Same-store sales and strong performance at new stores helped drive impressive net income and revenue growth at Sprouts Farmers Markets during the fourth quarter and fiscal year 2014.
On a year-over-year basis, net earnings more than doubled to $9.3 million from $5.9 million in the quarter and almost tripled to $51.3 million from $19.5 million.
Net sales grew 27% to $608.2 million from $478.9 million during the quarter and increased 36% to $2.43 billion, from $1.79 billion in the fiscal year. Same-store sales grew 13.8% during the quarter and 10.7% during the year. During fiscal 2014, Sprouts expects to open 22 to 24 new stores.
Sprouts credited strong sales both at 19 new stores opened during the fiscal year and stores open a year or more for fueling its quarterly and annual fiscal growth. Direct store expenses also decreased. During the first quarter of fiscal 2014, the retailer expects same-store sales to rise 10.5% to 11.5% and 7 to 8% same-store sales growth during the year. Sprout also expects net sales to increase 16% to 18% during fiscal 2014.