Sprouts Farmers Market Announces $600 Million Share Repurchase Authorization

Sprouts Farmers Market (Nasdaq: SFM) announced a new $600 million share repurchase program authorized by its Board of Directors on May 22, 2024.

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05/23/2024 - 09:15 AM EDT

PHOENIX--(BUSINESS WIRE)-- Sprouts Farmers Market, Inc. (Nasdaq: SFM) today announced that its Board of Directors authorized a new share repurchase program of $600 million of its common shares on May 22, 2024, which replaces our current authorization with nearly $120 million remaining. The shares may be purchased on a discretionary basis from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans. This share repurchase program may be commenced, suspended or discontinued at any time and expires on May 22, 2027.

“The extension of our ongoing share repurchase program demonstrates not only our strong cash flow generation, but also the Board's confidence in the company’s strategy and potential. We will continue to balance the deployment of capital to spur our growth and drive long-term value for our investors,” said Curtis Valentine, chief financial officer of Sprouts Farmers Market.

Forward-Looking Statements

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact should be considered forward-looking statements that involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include those set out in the company’s Securities and Exchange Commission filings. The company intends these forward-looking statements to speak only as of the time of this release and does not undertake to update or revise them as more information becomes available, except as required by law.

Corporate Profile

True to its farm-stand heritage, Sprouts offers a unique grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. The healthy grocer continues to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. Headquartered in Phoenix, and one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States, Sprouts employs approximately 32,000 team members and operates more than 410 stores in 23 states nationwide. To learn more about Sprouts, and the good it brings communities, visit about.sprouts.com.