth of the company’s business, or as a measure of cash that will be available to meet the company’s obligations. Each non-GAAP measure has its limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the company’s results as reported under GAAP.

The following table shows a reconciliation of EBITDA and adjusted EBITDA to net income for the thirteen and twenty-six weeks ended June 30, 2019 and July 1, 2018 and a reconciliation of net income and diluted earnings per share to adjusted net income and adjusted diluted earnings per share for the thirteen and twenty-six weeks ended June 30, 2019 and July 1, 2018:


 

 

 

 


SPROUTS FARMERS MARKET, INC. AND SUBSIDIARIES

NON-GAAP MEASURE RECONCILIATION

(UNAUDITED)

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

 

 

 

Thirteen

weeks ended

 

 

Thirteen

weeks ended

 

 

Twenty-six

weeks ended

 

 

Twenty-six

weeks ended

 

 

 

June 30, 2019

 

 

July 1, 2018

 

 

June 30, 2019

 

 

July 1, 2018

 

Net income

 

$

35,343

 

 

$

41,709

 

 

$

91,735

 

 

$

108,333

 

Income tax provision (1)

 

 

10,551

 

 

 

13,565

 

 

 

28,713

 

 

 

20,764

 

Interest expense, net

 

 

5,438

 

 

 

6,540

 

 

 

10,440

 

 

 

12,604

 

Earnings before interest and taxes (EBIT)

 

 

51,332

 

 

 

61,814

 

 

 

130,888

 

 

 

141,701

 

Depreciation, amortization and accretion

 

 

30,139

 

 

 

27,087

 

 

 

60,211

 

 

 

53,976

 

Earnings before interest, taxes, depreciation and

   amortization (EBITDA)

 

$

81,471

 

 

$

88,901

 

 

$

191,099

 

 

$

195,677

 

Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store closures (2)

 

 

 

 

 

 

 

 

508

 

 

 

 

Total Special Items - pre-tax

 

 

 

 

 

 

 

 

508

 

 

 

 

Adjusted EBITDA

 

$

81,471

 

 

$

88,901

 

 

$

191,607

 

 

$

195,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

35,343

 

 

$

41,709

 

 

$

91,735

 

 

$

108,333

 

Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Store closures, net of tax (2)

 

 

 

 

 

 

 

 

377

 

 

 

 

Adjusted Net income

 

$

35,343

 

 

$

41,709

 

 

$

92,112

 

 

$

108,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.30

 

 

$

0.32

 

 

$

0.76

 

 

$

0.82

 

Adjusted diluted earnings per share

 

$

0.30

 

 

$

0.32

 

 

$

0.76

 

 

$

0.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

118,436

 

 

 

130,012

 

 

 

121,231

 

 

 

131,949

 

 

(1)

Income tax provision includes approximately an $11 million (or $0.08 per diluted share) benefit during the twenty-six weeks ended July 1, 2018 in excess federal and state tax for share based compensation primarily associated with the exercise of expiring pre-IPO options.

(2)

Special items include the direct costs associated with store closures or relocations.  After-tax impact includes the tax benefit on the pre-tax charge.

 

 

 

###

 

Source: Sprouts Farmers Market, Inc.

Phoenix, AZ

8/1/19

 

 

 

 

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