Sprouts Farmers Market Stock Hits Record High After Strong Q2 Results

The organic grocer's earnings and sales surpassed expectations, leading to optimistic full-year guidance and analyst upgrades.

Sprouts Farmers Market reported Q2 earnings per share of $0.94, beating the expected $0.78.
Net sales for the quarter reached $1.9 billion, exceeding forecasts of $1.84 billion.
Same-store sales grew by 6.7%, and five new stores were opened, bringing the total to 419.
The company raised its 2024 net sales growth projection to 9%-10% from 7%-8%.
Analysts have upgraded their ratings and increased price targets following the positive results.