Apollo Management to combine Sprouts Farmers Market and Henry’s Farmers Market
Phoenix — Private equity firm Apollo Management will acquire majority ownership in Phoenix-based Sprouts Farmers Market. Apollo plans to combine Sprouts operations with another of its holdings, Henry’s Farmers Market, based in Irvine, Calif. The combined company will operate under the Sprouts Farmers Market name.
Terms of the deal, expected to close in the second quarter of this year, were not disclosed. The combined grocers will have 98 stores and generate annual sales that exceed $1 billion.
"After the combination, Sprouts will be one of the largest growth-oriented specialty retailers in the United States with a focus on natural and organic products," said Andrew Jhawar, a senior partner with Apollo.
Henry’s and Sprouts were both found by the family of San Diego businessman Henry Boney.
Cabela’s reports profit, sales rise in Q4
Sidney, Neb. — Cabela’s reported Thursday that net income for the quarter ended Jan. 1 rose to $59.9 million, compared with $52.4 million in the year-ago period.
Total revenue for the quarter increased 8.4% to $934 million; retail store revenue increased 11.4% to $479 million.
Same-store sales increased 7.3%.
"With this quarter’s performance, it is clear our strategies are working and we are gaining momentum," said Tommy Millner, Cabela’s CEO.
Millner added that the outdoor retailer expects to meet or exceed Wall Street expectations for full year 2011 earnings.
Build-A-Bear swings to profit in Q4
St. Louis — Build-A-Bear Workshop said Thursday that it recorded net income of $8.3 million in the fiscal fourth quarter, compared with a loss of $0.9 million in the year-ago period.
Total sales for the period rose 2.2% to $125.8 million, from $123.1 million a year earlier. Same-store sales companywide dipped 3.7%.
For the full year, total revenues rose 1.4% to $401.5 million.
“While our fourth quarter 3.7% decline in comparable store sales was disappointing, for the year, we stabilized our sales trends, increased our average transaction and improved our margins and we believe that our strategies remain on track to move us forward," said Maxine Clark, chairman and chief executive bear.