Why Sprouts Farmers Market Stock Is Skyrocketing Today
Shares of specialty grocer Sprouts Farmers Market (NASDAQ: SFM) have rocketed 14.4% higher as of 12:55 p.m. ET on Thursday after the company delivered impressive first-quarter 2024 earnings results.
During Q1, Sprouts' sales and generally accepted accounting principles (GAAP) earnings per share (EPS) increased to $1.9 billion and $1.12, respectively, growing by 9% and 14%. These sales figures were well ahead of Wall Street's consensus estimates of $1.84 billion in sales and $1 in EPS, helping propel the stock to new all-time highs.
Specializing in attribute-driven foods (think gluten-free, organic, vegan, dairy-free, or grass-fed), Sprouts has successfully carved out its niche in the grocery industry. After adding seven new stores in Q1, the company has 414 locations across 23 states. Management plans to add 35 stores throughout 2024, setting out to reach its goal of 700 or more locations over the longer term.
Source Fool.com
