Sprouts Farmers Market, Inc. (Nasdaq: SFM) made an announcement today regarding its latest financial move. On May 22, 2024, the company’s Board of Directors approved a fresh share repurchase initiative amounting to $600 million for its common shares. This new program supersedes the previous authorization, which had about $120 million remaining.
Under this initiative, Sprouts has the flexibility to buy back shares as deemed fit, taking into account various factors such as general market conditions and other investment opportunities. The purchases can be executed through different channels including open market transactions, private negotiations, or via Rule 10b5-1 trading plans. It’s worth noting that the company retains the right to commence, suspend, or terminate this share repurchase program at any given time. The authorization is set to expire on May 22, 2027.
Curtis Valentine, the Chief Financial Officer of Sprouts Farmers Market, expressed confidence in the company’s strategy and potential, citing the extension of the share repurchase program as evidence. He emphasized their commitment to balancing capital deployment to foster growth and deliver lasting value to stakeholders.
Moving forward, it’s important to acknowledge the forward-looking statements within this announcement. These statements, as defined in the Private Securities Litigation Reform Act of 1995, come with inherent risks and uncertainties that could lead to actual results differing from expectations. The company advises investors to consider these risks, which are detailed in its Securities and Exchange Commission filings. Sprouts intends these forward-looking statements to be valid only at the time of release and does not undertake to update or revise them unless required by law.
Sprouts Farmers Market is known for its unique grocery experience, reminiscent of a farm stand, with fresh produce as its centerpiece. The company aims to promote wellness through its curated selection of better-for-you products, supported by a team of dedicated individuals. Headquartered in Phoenix, Sprouts is among the largest and fastest-growing specialty retailers of fresh, natural, and organic food in the United States. With over 410 stores across 23 states and approximately 32,000 team members, Sprouts continues to play a significant role in providing wholesome, innovative products to communities nationwide. For more information about Sprouts and its community initiatives, visit about.sprouts.com.
