$SFM
Sprouts Farmers Market, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023016253 Filed on May 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $1.733B $1.641B
YoY Change 5.61% 4.17%
Cost Of Revenue $1.083B $1.029B
YoY Change 5.23% 4.06%
Gross Profit $650.1M $611.7M
YoY Change 6.26% 4.36%
Gross Profit Margin 37.5% 37.28%
Selling, General & Admin $486.2M $459.9M
YoY Change 5.72% 4.61%
% of Gross Profit 74.79% 75.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.91M $32.72M
YoY Change 6.7% 2.76%
% of Gross Profit 5.37% 5.35%
Operating Expenses $486.2M $459.9M
YoY Change 5.72% 4.61%
Operating Profit $101.5M $119.6M
YoY Change -15.14% 5.66%
Interest Expense -$2.220M -$3.039M
YoY Change -26.95% 1.3%
% of Operating Profit -2.19% -2.54%
Other Income/Expense, Net
YoY Change
Pretax Income $99.30M $116.6M
YoY Change -14.84% 5.77%
Income Tax $23.14M $28.30M
% Of Pretax Income 23.3% 24.27%
Net Earnings $76.16M $88.31M
YoY Change -13.76% 6.33%
Net Earnings / Revenue 4.39% 5.38%
Basic Earnings Per Share $0.73 $0.80
Diluted Earnings Per Share $0.73 $0.79
COMMON SHARES
Basic Shares Outstanding 103.8M 110.9M
Diluted Shares Outstanding 104.9M 111.8M

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $294.9M $324.3M
YoY Change -9.06% 26.68%
Cash & Equivalents $294.9M $324.3M
Short-Term Investments
Other Short-Term Assets $41.70M $30.56M
YoY Change 36.47% -14.89%
Inventory $306.9M $272.2M
Prepaid Expenses
Receivables $12.40M $13.68M
Other Receivables $0.00 $0.00
Total Short-Term Assets $655.9M $640.7M
YoY Change 2.38% 10.98%
LONG-TERM ASSETS
Property, Plant & Equipment $715.3M $701.1M
YoY Change 2.03% -59.95%
Goodwill $381.8M $368.9M
YoY Change 3.49%
Intangibles $208.1M $185.0M
YoY Change 12.49%
Long-Term Investments
YoY Change
Other Assets $13.11M $16.10M
YoY Change -18.58% 6.6%
Total Long-Term Assets $2.513B $2.357B
YoY Change 6.64% 1.62%
TOTAL ASSETS
Total Short-Term Assets $655.9M $640.7M
Total Long-Term Assets $2.513B $2.357B
Total Assets $3.169B $2.998B
YoY Change 5.73% 3.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $187.9M $165.7M
YoY Change 13.42% 3.18%
Accrued Expenses $148.9M $143.5M
YoY Change 3.77% -53.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $976.0K $1.116M
YoY Change -12.54% 11.6%
Total Short-Term Liabilities $515.1M $523.7M
YoY Change -1.63% 6.79%
LONG-TERM LIABILITIES
Long-Term Debt $233.7M $259.4M
YoY Change -9.91% -0.33%
Other Long-Term Liabilities $36.42M $35.74M
YoY Change 1.9% -21.41%
Total Long-Term Liabilities $36.42M $35.74M
YoY Change 1.9% -21.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $515.1M $523.7M
Total Long-Term Liabilities $36.42M $35.74M
Total Liabilities $2.118B $1.986B
YoY Change 6.68% 2.9%
SHAREHOLDERS EQUITY
Retained Earnings $297.0M $301.4M
YoY Change -1.46% 6.57%
Common Stock $753.9M $711.8M
YoY Change 5.91% 2.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.051B $1.012B
YoY Change
Total Liabilities & Shareholders Equity $3.169B $2.998B
YoY Change 5.73% 3.49%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $76.16M $88.31M
YoY Change -13.76% 6.33%
Depreciation, Depletion And Amortization $34.91M $32.72M
YoY Change 6.7% 2.76%
Cash From Operating Activities $179.8M $153.0M
YoY Change 17.51% 45.14%
INVESTING ACTIVITIES
Capital Expenditures $47.04M $27.23M
YoY Change 72.78% 63.97%
Acquisitions $13.04M $0.00
YoY Change
Other Investing Activities -$13.04M
YoY Change
Cash From Investing Activities -$60.09M -$27.23M
YoY Change 120.69% 63.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $98.35M $45.72M
YoY Change 115.14% 1324.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -118.1M -46.71M
YoY Change 152.8% 1775.11%
NET CHANGE
Cash From Operating Activities 179.8M 153.0M
Cash From Investing Activities -60.09M -27.23M
Cash From Financing Activities -118.1M -46.71M
Net Change In Cash 1.654M 79.09M
YoY Change -97.91% -8.4%
FREE CASH FLOW
Cash From Operating Activities $179.8M $153.0M
Capital Expenditures $47.04M $27.23M
Free Cash Flow $132.8M $125.8M
YoY Change 5.54% 41.62%

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CY2022Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q2 us-gaap Number Of Stores
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<p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company reports its results of operations on a 52- or 53-week fiscal calendar ending on the Sunday closest to December 31. The fiscal year ending December 31, 2023 (“fiscal year 2023”) and fiscal year 2022 are 52-week years. The Company reports its results of operations on a 13-week quarter, except for 53-week fiscal years (in which the fourth quarter has 14 weeks).</span></p>
CY2022Q2 us-gaap Proceeds From Lines Of Credit
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62500000
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62500000
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CY2023 us-gaap Line Of Credit Facility Increase Decrease For Period Net
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62500000
CY2023Q1 us-gaap Contract With Customer Liability
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1222000
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CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
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3276000
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
9546000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
10502000
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
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8720000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.233
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
CY2023Q2 sfm Employee Service Share Based Compensation Tax Benefit Detriment From Exercise Of Stock Options
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2600000
CY2022Q2 sfm Employee Service Share Based Compensation Tax Benefit Detriment From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitDetrimentFromExerciseOfStockOptions
1500000
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Shares
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3038411
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Shares
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CY2023Q2 sfm Stock Repurchase Program Average Cost Per Share Acquired
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CY2022Q2 sfm Stock Repurchase Program Average Cost Per Share Acquired
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30.86
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Value
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ExciseTax
0.01
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CY2022Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2022Q2 us-gaap Earnings Per Share Diluted
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2023Q2 us-gaap Severance Costs1
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CY2023Q2 us-gaap Number Of Reportable Segments
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CY2023Q2 us-gaap Number Of Operating Segments
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2023Q2 us-gaap Goodwill
Goodwill
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CY2023Q1 us-gaap Goodwill
Goodwill
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CY2023Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
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CY2023Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2023Q1 us-gaap Goodwill
Goodwill
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CY2023Q2 us-gaap Goodwill Acquired During Period
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CY2023Q2 us-gaap Goodwill
Goodwill
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CY2023Q2 sfm Store Closure
StoreClosure
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:13.5pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">15. Store Closures</span></p><p style="text-indent:5.733%;font-size:10.0pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">In February 2023, the Company's board of directors approved the closing of </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">11</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> stores during 2023. These stores, on average, are approximately </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">30</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">% larger than the Company's current prototype format and were underperforming financially. The closure of these stores resulted in a charge of $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">27.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million during the </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">thirteen weeks ended April 2, 2023</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> related to the impairment of leasehold improvements and right-of-use assets and is reflected in Store closure and other costs, net on the consolidated statements of income. The impairment charge represents the excess of the carrying value over the estimated fair value of each store's asset group. Accelerated depreciation on the closed stores' assets is expected to be approximately $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">6.0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million, of which $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">4.0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million was incurred during the </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">thirteen weeks ended April 2, 2023 and is reflected in Depreciation and amortization on the consolidated statements of income. Severance expense was immaterial during the thirteen weeks ended April 2, 2023</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">, and </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> further severance expense is expected to be incurred.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
CY2023Q1 sfm Number Of Store Closures
NumberOfStoreClosures
11
CY2023Q1 sfm Store Performnace Capacity Rate
StorePerformnaceCapacityRate
0.30
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
27800000
CY2023Q2 sfm Accelerated Depreciation
AcceleratedDepreciation
6000000.0
CY2023Q2 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
4000000.0

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