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Sprouts Farmers Market fiscal Q1 profit climbs 11.0% YOY

Sprouts Farmers Market Inc. said its normalized net income for the fiscal first quarter ended March 29 came to 25 cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

EPS rose 9.5% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $38.7 million, an increase of 11.0% from $34.9 million in the prior-year period.

The normalized profit margin dropped to 4.5% from 4.8% in the year-earlier period.

Total revenue rose 18.7% year over year to $857.5 million from $722.6 million, and total operating expenses rose 19.6% on an annual basis to $789.7 million from $660.4 million.

Reported net income rose 10.6% from the prior-year period to $37.3 million, or 24 cents per share, from $33.7 million, or 22 cents per share.