Goldman Sachs Says Sprouts Farmers Market's (SFM) Guidance Could be Sign of 'Steep Change' in Competitive Environment
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Sprouts Farmers Market, Inc. Updates Third Quarter and Full-Year 2016 Guidance; Announces $250 Million Share Repurchase Authorization
September 7, 2016 6:55 AM EDTPHOENIX, Sept. 07, 2016 (GLOBE NEWSWIRE) -- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today 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.
At Sprouts, we have operated and managed through similar competitive and deflationary periods, said Amin Maredia, chief executive officer of Sprouts Farmers Market. Â 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... More
