Smaller Store Format Pays off for Sprouts, Drives Stock Price Up

Article originally posted on Phoenix Business Journal on May 2, 2023

Early signs show that the new real estate strategy being deployed by Sprouts Farmers Market Inc. (Nasdaq: SFM) is paying off.

The company announced its first quarter earnings Monday with positive results, some of which are due to its new stores and new store format, according to company executives.

For the first quarter of the year, the Phoenix-based specialty grocery chain reported revenue of $1.7 billion, which was up $92 million or 6% from the same period in 2022.

“New stores combined with comparable store sales growth of 3.1% drove this increase,” Chip Molloy, Sprouts’ chief financial officer, said during Monday’s earnings call.

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The produce section of a Sprouts Farmers Market store.