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Thursday, January 21, 2021

Sprouts sprouts profits

Sprouts Farmers Market’s shares surged Friday for one of the biggest gains in company history after the natural food store chain handily beat Wall Street’s fourth-quarter profit and revenue forecasts. Sprouts also gave investors a surprisingly strong 2020 forecast. The Phoenix-based chain rang up more customers at its 340 stores across 22 states during the quarter, beating

analysts’ forecasts for a key sales measure. Friday’s surge erased the bulk of the stock’s losses so far this year. Sprouts CEO Jack Loudon Sinclair said he expects the company to open new stores faster than its typical rate of 30 per year and it will enter new markets. Sinclair also wants to improve Sprouts’ supply chain, which he said has been disjointed as it grows.

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