Sprouts Farmers Market 2015 Annual Report Download - page 53
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45
Income tax provision
Income tax provision increased to $77.0 million for 2015 from $66.4 million for 2014, primarily
related to an increase in income before income taxes. Our effective income tax rate decreased to 37.4%
in 2015 from 38.1% in 2014 primarily due to an increase in tax credits and the enhanced charitable food
contribution deduction.
Net income
Fiscal 2015 Fiscal 2014 Change % Change
(dollars in thousands)
Net income..........................................................
.
$128,991 $107,692 $21,299 20%
Percentage of sales .........................................
.
3.6%3.6% —
Net income growth was attributable to strong business performance driven by comparable store
sales, strong performance of new stores opened, change in loss on extinguishment of debt, reduced
interest expense and lower effective tax rate. Net income growth included the benefit of the 53rd week in
2015.