Sprouts Farmers Market

Last updated
Sprouts Farmers Market, Inc.
Company typePublic
Nasdaq:  SFM
S&P 400 Component
Industry Retail
Genre Grocery store, health food store
FoundedJuly 2002;21 years ago (2002-07)
Chandler, Arizona, U.S.
Headquarters5455 E. High Street, #111,
Phoenix, Arizona
,
United States
Number of locations
384 (2021)
Area served
23 states in the U.S.
Key people
  • Jack Sinclair (CEO)
Nick Konat (President and COO)
ProductsGroceries
Services
RevenueDecrease2.svg US$6.099 billion (2021) [1]
Decrease2.svgUS$334 million (2021)
Decrease2.svgUS$244 million (2021)
Total assets Increase2.svg US$2.923 billion (2021)
Total equity Increase2.svg US$959.876 million (2021)
Number of employees
35,000 [2]  (2020)
Website sprouts.com

Sprouts Farmers Market, Inc., is a supermarket chain headquartered in Phoenix, Arizona. The grocer offers a wide selection of natural and organic foods, including fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat, poultry, seafood, deli, baked goods, dairy products, frozen foods, natural body care, and household items. [3] Sprouts employs 35,000 workers and operates more than 380 stores in 23 states. [4]

Contents

History

In 1943, Henry Boney opened a fresh-fruit stand in San Diego, California, which grew into a handful of open-air farmers markets. In 1969, his sons developed Boney's Market, which grew into a beloved community grocery store. By 1997, the family's unique set of small-box farmers-market grocery stores were renamed Henry's Farmers Market after their father. Sprouts Farmers Market was founded in 2002 in Chandler, Arizona by members of the Boney family. [5] [6]

In 2011, Henry's, Sun Harvest, and Sprouts came together again under Apollo Global Management, and all were rebranded as Sprouts stores. [7] In 2012, Sunflower was acquired and was rebranded Sprouts. [8] Sprouts became a public company traded on NASDAQ in 2013. [9]

Fortune included Sprouts on its list of the World's Most Admired Companies in 2018 and 2019. [10]

In 2021, Sprouts Farmers Market partnered with MyFitnessPal to provide food-related content support to the app, which included a library of healthy recipes, health and fitness challenges, and food- and health-related articles. [11] [12]

Charitable giving

In 2015, Sprouts founded the Healthy Communities Foundation, which supports local health and wellness-related causes. [13] Since then, the foundation has awarded more than $18 million to nonprofit partners across 23 states. [14] In 2021, the foundation gave away more than $3 million in grants to over 115 organizations. [15]

Sustainability

Sprouts operates with a focus on the environment, product quality, supply chain transparency, team members, and local communities. [16] As part of Sprouts's commitment to "zero waste", Sprouts participates in a food waste diversion program that provides food to those in need, feed for animals, and nutrients for agricultural soil. All edible food that is no longer fit for sale is donated to hunger-relief agencies, and food that is not fit for them is donated as cattle feed. Everything else is donated as compost. [17] In 2019, the U.S. Environmental Protection Agency recognized Sprouts with several recognitions through its GreenChill program, a partnership with food retailers to reduce refrigerant emissions and decrease their impact on the ozone layer and climate change. [18]

The store's use of the term farmers market has been criticized by local farmers and food sovereignty advocates for appropriating a term they believe should be reserved for direct-to-consumer sales venues. [19]

About

Sprouts offers a selection of products that are minimally processed and free of artificial flavors, food coloring, preservatives, and synthetic ingredients. The company says that 90% of its products meet this standard. [20]

Sprouts has its own private-label brand of products that includes more than 2,400 items. [21] Stores offer beef products that range from choice cuts to grass-fed. Each store's vitamins and supplements department typically includes about 7,500 products. [22] Produce makes up about a quarter of the business for Sprouts, and the stores carry around 200 varieties of organic produce. [23] One-third of the store stock is always on promotion. [24] [23]

Animal-product concerns

In April 2017, the network Direct Action Everywhere released the results of their investigation into cage-free egg supplier Morning Fresh Farms. The Phoenix Business Journal covered the investigation and included comments from Sprouts, noting that Morning Fresh Farms provided inspection reports and certification documents showing compliance that indicated the video shared in the results was not reflective of the farm's cage-free facility in Colorado. [25]

Store locations

Sprouts has locations in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Kansas, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington. [26]

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References

  1. ↑ "Sprouts Farmers Market 2021 10K Report". U.S. Securities and Exchange Commission.
  2. ↑ "Our Story" . Retrieved 2020-07-06.
  3. ↑ Hance, Mary. "12 things shoppers need to know about Sprouts Farmers Market". The Tennessean. Retrieved 2022-09-06.
  4. ↑ "Sprouts Farmers Market expected to open grocery store in Haddon Township". PhillyVoice. 2022-03-15. Retrieved 2022-09-06.
  5. ↑ Riemenschneider, Pamela (June 12, 2018). "A timeline of Sprouts Farmers Market". Produce Market Guide. Retrieved April 27, 2023.
  6. ↑ Cashman, Ryan (2022-07-21). "Sprouts Farmers Market Had A Humble Beginning". Tasting Table. Retrieved 2023-09-22.
  7. ↑ Demos, Telis; Mattioli, Dana; Tan, Gillian (April 21, 2014). "Retailer Smart & Final Preparing IPO". Wall Street Journal. Retrieved May 2, 2022.
  8. ↑ "Sunflower markets being bought out, will be Sprouts". tucson.com. March 10, 2012. Retrieved April 26, 2023.
  9. ↑ "Our Story". Sprouts Corporate. Retrieved 2020-07-06.
  10. ↑ "Sprouts Farmers Market". Fortune. Retrieved 2019-09-11.
  11. ↑ "Sprouts Farmers Market Teams Up With MyFitnessPal". Progressive Grocer. Retrieved 2022-09-22.
  12. ↑ "Sprouts becomes MyFitnessPal's first retail partner". Supermarket News. 2021-07-14. Retrieved 2022-09-22.
  13. ↑ "Sprouts Awards $1.6M to Health-focused Nonprofits". ProgressiveGrocer. 2016-10-18. Retrieved 2016-11-22.
  14. ↑ "Sprouts Foundation Taking Applications For Neighborhood Grants Program". Shelby Report. 2020-05-22. Retrieved 2020-07-06.
  15. ↑ Packer, Peggy (October 20, 2021). "Sprouts Healthy Communities Foundation Donates $3M in Grants to Strengthen Local Food Systems and Nutrition Education; Jack Sinclair and Lyndsey Waugh Share".
  16. ↑ "Sustainability". Sprouts Corporate. Retrieved 2019-09-11.
  17. ↑ "Environment". Sprouts Corporate. Retrieved 2019-10-31.
  18. ↑ US EPA, OA (2019-09-11). "EPA Applauds the Smart Refrigerant Management by Weis Markets and Supermarkets Across America". US EPA. Retrieved 2019-09-11.
  19. ↑ "Harford grower takes issue with grocery using farmers market term | American Farm Publications".
  20. ↑ Murphy, Cat. "Healthy choices ripe for the picking at Sprouts Farmers Market". The Murfreesboro Post. Retrieved 2017-11-09.
  21. ↑ Taylor, Natalie (October 23, 2018). "Sprouts to Open 30 New Stores in 2019". www.winsightgrocerybusiness.com. Retrieved December 6, 2018.
  22. ↑ "12 things shoppers need to know about Sprouts Farmers Market". The Tennessean. Retrieved 2017-11-06.
  23. 1 2 Griffin, Justine (21 February 2017). "Tampa Bay's first Sprouts Farmers Market opens Wednesday". Tampa Bay Times. Archived from the original on 2017-02-22. Retrieved 2020-01-09.{{cite news}}: CS1 maint: unfit URL (link)
  24. ↑ "Here's a look inside Sprouts Farmers Market at Lincoln Square". Phillyvoice. 18 September 2018. Retrieved 2018-12-06.
  25. ↑ Totten, Steven (18 April 2017). "Investigation finds starving chickens at Sprouts Farmers Market egg supplier". Phoenix Business Journal. American City Business Journals. Retrieved 24 April 2017.
  26. ↑ "Find a Store". Sprouts Farmers Market. Retrieved April 26, 2023.
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