Sprouts Farmers Market 2013 Annual Report Download - page 56

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Table of Contents
Comparison of Fiscal 2013 to Fiscal 2012
Net sales
51
Fiscal 2012
Fiscal 2011
(in thousands)
Unaudited Supplemental Pro Forma Information(1):
Net sales
$
1,990,963
$
1,722,655
Cost of sales, buying and occupancy
1,403,158
1,234,166
Gross profit
587,805
488,489
Direct store expenses
403,731
360,437
Selling, general and administrative expenses
91,611
83,077
Amortization of Henry’s trade names and capitalized
software
—
32,202
Store pre-opening costs
5,218
5,009
Store closure and exit costs
2,214
7,009
Income from operations
85,031
755
Interest expense
(40,250
)
(40,436
)
Other income
649
643
Loss on extinguishment of debt
(992
)
—
Income (loss) before income taxes
44,438
(39,038
)
Income tax (provision) benefit
(19,912
)
8,163
Net income (loss)
$
24,526
$
(30,875
)
(1)
Unaudited supplemental pro forma information for fiscal 2011 gives effect to the Transactions as if they were consummated on
the first day of fiscal 2011. See “—Unaudited Supplemental Fiscal 2011 Pro Forma Information ” below for a presentation of
historical financial information, adjusted to give pro forma effect to the Transactions using the assumptions set forth in the
notes to the unaudited supplemental pro forma information for fiscal 2011. Unaudited supplemental pro forma information for
fiscal 2012 gives effect to the Sunflower Transaction as if it were consummated on the first day of fiscal 2012 (but does not
give effect to the April 2013 Refinancing or the IPO). See “Unaudited Supplemental Fiscal 2012 Pro Forma Information” for
pro forma information for fiscal 2012 presented as
“
Pro Forma for Sunflower Transaction.
”
Fiscal 2013
Fiscal 2012
Fiscal 2011
Other Operating Data:
Pro forma comparable store sales growth
10.7
%
9.7
%
5.1
%
Stores at beginning of period
148
103
43
Opened
19
9
7
Acquired
—
37
56
Closed
—
(
1
)
(3
)
Stores at end of period
167
148
103
Fiscal 2013
Fiscal 2012
Change
% Change
(dollars in thousands)
Net sales
$
2,437,911
$
1,794,823
$
643,088
36
%
Pro forma net sales
2,437,911
1,990,963
446,948
22
%
Comparable store sales growth
10.7
%
9.7
%