Sprouts Farmers Market (SFM) Trims Q3, FY16 Outlook; Approves $250M Stock Buyback Plan
- Top 10 News for 10/24 - 10/28: AT&T (T), Time Warner Make it Official; Margins Hamper Apple's Q4; Mergers Aplenty
- Wall St. falls as FBI to review more Clinton emails
- Clinton email problem resurfaces as FBI announces review
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Sprouts Farmers Market, Inc. (Nasdaq: SFM) announced updated guidance in advance of participation in the Goldman Sachs 23rd Annual Global Retailing Conference on September 8, 2016. This update reflects the impact of significant ongoing deflation, the stepped-up promotional environment and our cautious outlook for the remainder of the year. Comparable store sales growth for the third quarter ending October 2, 2016 is now expected to be approximately flat. The prolonged deflationary environment, competitive landscape and industry dynamics have prompted heavy promotions across the industry, adversely impacting retail deflation and traffic generation. Given the current environment, we are adjusting our full-year 2016 comparable store sales growth to be in the range of 1.5% to 2.5% and earnings per share to be in the range of $0.83 to $0.86.
*** The Street sees FY16 EPS of $0.94 and revenue of $1.05 billion.
“At Sprouts, we have operated and managed through similar competitive and deflationary periods,” said Amin Maredia, chief executive officer of Sprouts Farmers Market. Our team remains laser focused on accelerating traffic and sales in the current environment, while continuing to execute our strategic business plan to build long-term value.”
Share Repurchase Authorization
On September 6, 2016, our Board of Directors authorized a $250 million common stock share repurchase program. The company had completed its previous $150 million share repurchase authorization during its second fiscal quarter ended July 3, 2016 and currently has approximately 148.5 million shares of common stock outstanding. The $250 million authorization represents approximately 7.4% of common shares outstanding at the current stock price. The shares may be purchased on a discretionary basis from time to time through December 31, 2017, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans. The repurchase program may be commenced, suspended or discontinued at any time.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AutoNation (AN) Misses Q3 EPS by 10c; Announces Acquisitions; Approves Additional $250M Stock Buyback
- St. Jude Medical (STJ) Announces FDA Approval, U.S. Launch of Medical Device to Reduce Risk of Recurrent Ischemic Stroke in Patients with PFO
- Marvell Technology (MRVL) Said Close to Hiring Goldman After Rebuffing China Bids - Bloomberg
Create E-mail Alert Related CategoriesCorporate News, Guidance, Hot Corp. News, Hot Guidance, Retail Sales, Stock Buybacks
Related EntitiesGoldman Sachs, Twitter, Stock Buyback, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!