2013 Form 10-K Financial Statement

#000119312514073116 Filed on February 27, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012 Q1
Revenue $2.438B $478.9M
YoY Change 35.83%
Cost Of Revenue $1.713B $342.6M
YoY Change 35.44%
Gross Profit $725.3M $136.4M
YoY Change 36.76%
Gross Profit Margin 29.75% 28.48%
Selling, General & Admin $81.80M $120.9M
YoY Change -5.29%
% of Gross Profit 11.28% 88.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.20M $10.00M
YoY Change 36.02%
% of Gross Profit 6.51% 7.33%
Operating Expenses $81.80M $120.8M
YoY Change -5.29%
Operating Profit $139.5M $15.60M
YoY Change 97.36%
Interest Expense -$37.20M -$10.10M
YoY Change 4.79%
% of Operating Profit -26.67% -64.74%
Other Income/Expense, Net $487.0K $400.0K
YoY Change -13.35%
Pretax Income $84.07M $5.800M
YoY Change 141.8%
Income Tax $32.74M $2.500M
% Of Pretax Income 38.95% 43.1%
Net Earnings $51.33M $3.300M
YoY Change 163.21%
Net Earnings / Revenue 2.11% 0.69%
Basic Earnings Per Share $0.38
Diluted Earnings Per Share $0.37 $26.38K
COMMON SHARES
Basic Shares Outstanding 134.6M
Diluted Shares Outstanding 139.8M

Balance Sheet

Concept 2013 2012 Q4 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.70M $67.20M
YoY Change 15.63%
Cash & Equivalents $77.70M $67.21M $14.54M
Short-Term Investments
Other Short-Term Assets $24.80M $2.061M
YoY Change -10.14%
Inventory $118.3M $98.38M
Prepaid Expenses $2.460M
Receivables $9.500M $8.415M
Other Receivables $1.500M $0.00
Total Short-Term Assets $231.6M $203.1M
YoY Change 14.03%
LONG-TERM ASSETS
Property, Plant & Equipment $348.8M $303.2M
YoY Change 15.04%
Goodwill $368.1M $199.4M
YoY Change
Intangibles $196.8M
YoY Change
Long-Term Investments
YoY Change
Other Assets $28.40M $9.521M
YoY Change -11.53%
Total Long-Term Assets $940.8M $900.1M
YoY Change 4.52%
TOTAL ASSETS
Total Short-Term Assets $231.6M $203.1M
Total Long-Term Assets $940.8M $900.1M
Total Assets $1.172B $1.103B
YoY Change 6.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.2M $82.72M
YoY Change 34.46%
Accrued Expenses $38.10M $49.00M
YoY Change -22.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.200M $1.788M
YoY Change 76.92%
Total Short-Term Liabilities $175.6M $136.8M
YoY Change 28.36%
LONG-TERM LIABILITIES
Long-Term Debt $421.6M $424.8M
YoY Change -20.3%
Other Long-Term Liabilities $61.40M $50.62M
YoY Change 21.34%
Total Long-Term Liabilities $483.0M $475.4M
YoY Change -16.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $175.6M $136.8M
Total Long-Term Liabilities $483.0M $475.4M
Total Liabilities $658.6M $716.5M
YoY Change -8.08%
SHAREHOLDERS EQUITY
Retained Earnings -$8.851M
YoY Change
Common Stock $126.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $513.8M $386.8M $267.5M
YoY Change
Total Liabilities & Shareholders Equity $1.172B $1.103B
YoY Change 6.27%

Cashflow Statement

Concept 2013 2012 Q4 2012 Q1
OPERATING ACTIVITIES
Net Income $51.33M $3.300M
YoY Change 163.21%
Depreciation, Depletion And Amortization $47.20M $10.00M
YoY Change 36.02%
Cash From Operating Activities $160.6M $1.900M
YoY Change 90.2%
INVESTING ACTIVITIES
Capital Expenditures $87.46M -$17.90M
YoY Change 88.15%
Acquisitions
YoY Change
Other Investing Activities $1.200M $300.0K
YoY Change -101.0%
Cash From Investing Activities -$86.29M -$17.50M
YoY Change -48.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$348.4M
YoY Change -7068.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -63.86M 1.400M
YoY Change -147.32%
NET CHANGE
Cash From Operating Activities 160.6M 1.900M
Cash From Investing Activities -86.29M -17.50M
Cash From Financing Activities -63.86M 1.400M
Net Change In Cash 10.44M -14.20M
YoY Change -80.18%
FREE CASH FLOW
Cash From Operating Activities $160.6M $1.900M
Capital Expenditures $87.46M -$17.90M
Free Cash Flow $73.13M $19.80M
YoY Change 92.71%

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CY2013 dei Trading Symbol
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SFM
CY2013 dei Entity Registrant Name
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SPROUTS FARMERS MARKET, INC.
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
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CY2013 dei Entity Filer Category
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Non-accelerated Filer
CY2013 dei Document Fiscal Year Focus
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2013
CY2013 dei Document Type
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10-K
CY2013 dei Document Period End Date
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2013-12-29
CY2013 dei Entity Central Index Key
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0001575515
CY2013 dei Entity Well Known Seasoned Issuer
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No
CY2013 dei Current Fiscal Year End Date
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--12-29
CY2013 dei Document Fiscal Period Focus
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FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Related Party Transaction Terms And Manner Of Settlement
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The initial term of the services agreement was September 1, 2007 through September 1, 2009 with automatic renewal for successive one-year terms unless either party provides six months' termination notice.
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CY2013 us-gaap Restructuring And Related Activities Description
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Store closure and exit costs for 2013 include charges related to the closure of a former Sunflower warehouse, and adjustments to sublease estimates for stores and facilities already closed. Store closure and exit costs for 2012 include charges related to the closure of a former Sunflower administrative facility and one store.
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CY2013 us-gaap Fiscal Period
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 6pt"> <b><i>Fiscal Years</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company reports its results of operations on a 52- or 53-week fiscal calendar ending on the Sunday closest to December&#xA0;31. Fiscal years 2013, 2012, and 2011 ended on December&#xA0;29, 2013, December&#xA0;30, 2012 and January&#xA0;1, 2012, respectively, and included 52-weeks. Fiscal years 2013, 2012, and 2011 are referred to as 2013, 2012, and 2011.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 18pt"> <b><i>Significant Accounting Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company&#x2019;s critical estimates included, but are not limited to: inventory valuations, lease assumptions, sublease assumptions for closed stores, self-insurance reserves, goodwill and intangible assets, impairment of long-lived assets, fair values of equity-based awards and income taxes. Actual results could differ from those estimates.</p> </div>
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-449000
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0
CY2013 us-gaap Defined Contribution Plan Cost Recognized
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CY2013 us-gaap Net Cash Provided By Used In Investing Activities
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CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2013 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2013 us-gaap Goodwill Impairment Loss
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64700000
CY2013 us-gaap Dividends
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322000
CY2013 us-gaap Current Federal Tax Expense Benefit
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15684000
CY2013 us-gaap Advertising Expense
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34075000
CY2013 us-gaap Increase Decrease In Accrued Salaries
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890000
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37203000
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2482000
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81795000
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IncomeTaxExpenseBenefit
32741000
CY2013 sfm Asset Retirement Obligations Related To Support Equipment And Facilities
AssetRetirementObligationsRelatedToSupportEquipmentAndFacilities
54000
CY2013 sfm Operating Loss Carryforward Tax Benefit Recognized During Period
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3600000
CY2013 sfm Intangible Assets Other Adjustments
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-13000
CY2013 sfm Average Remaining Lease Term
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P9Y
CY2013 sfm Common Shares Stock Issued During Period Shares Stock Options Exercised
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1194999 shares
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18513000
CY2013 sfm Asset Retirement Obligations Other Adjustments
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CY2013 sfm Share Based Compensation Stock Options Weighted Average Grant Date Fair Value Forfeited
ShareBasedCompensationStockOptionsWeightedAverageGrantDateFairValueForfeited
1.85
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500000
CY2013 sfm Number Of Stockholders
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2 Stockholders
CY2013 sfm Property And Equipment Acquired Through Capital Lease And Financing Obligations
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10660000
CY2013 sfm Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period
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1194999 shares
CY2013 sfm Payment Of Fees And Other Expenses Related Party
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2400000
CY2013 sfm Antidilution Payment Made To Optionholders
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13892000
CY2013 sfm Tax Benefit Of Antidilution Payment Made To Optionholders
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4402000
CY2013 sfm Advertising Expense Net Of Vender Reimbursement
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21545000
CY2013 sfm Payments To Stockholders And Option Holders
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295921000
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2868000
CY2013 sfm Recognized Income Tax Positions Measured At Largest Amount Greater Than Specified Percentage Being Realized By Chance
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0.50 pure
CY2013 sfm Excess Tax Benefit From Options Exercises And Antidilution Payment To Option Holders
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17800000
CY2013 sfm Adjustments To Additional Paid In Capital Reversal Of Tax Benefit On Forfeited Stock Options
AdjustmentsToAdditionalPaidInCapitalReversalOfTaxBenefitOnForfeitedStockOptions
27000

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