Crypto Whales Are Loading Up — Are You?
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Sprouts said it expects comparable store sales growth for the third quarter to be "approximately flat." The company cited the impact of deflation, a heightened promotional environment and traffic trends.
The company also said it expects comparable store sales growth for the full year to be in a range of 1.5–2.5 percent and its full-year earnings to be in a range of $0.83–$0.86 per share.
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Wall Street analysts were previously expecting the organic grocer to earn $0.94 per share for the full year.
"At Sprouts, we have operated and managed through similar competitive and deflationary periods," said Amin Maredia, chief executive officer of Sprouts Farmers Market. "Our team remains laser focused on accelerating traffic and sales in the current environment, while continuing to execute our strategic business plan to build long-term value."
Watch The Grocers
One of Sprouts' closest peers in the organic space, Whole Foods Market, Inc. (NASDAQ: WFM) saw its shares dip lower by over 5 percent in reaction to Sprouts' guidance.
Kroger Co (NYSE: KR), a traditional grocer that has been expanding heavily into the organic space, also saw its shares dip lower by nearly 4 percent.
On the other hand, shares of Wal-Mart Stores, Inc. (NYSE: WMT) were lower by less than 0.50 percent. Wal-Mart's ambitions do dominate the grocery space has been well known to investors and the retailer recently teamed up with Uber and Lyft to deliver groceries to customers.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.