Comparable store sales growth is expected to be 1-2% vs. decline 6.7% in 2021. Prior outlook was at the low end of 0-2%.
Net sales are projected to be ~$6.34B-6.41B, up 4-5% Y/Y, vs. consensus estimate of $6.34B.
SFM expects Q3 adj. EPS of $0.49-$0.53 vs. consensus estimate of $0.51,while comparable store sales growth is estimated to be 1-2%.
“We expect to continue to pass through product input costs and expect a slight increase in gross margins for the full year relative to last year,” said CFO Chip Molloy in a post-earnings call.
SFM reported Q2 GAAP EPS of $0.57 vs. $0.52. Revenue rose 5.3% Y/Y to $1.6B, driven by increase in comparable store sales (up 2%) and new stores opened.
Shares of SFM gained 3.9% YTD and ~31% in the last 1 year.