Sprouts Farmers Market 2014 Annual Report Download - page 49

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Results of Operations for Fiscal 2014, 2013 and 2012
The following tables set forth our results of operations, unaudited supplemental pro forma information
and other operating data for the periods presented. The period-to-period comparison of financial results is
not necessarily indicative of financial results to be achieved in future periods.
Fiscal 2014 Fiscal 2013 Fiscal 2012
(in thousands)
Consolidated Statement of Operations Data:
Net sales ................................. $2,967,424 $2,437,911 $1,794,823
Cost of sales, buying and occupancy .......... 2,082,221 1,712,644 1,264,514
Gross profit ........................... 885,203 725,267 530,309
Direct store expenses ....................... 581,621 496,183 368,323
Selling, general and administrative expenses .... 95,397 81,795 86,364
Store pre-opening costs ..................... 7,749 5,734 2,782
Store closure and exit costs .................. 725 2,051 2,155
Income from operations ................. 199,711 139,504 70,685
Interest expense ........................... (25,063) (37,203) (35,488)
Other income .............................. 596 487 562
Loss on extinguishment of debt ............... (1,138) (18,721) (992)
Income before income taxes .............. 174,106 84,067 34,767
Income tax provision ........................ (66,414) (32,741) (15,267)
Net income ............................ $ 107,692 $ 51,326 $ 19,500
Fiscal 2012
(in thousands)
Unaudited Supplemental Pro Forma Information(1):
Net sales ............................................. $1,990,963
Cost of sales, buying and occupancy ...................... 1,403,158
Gross profit ........................................ 587,805
Direct store expenses ................................... 403,731
Selling, general and administrative expenses ................ 91,611
Store pre-opening costs ................................. 5,218
Store closure and exit costs .............................. 2,214
Income from operations ............................. 85,031
Interest expense ....................................... (40,250)
Other income .......................................... 649
Loss on extinguishment of debt ........................... (992)
Income (loss) before income taxes .................... 44,438
Income tax (provision) benefit ............................ (19,912)
Net income (loss) ................................... $ 24,526
(1) 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.”
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