US speciality retailer Sprouts Farmers Market has booked an increase in third-quarter earnings and updated its earnings guidance for the full year.
In the period ended 29 September, net income reached US$11.5m, up from $1.3m last year. Earnings included a $9.5m pre-tax loss on extinguishment of debt, a $3.2m pre-tax bonus related to its IPO and $0.4m pre-tax loss on the disposal of assets.
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Adjusted EBITDA totalled $52.6m, up 63% on the same period last year. Sales increased 24% to $633.6m.
“We are pleased to report another strong quarter, evidence of our customers’ desire for fresh, natural and organic food at affordable prices,” said CEO Doug Sanders. “Our positive first-half momentum continued into the third quarter, with comparable store sales growth of 10.2%. This gives us confidence in the power of our model and the ability to increase our guidance for the year.”
The company increased its EPS guidance for 2013 to EPS of $0.45-$0.46 from a previous guidance of $0.41-$0.43, and adjusted EBITDA of $188m-$192m from $180-$185m.
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