Why Sprouts Farmers Market Stock Jumped 13% to a Record High on Tuesday

Shares of Sprouts Farmers Market (SFM) soared to an all-time precocious Tuesday aft nan supermarket concatenation reported quarterly results that hit Wall Street expectations and raise its guidance for nan afloat year.

Sprouts reported precocious Monday that second-quarter diluted earnings per stock (EPS) came successful astatine 94 cents, up from 65 cents successful nan aforesaid play a twelvemonth earlier and topping analysts' expectations of 78 cents, according to estimates compiled by Visible Alpha. Net sales were $1.9 billion, supra projections of $1.84 billion.

Same-store sales maturation came successful astatine 6.7% successful nan 2nd quarter, rising from a 4% summation successful nan erstwhile quarter. During nan 2nd quarter, Sprouts opened 5 caller stores, bringing its full to 419 arsenic of June 30. 

The Phoenix-based supermarket chain, which specializes successful earthy and integrated products, now expects 2024 nett income maturation of 9% to 10%, up from 7% to 8%, and adjusted earnings per stock (EPS) of $3.29 to $3.37, up from $3.05 to $3.13.

Sprouts shares jumped 13% to decorativeness Tuesday's convention astatine $95.88. The banal has astir doubled since nan commencement of 2024.