Sprouts Farmers Market Inc. released a better-than-expected earnings report on July 29, which sent the stock to record heights Tuesday.
Sprouts, a Phoenix-based specialty grocery chain, saw its stock price close at $95.88 per share on July 30, up more than 13%. Earlier in the day, the stock traded for as high as $103.80 per share.
Sprouts reported that in the second quarter of 2024, sales came in at $1.9 billion, up 12% from the same quarter a year ago and beat Wall Street’s expectation of $1.835 billion. Sprouts also reported earnings of $95 million, up 42% year-over-year, which translated to earnings of 91 cents per share. That surpassed the Wall Street estimate 78 cents.
Executives at Sprouts were happy with the results and claimed the company’s ability to connect with health-focused consumers has been setting the grocer apart and helped with its strong quarterly growth.
