Sprouts Farmers Market, Inc. reported a significant increase in its financial performance for the fiscal year ending December 29, 2024, with net sales reaching $7.72 billion, a 13% increase from $6.84 billion in the previous year. The company's gross profit also rose to $2.94 billion, up from $2.52 billion, resulting in a gross margin of 38.1%, compared to 36.9% in fiscal 2023. Net income for the year was $380.6 million, reflecting a 47% increase from $258.9 million in the prior year, and diluted earnings per share rose to $3.75 from $2.50.
The company opened 33 new stores during fiscal 2024, bringing its total store count to 440 across 24 states. This expansion is part of Sprouts' long-term growth strategy, which aims for approximately 10% annual unit growth. The comparable store sales growth was reported at 7.6%, driven by an increase in basket value due to retail price inflation, although there was a slight reduction in the number of items per basket. The company has also focused on enhancing its supply chain efficiency, with approximately 80% of its stores located within 250 miles of a distribution center.
In terms of operational metrics, Sprouts reported an increase in its employee headcount to approximately 35,000 team members, reflecting the company's growth and expansion efforts. The company has also made significant investments in technology to improve efficiency and customer experience, which it believes will further drive sales growth and customer loyalty. Additionally, Sprouts has been actively engaging with its target customer segments, identified as health enthusiasts and selective shoppers, to enhance brand recognition and customer engagement.
Looking ahead, Sprouts Farmers Market plans to continue its expansion strategy, with at least 35 new store openings planned for fiscal 2025. The company is also focused on improving its supply chain and customer engagement through data analytics and technology investments. Despite the positive outlook, the company acknowledges potential risks, including market competition and economic conditions that could impact consumer spending. Overall, Sprouts remains committed to its growth strategy while navigating the challenges of the retail grocery landscape.
About Sprouts Farmers Market, Inc.
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