Robert Dickerson's questions to Sprouts Farmers Market Inc (SFM) leadership • Q3 2024
Question
Robert Dickerson asked what specifically changed to cause the upside surprise in performance, why the long-term comp algorithm remains 2-4% despite high momentum, and for clarity on Q4 SG&A dollar expectations.
Answer
CFO Curtis Valentine attributed the acceleration to a surprising increase in brick-and-mortar traffic, with multiple business areas all working simultaneously. He explained the 2-4% comp is an algorithm they are confident in delivering on the new higher base, even against tougher compares next year. For SG&A, he stated the basis point impact in Q4 should be similar to Q3.