Shares of natural and organic food grocer Sprouts Farmers Market (SFM) on Thursday doubled to $36.52 on their first trading day. The company's initial public offering price of $18 a share raised about $333 million in proceeds and was also above the $14-$16 price that it had expected. Sprouts' larger rival Whole Foods Market (WFM) was flat after it reported a 21% profit jump but disappointing sales. Whole Foods Co-CEO John Mackey said the company continues to gain market share despite growing competition.
This company is sprouting up all over the place. A fast-growing natural foods retailer, Sprouts Farmers Market operates more than 155 stores in Arizona, California, Colorado, Nevada, New Mexico, Oklahoma, Texas, and Utah. The stores (ranging from 23,000 to 37,000 sq. ft.) sell organic and local produce, baked goods, all-natural meats and seafood, imported cheeses, bulk foods, and vitamins and supplements. Stores also boast more than 300 bins of bulk rice, spices, nuts, and grains. In 2012 Sprouts completed a merger with Sunflower Farmers Market, giving Sprouts the #2 spot in the natural organic retail market, behind Whole Foods Market. Apollo Management (APO) holds majority ownership of the combined businesses.
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