Sprouts Farmers Market Inc. (NASDAQ: SFM) stock gained by 3.21% at last close whereas the SFM stock price declines by 2.13% in the pre-market trading session. Sprouts Farmers Market is a grocery store chain based in Phoenix, Arizona, United States. The store sells a variety of natural and organic goods.
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SFM stock, Financial Highlights
Sprouts Farmers Market announced its second-quarter 2021 financial results. Given below is the summary:
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- The second quarter of 2021 saw net sales of $1.5 billion which is a 7% decline from the same time in 2020.
- Gross profit fell 10.2 percent to $550 million in the quarter, resulting in a gross profit margin of 36.1 percent, down 115 basis points from the same time in 2020. This drop was mostly due to late-season opportunistic product purchases and extremely low shrink after previous year’s high demand due to the COVID-19 epidemic.
- When contrasted to the same quarter in 2020, selling, general, and administrative expenditures fell $52 million to $436 million, or 28.7% of sales, a leverage of 108 basis points.
- As a result of sales deleverage, depreciation and amortization for the quarter was calculated as $30 million, or 2.0 percent of sales, a rise of 14 basis points from the same period in 2020.
- For the quarter, store closure and other expenses, net were a $0.4 million credit, relative to $0.5 million in the same period of 2020.
- In Q2 2021 total income was $61 million, relative to $67 million in the same quarter in 2020. In the same quarter in 2020, diluted and adjusted diluted earnings per share was $0.52, relative to diluted earnings per share of $0.57 and adjusted diluted profits per share of $0.59.
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Jack Sinclair, CEO of Sprouts Farmers Market commented that,
He is happy with their excellent second-quarter profit results, which continue to expand on the significant step change in financial progress they achieved in 2020. Looking ahead to the rest of the year, they are looking forward to expanding their distinctive brand proposition. They are continuing to lay the basis for Sprouts’ long-term development by investing in innovation and their new store structure, speeding their marketing activities to strengthen their relationship with their target consumer, and utilizing an advantaged fresh supply chain.