Phoenix-based grocer Sprouts gives part of tax cut back to employees
PHOENIX — Phoenix-based Sprouts Farmers Market will spend $10 million from its tax break on employee raises and benefits.
In a Thursday post at the company investors’ page, executives wrote that the amount was “approximately one third of our tax savings.”
The company did not give specifics about how much workers would individually receive.
Sprouts employs around 26,000 at nearly 300 stores spread from California to Maryland. Arizona has 38 stores; California has the most at 111.
The Republican-led Congress passed the Tax Cuts and Job Acts in December. President Donald Trump signed the legislation shortly before Christmas.
Earlier this month, Phoenix-based U-Haul handed out $23 million in bonuses after the tax plan passed.
Sprouts earned a spot on Fortune 500’s most admired companies in the world for 2018 a few weeks ago.
The grocer, led by Chief Executive Officer Amin Maredia, came in fourth in the food and drug store category behind Publix Super Markets, Walgreens Boots Alliance and Kroger, which owns Fry’s Food and Drugs.
Sprouts’ overall rating was boosted by its No. 2 spot in innovation, people management and quality of products and services.
Rankings were based on a survey of nearly 4,000 executives, directors and securities analysts, the Fortune said in explaining its methodology.
Companies have to rank in the top half of their industry to be considered. That list started with 1,000 of the biggest American corporations based on revenue and 500 companies from other countries.