Putting the head back on the pillow after that info was tough I put the radio on and got the news. Yada yada.... Yada... Mariopole.... steel works... red cross...Mayor of NYC visiting Europe or somewhere... yada yada talking about crime yad yada and how he is going to employ new non obtrusive technology to spot guns despite what critics say.... WAIT-- HOLD UP!!! IDEA #2 Already a Bare Essential Portfolio member----> EVLV.
SProuts did terrible. Down $4// Apparently food is not an essential or at least not from them. Just going to sell and move on. Hate this company. Should of known better.Owned it for a year in the past and it did nothing. Sprouts Farmers Market GAAP EPS of $0.79 beats by $0.08, revenue of $1.64B misses by $10M May 04, 2022 4:13 PM ET Sprouts Farmers Market, Inc. (SFM) Sprouts Farmers Market press release(NASDAQ:SFM): Q1 GAAP EPS of $0.79beats by $0.08. Revenue of $1.64B (+3.8% Y/Y)misses by $10M. Authorized $600M share repurchase program and repurchased 1.5M shares for $46M. "For the full year, we now expect total sales growth, comparable store sales growth and earnings per share to be at the low end of the outlook provided during our last earnings release," CFO Chip Molloy said.
Sprouts Farmers Market, Inc. (SFM) CEO Jack Sinclair on Q1 2022 Results - Earnings Call Transcript M EPS of $0.79beats by $0.07| Revenue of$1.64B(4.17% Y/Y)misses by $8.55M Sprouts Farmers Market, Inc. (NASDAQ:SFM) Q1 2022 Results Earnings Conference Call May 4, 2022 5:00 PM ET Company Participants Susannah Livingston - Vice President of Investor Relations & Treasury Jack Sinclair - Chief Executive Officer Chip Molloy - Chief Financial Officer Conference Call Participants Mark Carden - UBS Scott Mushkin - R5 Capital Charles Grom - Gordon Haskett Stonedinvestor- gummybear advisors Karen Short - Barclays Edward Kelly - Wells Fargo Krisztina Katai - Deutsche Bank Rupesh Parikh - Oppenheimer Thomas Palmer - JPMorgan Robert Ohmes - BofA Securities John Heinbockel - Guggenheim Charles Cerankosky - Northcoast Research Partners Operator Hello. Thank you for standing by, and welcome to Sprouts First Quarter 2022 Earnings Conference Call. At this time, participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Susannah Livingston, Vice President, Investor Relations and Treasury. Please go ahead. Susannah Livingston Thank you, and good afternoon, everyone. We are pleased you have taken the time to join Sprouts on our first quarter 2022 earnings call. Jack Sinclair, Chief Executive Officer; and Chip Molloy, Chief Financial Officer, are with me today. Jack Sinclair Thank you, Susannah, and good afternoon, everyone. We are pleased with solid first quarter results and believe it is a sign that many of the strategic changes we've made over the past couple of years are beginning to materialize. While we are pleased with our strategic changes and the positive impact they've had on the business, the near-term landscape has changed a bit since our last conversation with you, which is slightly impacting our outlook for the remainder of the year. Chip will provide details relating to our financial performance and our current outlook. And then I will follow up with more details relating to our focus for the remainder of 2022 and how we're navigating the current environment. With that, I would like to turn it over to Chip. Chip Molloy Thanks, Jack, and good afternoon, everyone. For the first quarter, total sales were $1.64 billion, up $66 million from the same period in 2021 driven by comparable store sales of 1.6%, supported by positive comp transactions and new stores. We did benefit early in the quarter from the King Super strike in Colorado and the height of the Omicron variant. That said, we experienced both positive comp transactions and positive comp sales each month during the quarter. We are encouraged by our top line growth while simultaneously maintaining our gross margins. E-commerce sales were 11.5% of total sales, which was also slightly elevated during the early part of the quarter due to the Omicron surge. We continue to experience strength in our deli business as consumers search for both healthy and easy meal options. We also experienced strength in those areas with our greatest breadth of differentiated product such as grocery, dairy and vitamins. We are particularly proud of our merchandising, supply chain and operations teams as they managed to keep our shelves stocked with both perishable and nonperishables in a challenging sourcing environment. We continue to see our customer engagement grow from a digital standpoint with increases in account sign ups, active e-mail users and tech subscriptions. We also saw positive trends in customer retention rates, while our customer satisfaction scores remain very high. Our first quarter gross margin was 37.3%, essentially flat when compared to the first quarter of last year and better than we originally expected. We passed through inflationary cost and are closely monitoring price elasticity. We continue to test promotional strategies to drive both positive traffic without sacrificing overall gross margin. That said, we are continuing to experience slightly fewer units in the basket when compared to the same period last year. SG&A for the quarter totaled $460 million or $20 million higher when compared to the same period last year. Increases were predominantly driven by new stores and higher in-store labor and supply cost. We also spent approximately $2 million relating to California's 2022 Supplemental Sick Leave law that provides paid time off for COVID issues. We now expect the total cost to be approximately $3 million by the time the law expires in September 2022, unless there is another variant outbreak. During the quarter, we opened 6 new stores & spent $22 million in capital expenditures net of landlord reimbursements and repurchased 1.5 million shares for an investment of $46 million. Our strong cash flow from operations of $153 million continues to fully support our ongoing capital needs. Turning to the balance sheet highlights. We ended the quarter with $324 million in cash and cash equivalents, $250 million outstanding on our revolver, $25 million of outstanding letters of credit and a net debt-to-EBITDA ratio less than 0. As you probably saw on March 25, we closed a $700 million revolving credit facility, which replaced our previously existing $700 million revolver. The terms and conditions are substantially similar to our previous agreement with a new expiration date of March 2027. As well as the addition of ESG-linked pricing terms. As for our outlook, our view today is slightly different than it was at the beginning of the year. We believe we could drive slightly positive comp transactions, our proxy for traffic throughout the year. More importantly, we believe year-over-year inflation would begin to dissipate as the year progressed and the decline in units per basket would slowly stabilize. However, inflation is not slowing and customers continue to put 1 to 2 fewer items in their basket this year than last. We can speculate a variety of reasons as to why the fewer units. Rising gas and utility prices, of late of precious discretionary dollars to more experiential offerings such as travel or restaurants, et cetera. With all that said, we now believe it is prudent to expect total sales growth, comparable store sales growth and earnings per share to be at the low end of the outlook we provided during our last earnings call in February. As a reminder, that outlook included 4% to 6% total sales growth 0% to 2% comparable store sales growth and $2.14 to $2.24 earnings per share. We are still on track to open 15 to 20 new stores and invest $150 million to $170 million in capital expenditures net of landlord reimbursements. For the second quarter, comparable sales should be close to flat and earnings per share is expected to be between $0.49 and $0.53. With that, I'll turn it over to Jack. In April to strengthen and expand school garden-based education, the foundation hosted an inaugural growing Schools Garden Summit in Denver, Colorado. As the first ever national gathering focused entirely on school gardens, the Summit united over 400 educators and leaders from across the country working to sustain school garden programs. These educators and the nonprofit organizations they represent, operate learning gardens at over 6,000 school campuses throughout the United States, providing hands-on nutrition science and academic instruction to an estimated 2.5 million students every year. Our community involvement doesn't stop at the foundation. Sprouts is committed to focusing on women's athletics by partnering with the Los Angeles Angel City Football Club as the team's founding back up Jersey sponsor, making our first commitment to women's professional soccer and enhancing our support of the broader Los Angeles community. We were thrilled to support Angel City's inaugural soccer match last month as well as we look to expand our women's sports platforms in the coming months. One of the ESG topics we're always proud of is our food waste recovery, which increased to 78% in 2021, mainly driven by the donation on an equivalent 26 million meals to over 400 food rescue organizations across the country. These and many other stats can be seen in our 2021 ESG report that we just published this week. So as you can see, we're feeling good about the progress we're making against the strategic objectives we outlined over 2 years ago. A few of our focus areas include in-stocks, bringing back a selling culture to our stores, key merchandising solutions and basket-level promotions. Starting with in stocks. Sprouts has historically been somewhat challenged in this area due to unsophisticated systems and processes that make it extremely difficult for our stores and our merchants, resulting in less than optimum in-stock positions. To improve this, last year, we embarked on implementing a new system that supports Perpetual Inventory and Computer-Assisted Ordering or PICAO. Turning to selling culture. We want to bring more buzz to our stores the pandemic restricted the opportunities to drive excitement in our stores. At this time, we're happy to take your questions. Operator? Question-and-Answer Session Operator [Operator Instructions] Our first question comes from Mark Carden with UBS. Mark Carden So I wanted to start by digging into the comp a bit more. We've seen some pretty strong top line results at grocers like public in recent days with inflation, presumably, I think it's a bit of a tailwind there. What do you think is driving the pressure in the other direction for Sprouts in your view, really, when you're thinking about your forward guidance? Are competitors investing more in price, is trip consolidation at larger grocers, maybe capping your transaction growth from being even higher than it is today. You also mentioned, of course, the fewer items per basket, or is there something else that's really kind of driving differential there? Jack Sinclair Yes. Thanks, Mark. First of all, we're pretty encouraged by the transaction growth. So the fact that transactions are going up to something that's encouraging as over the last couple of quarters, and we think that is likely to continue. The issue is, as you say, is units per basket. What we're not seeing is any real intense promotional activity from other people that's influencing that. And we think it's some of the macroeconomic environment that's existing out there. Inflation is clearly affecting people's ability to spend as much or to buy as many items as they come into our stores. Operator Our question comes from stonedinvestor from gummybear advisors Stonedinvestor What the F is the matter with you! You suck! Big Time-- Bozos-- People are filling their carts miles high at Costco... get some bigger carts you idiots and gets some half dressed milk maids in the store actually milking cows.. Get fresher eggs /chickens laying eggs in the store on the floor! And get some of that new Tractor-Ice Tea... You want buzz in the store? Release some freakin bees! Bee hives / fresh honey on the comb. Jack Sinclair I'll let Chip talk about all that.... Chip Molloy Yes, Stoney It's just a couple of million dollars, and it's associated, as Jack said, there's the creative side of that was we thought would be finished in Q1. That's tracking its way into Q2 and some in Q3.
LyondellBasell price target raised to $120 from $104 at Deutsche Bank 07:20 LYB Deutsche This stock has been getting alot of upgrades lately-- I've been hesitant to mention because it has a history of reversing (at least on me) But the news flow had been very positive for LYB Uber selloff a buying opportunity, says JPMorgan 07:11 UBER JPMorgan analyst Doug Anmuth recommends using the recent pullback in shares of Uber Technologies as a buying opportunity. He reiterates an Overweight rating on the name with a $60 price target post the Q1 results. Uber posted Q1 upside and provided a solid outlook as the company is emerging stronger from the pandemic as it focuses on product innovation and cross platform advantages, Anmuth tells investors in a research note. The stock remains a top pick at JPMorgan.
Crocs reports Q1 adjusted EPS $2.05, consensus $1.55 07:02 CROX Reports Q1 revenue $660.1M, consensus $621.88M. "Our first quarter revenue growth of 47% on a constant currency basis is a testament to the underlying strength of the Crocs and HEYDUDE brands," said CEO Andrew Rees. New Fortress Energy reports Q1 EPS $1.13 vs. (21c) last year 06:57 NFE Reports Q1 revenue… NFE-$44<-------
Ping Identity price target lowered to $29 from $31 at Mizuho 06:49 PING Mizuho analyst Gregg Moskowitz lowered the firm's price target on Ping Identity to $29 from $31 and keeps a Neutral rating on the shares following the "solid" Q1 results. Sprouts Farmers Market downgraded to Underperform from Buy at BofA 06:05 SFM BofA analyst Robert Ohmes… Robert Ohmes ruined my day and f ed me. This was Robert before earnings.... Sprouts Farmers Market double upgraded to Buy at BofA on EPS upside 06:45 SFM As previously reported, BofA analyst Robert Ohmes double upgraded Sprouts Farmers Market to Buy from Underperform with a price target of $40, up from $21. He sees significant potential for EPS upside as compounding food inflation supports Sprouts accelerating its price increases, Ohmes tells investors. He also sees the stock's current valuation as attractive, Ohmes added.
Match Group price target lowered to $98 from $130 at Wedbush 07:30 MTCH Wedbush analyst Ygal… Atmos Energy price target raised to $130 from $120 at Wells Fargo 06:52 ATO Wells Fargo analyst Sarah Akers raised the firm's price target on Atmos Energy to $130 from $120 and keeps an Overweight rating on the shares. With fiscal Q2 in the books, Atmos revised the 2022 guidance range to $5.50-5.60, raising the midpoint by a nickel, the analyst notes. Akers continues to be impressed by Atmos' execution, which is supported by healthy underlying customer growth and constructive regulatory treatment. Show Related Items >> ATO-$115 Vista Outdoor reports Q4 adjusted EPS $2.04, consensus $1.80 05:19 VSTO Reports Q4 revenue $808.6M, consensus $760.87M. "The fourth quarter marked our seventh straight quarter of record-breaking financial results," said Chris Metz, CEO. "Once again, our results were supported by outstanding performance across our portfolio of iconic brands, including the seven new brands acquired over the past 24 months. Upstart innovators QuietKat and Foresight Sports benefited from our corporate model that empowers founders while leveraging shared resources to realize benefits out of reach if on their own. Federal, which just weeks ago celebrated its 100th anniversary, continued to perform well across all calibers, sales channels and with end-consumers who are more diverse and active. The results delivered by our portfolio of businesses, both legacy and new, demonstrate our ability to enhance the performance of outdoor brands regardless of where they fall in the growth and maturity curve. Looking ahead, Vista Outdoor remains well-positioned to continue to capitalize on today's positive consumer trends. Underlying demand in outdoor recreation remains strong, despite the current macroeconomic headwinds, and we begin fiscal 2023 with positive momentum, from our balance sheet to our leverage ratio to our powerhouse portfolio of brands." VSTO-$38 Vista Outdoor sees FY23 adjusted EPS $7.00-$7.75, consensus $8.07 05:25 VSTO Sees FY23 revenue $3.15B-$3.25B, consensus $3B. Sees FY23 adjusted EBITDA 20.5%-21.5%. Sees FY23 free cash flow $300M-$350M. Sees FY23 effective tax rate 24%. Sees FY23 capital expenditures 1%-2% of sales. "Following two consecutive years of record performance, we continue to experience strong demand across our diverse portfolio of leading brands, driven in part by lifestyle shifts to spending more quality time outdoors,"
Vista Outdoor to make Outdoor Products, Sporting Products segments public 05:13 VSTO Vista Outdoor announced that its board of directors has unanimously approved a plan to separate its Outdoor Products and Sporting Products segments into two independent, publicly-traded companies. The company expects to create these companies through a tax-free spin-off of its Outdoor Products segment to Vista Outdoor shareholders. Following the separation, the company's Outdoor Products segment will be a platform of outdoor brands including CamelBak, Bell, Giro, Camp Chef, Bushnell, Bushnell Golf, Foresight Sports, Stone Glacier and QuietKat. As an independent company, Sporting Products will continue to focus on ammunition categories through its renowned brands including Federal, Remington, CCI, Speer, Estate Cartridge and HEVI-Shot.