$SFM
Sprouts Farmers Market, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023056562 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2022 Q4
Revenue $1.713B $1.591B
YoY Change 7.68% 5.39%
Cost Of Revenue $1.088B $1.007B
YoY Change 7.99% 3.86%
Gross Profit $625.4M $583.7M
YoY Change 7.16% 8.14%
Gross Profit Margin 36.51% 36.68%
Selling, General & Admin $502.8M $460.8M
YoY Change 9.11% 8.84%
% of Gross Profit 80.39% 78.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.70M $31.20M
YoY Change 8.01% -0.22%
% of Gross Profit 5.39% 5.35%
Operating Expenses $502.8M $460.8M
YoY Change 9.11% 8.84%
Operating Profit $87.66M $90.34M
YoY Change -2.97% 5.28%
Interest Expense -$1.700M -$1.951M
YoY Change -12.87% -32.98%
% of Operating Profit -1.94% -2.16%
Other Income/Expense, Net
YoY Change
Pretax Income $85.96M $88.39M
YoY Change -2.75% 6.62%
Income Tax $20.64M $22.65M
% Of Pretax Income 24.02% 25.62%
Net Earnings $65.31M $65.74M
YoY Change -0.65% 2.93%
Net Earnings / Revenue 3.81% 4.13%
Basic Earnings Per Share $0.64 $0.61
Diluted Earnings Per Share $0.64 $0.61
COMMON SHARES
Basic Shares Outstanding 101.9M 107.2M
Diluted Shares Outstanding 102.7M 108.1M

Balance Sheet

Concept 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $251.8M $316.0M
YoY Change -20.33% 21.45%
Cash & Equivalents $251.8M $316.0M
Short-Term Investments
Other Short-Term Assets $28.90M $43.87M
YoY Change -34.12% 21.43%
Inventory $323.7M $301.7M
Prepaid Expenses $22.06M
Receivables $16.20M $11.46M
Other Receivables $0.00 $0.00
Total Short-Term Assets $620.6M $673.0M
YoY Change -7.8% 14.67%
LONG-TERM ASSETS
Property, Plant & Equipment $773.1M $694.1M
YoY Change 11.38% -2.15%
Goodwill $381.7M $368.9M
YoY Change 3.49% 0.0%
Intangibles $208.1M $185.0M
YoY Change 12.49% 0.0%
Long-Term Investments
YoY Change
Other Assets $12.81M $15.04M
YoY Change -14.78% 3.61%
Total Long-Term Assets $2.670B $2.344B
YoY Change 13.88% 0.21%
TOTAL ASSETS
Total Short-Term Assets $620.6M $673.0M
Total Long-Term Assets $2.670B $2.344B
Total Assets $3.291B $3.018B
YoY Change 9.05% 3.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $190.1M $167.0M
YoY Change 13.87% -2.79%
Accrued Expenses $175.8M $144.9M
YoY Change 21.27% 0.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $1.141M
YoY Change -12.36% 9.61%
Total Short-Term Liabilities $541.5M $525.1M
YoY Change 3.12% 3.54%
LONG-TERM LIABILITIES
Long-Term Debt $158.9M $259.0M
YoY Change -38.65% -0.34%
Other Long-Term Liabilities $38.01M $38.49M
YoY Change -1.24% -11.65%
Total Long-Term Liabilities $38.01M $38.49M
YoY Change -1.24% -11.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $541.5M $525.1M
Total Long-Term Liabilities $38.01M $38.49M
Total Liabilities $2.175B $1.977B
YoY Change 10.06% 0.94%
SHAREHOLDERS EQUITY
Retained Earnings $346.9M $319.8M
YoY Change 8.47% 16.94%
Common Stock $768.2M $720.6M
YoY Change 6.61% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.115B $1.041B
YoY Change
Total Liabilities & Shareholders Equity $3.291B $3.018B
YoY Change 9.05% 3.11%

Cashflow Statement

Concept 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income $65.31M $65.74M
YoY Change -0.65% 2.93%
Depreciation, Depletion And Amortization $33.70M $31.20M
YoY Change 8.01% -0.22%
Cash From Operating Activities $114.2M $97.83M
YoY Change 16.74% -18.04%
INVESTING ACTIVITIES
Capital Expenditures $66.30M -$27.65M
YoY Change -339.77% -9.6%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$66.30M -$27.65M
YoY Change 139.77% -9.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.70M -42.87M
YoY Change 29.92% -13.39%
NET CHANGE
Cash From Operating Activities 114.2M 97.83M
Cash From Investing Activities -66.30M -27.65M
Cash From Financing Activities -55.70M -42.87M
Net Change In Cash -7.800M 27.30M
YoY Change -128.57% -30.46%
FREE CASH FLOW
Cash From Operating Activities $114.2M $97.83M
Capital Expenditures $66.30M -$27.65M
Free Cash Flow $47.90M $125.5M
YoY Change -61.83% -16.32%

Facts In Submission

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CY2023Q4 us-gaap Number Of Stores
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CY2023Q4 us-gaap Number Of States In Which Entity Operates
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us-gaap Fiscal Period
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<p style="text-indent:5.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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>
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0.24
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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EmployeeServiceShareBasedCompensationTaxBenefitDetrimentFromExerciseOfStockOptions
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EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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sfm Employee Service Share Based Compensation Tax Benefit Detriment From Exercise Of Stock Options
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sfm Employee Service Share Based Compensation Tax Benefit Detriment From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitDetrimentFromExerciseOfStockOptions
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us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
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RelatedPartyTransactionPurchasesFromRelatedParty
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us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
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CY2023Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2022Q4 us-gaap Stock Repurchased And Retired During Period Shares
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us-gaap Stock Repurchased And Retired During Period Shares
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CY2022Q4 sfm Stock Repurchase Program Average Cost Per Share Acquired
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sfm Stock Repurchase Program Average Cost Per Share Acquired
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sfm Stock Repurchase Program Average Cost Per Share Acquired
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StockRepurchasedAndRetiredDuringPeriodValue
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us-gaap Stock Repurchased And Retired During Period Value
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sfm Excise Tax
ExciseTax
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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EarningsPerShareBasic
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q4 us-gaap Net Income Loss
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CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q4 us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q4 us-gaap Allocated Share Based Compensation Expense
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CY2022Q4 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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567000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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313000
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2023Q4 us-gaap Goodwill
Goodwill
381700000
CY2023Q1 us-gaap Goodwill
Goodwill
368900000
CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2023Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2023Q1 us-gaap Goodwill
Goodwill
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us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
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CY2023Q4 us-gaap Goodwill
Goodwill
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sfm Store Closure
StoreClosure
<p style="text-indent:0;font-size:10pt;margin-top:13.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">15. Store Closures</span></p><p style="text-indent:5.733%;font-size:10pt;margin-top:4.5pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">In February 2023, the Company's board of directors approved the closing of </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">11</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> stores during 2023, all of which were closed during the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">thirty-nine weeks ended October 1, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">. These stores, on average, were approximately </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">30</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">27.8</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million during the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">thirty-nine weeks ended October 1, 2023 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 represented the excess of the carrying value over the estimated fair value of each store's asset group. Accelerated depreciation on the closed stores' assets during the thirty-nine weeks ended October 1, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> was $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">5.9</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million, and is reflected in Depreciation and amortization on the consolidated statements of income. Severance expense was immaterial during the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">thirty-nine weeks ended October 1, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">, and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> further severance expense is expected to be incurred.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
sfm Number Of Store Closures
NumberOfStoreClosures
11
CY2023Q1 sfm Store Performnace Capacity Rate
StorePerformnaceCapacityRate
0.30
us-gaap Asset Impairment Charges
AssetImpairmentCharges
27800000
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
5900000
us-gaap Severance Costs1
SeveranceCosts1
0

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