Sprouts Farmers Market (SFM) Trims Q3, FY16 Outlook; Approves $250M Stock Buyback Plan
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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... More
