Sprouts Farmers Market Announces $300 Million Share Repurchase Authorization
March 04 2021 - 9:02AM
Sprouts Farmers Market, Inc. (Nasdaq: SFM) announced today that its
Board of Directors authorized a new share repurchase program on
March 3, 2021 of $300 million of its common shares. 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. The repurchase program may be commenced, suspended or
discontinued at any time and expires in three years.
“Our new share repurchase program reflects our
commitment to strong cash flow generation and driving shareholder
return, while at the same time deploying capital to drive growth
over the long term,” said Denise Paulonis, Chief Financial Officer.
“This repurchase program demonstrates the Board's confidence in our
future and the company’s strategy.”
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 (including, but not limited to, statements to the
effect that Sprouts Farmers Market or its management "anticipates,"
"plans," "estimates," "expects," or "believes," or the negative of
these terms and other similar expressions) should be considered
forward-looking statements, including, without limitation,
statements regarding the company’s outlook, growth, opportunities
and long-term strategy. These statements involve certain risks and
uncertainties that may cause actual results to differ materially
from expectations as of the date of this release. These risks and
uncertainties include, without limitation, risks associated with
the impact of the COVID-19 pandemic; the company’s ability to
execute on its long-term strategy; the company’s ability to
successfully compete in its competitive industry; the company’s
ability to successfully open new stores; the company’s ability to
manage its growth; the company’s ability to maintain or improve its
operating margins; the company’s ability to identify and react to
trends in consumer preferences; product supply disruptions; general
economic conditions; accounting standard changes; and other factors
as set forth from time to time in the company’s Securities and
Exchange Commission filings, including, without limitation, the
company’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. 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
Sprouts is the place where goodness grows. 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 fastest growing retailers
in the country, Sprouts employs approximately 35,000 team members
and operates more than 360 stores in 23 states nationwide. To learn
more about Sprouts, and the good it brings communities, visit
about.sprouts.com.
Investor Contact: |
Media Contact: |
Susannah Livingston |
Diego Romero |
(602) 682-1584 |
(602) 682-3173 |
susannahlivingston@sprouts.com |
media@sprouts.com |
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