Stock Monitor: Weis Markets Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 7, 2018 / If you want access to our free earnings report on Sprouts Farmers Market, Inc. (NASDAQ: SFM) ("Sprouts Farmers"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SFM. The Company reported its financial results on May 03, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The natural and organic food retailer surpassed analysts' estimates for earnings for Q1 FY18. In addition, the Company provided guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Sprouts Farmers Market most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During the first quarter of the fiscal year 2018, Sprouts Farmers' revenues advanced 13.9% to $1.29 billion compared $1.13 billion in the first quarter of 2017, primarily driven by a solid performance in the new stores opened. The Company's revenue numbers were in-line with market estimates. The Company reported comparable store sales growth of 2.7% in Q1 FY18 compared to 1.1% in Q1 FY17.
For the reported quarter, Sprouts Farmers' cost of sales, buying and occupancy, increased to $900.1 million versus $793.4 million in the year ago comparable period. The Company's gross profit grew 14.8% to $387.1 million in Q1 FY18 compared to $337.3 million in Q1 FY17. The Company's gross margin slightly improved to 30.1% in Q1 FY18 compared to 29.8% in Q1 FY17.
Sprouts Farmers incurred direct store expenses (DSE) of $262.6 million in the reported quarter compared to $229.1 million in the year ago corresponding period, increasing 14.6% on a y-o-y basis. The Company's selling, general, and administrative expenses (SG&A) hiked 28.9% to $41.5 million in Q1 FY18 compared to $32.2 million in Q1 FY17. The Company posted an income from operations of $79.7 million in Q1 FY18 compared to $72.5 million in Q1 FY17.
For Q1 FY18, Sprouts Farmers' net income surged 43.9% to $66.6 million compared to $46.3 million in Q1 FY17. For the reported quarter, the Company's diluted earnings per share (EPS) jumped 51.5% to $0.50 compared to $0.33 in the prior year's same period, beating market estimates of $0.49.
Growth and Development
For the reported quarter, the Company opened 9 new stores; 3 in Arizona, 2 in New Mexico and one each in California, North Carolina, Florida, and its first store in the state of Maryland. The Company had a total of 298 stores in 16 states as of May 03, 2018.
As of April 01, 2018, Sprouts Farmers' cash and cash equivalents stood at $21.4 million compared to $21.3 million as of April 02, 2017. The Company generated cash inflow from operating activities of $104.5 million in the reported quarter versus $114.5 million in the year ago comparable period. The Company had a long-term debt of $368.0 million as of April 01, 2018, versus $348.0 million as of December 31, 2017.
During the first quarter of the fiscal year 2018, Sprouts Farmers repurchased 3.3 million shares of its common stock for a total cost of $83.0 million. In addition, through April 30, 2018, the Company bought back 44 thousand shares of its common stock for $1.0 million.
For FY18, Sprouts Farmers expects revenue growth to be in the range of 10.5% to 11.5%, lower than its previous guidance of 11.5% to 12.5%. The Company anticipates diluted EPS to be in the band of $1.22 to $1.28.
Stock Performance Snapshot
June 06, 2018 - At Wednesday's closing bell, Sprouts Farmers Market's stock marginally fell 0.60%, ending the trading session at $21.40.
Volume traded for the day: 1.52 million shares.
After yesterday's close, Sprouts Farmers Market's market cap was at $2.83 billion.
Price to Earnings (P/E) ratio was at 18.17.
The stock is part of the Services sector, categorized under the Grocery Stores industry. This sector was up 0.8% at the end of the session.
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