Sprouts net income springs up in Q2

Phoenix – Sprouts Farmers Market Inc. reported net income of $30.2 million in the second quarter of fiscal 2014, more than double the $12.5 million profit reported in the same quarter a year earlier. The elimination of pre-tax loss on extinguishment of debt of $8.2 million in the first quarter of fiscal 2013 helped boost Sprouts’ net income.

Net sales in the second quarter of 2014 were $743.8 million, or a 20% increase, compared to $622.37 million in the same period in 2013. Net sales growth was driven by strong performance in new stores opened, including the company's first new store in the Atlanta market, and a 9.5% increase in same-store sales growth.

Sprouts expects same-store sales growth in the third quarter and full fiscal year 2014.

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