Highlights include:
- Net sales of $1.6 billion; a 4% decrease from the same period in 2020
- Comparable store sales growth of -9.4% and two-year comparable store sales growth of 2.2%
- Net income and adjusted net income of $83 million; compared to net income of $92 million and adjusted net income of $93 million from the same period in 2020
- Diluted and adjusted diluted earnings per share of $0.70; compared to $0.78 diluted earnings per share and adjusted diluted earnings per share of $0.79 from the same period in 2020
Related: Sprouts Releases 2020 Environmental, Social, and Governance Report Hain CEO “Pleased” with Strong Q3 2021 Results Sprouts Announces Virtual Garden-Based Learning for Kids
A press release on the topic notes that the outlook for fiscal 2021 is still uncertain, due to COVID-19; however, the company expects to open approximately 20 new stores over the rest of the year. Net sales growth is expected to be “flat to up slightly.” As CEO Jack Sinclair points out, this quarter—and the rest of the year—is being compared to the period during the pandemic during which sales jumped, such that company sales are likely to appear to dip.“I am pleased with how Sprouts has navigated the current environment as we begin to cycle the onset of the COVID-19 impact from last year,” said Sinclair in the press release. “Sprouts achieved strong financial results in the first quarter, building on our successful strategic improvements from 2020, which enhanced our profitability to support our long-term growth. We continued to move our strategy forward with the opening of our sixth fresh distribution center, providing our customers with even more affordable, local and organic produce, rooted in Sprouts’ unique farmer’s market heritage. As we look forward, I am confident we will continue to enhance our position as a fast-growing health-focused specialty retailer.”
