Sprouts Farmers Market has booked an increase in earnings for the first half of the year, boosted by a near-50% increase in sales in the period.

The company said net sales totalled US$1.2bn in the six months to 1 July, a year-on-year increase of 48.4% from sales of $805.8m in the comparable period of last year. For the full-year Sprouts said it expects 19-21% revenue growth.

The grocer has driven top-line growth through space expansion and Sprouts said that in the year to date it has opened 17 new outlets. The company said it has the financial flexibility to deliver on its growth plans thanks to its strong cash-flow generation and a reduction in debt thanks to funds raised through its recent IPO. 

Income was boosted by improved store margins and lower expenses elsewhere in the business. Net income rose 106% from $14.8m to $30.6m, while income from operations jumped from $41.8m to $80.1m.

For the full year, Sprouts said it anticipates net income of $44-47m and adjusted EBITDA of $180-$185m.

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