PHOENIX — Business is booming for one Phoenix-based grocery chain.
Sprouts Farmers Market only went public last year, but according to the Phoenix Business Journal, the company “reported net profit of $30.2 million, up from $12.5 million the previous year.”
That’s equivalent to a 141 percent increase.
Much of the revenue was due to sales growth, including opening up its first store in Atlanta, in addition to new locations in Nevada, Arizona, California and Colorado.
The company also received a “one-time pretax loss on the extinguishment of $8.2 million in debt.”
Sprouts is predicted to continue its revenue growth, as the chain has plans to open another nine stores by year’s end.