Sprouts Farmers Market Inc: Seems to Be On Plan; Target Market Outperforming Broader Grocery Market; Path to Improving Comps

研报英文原文证据摘录

Sprouts Farmers Market Inc: Seems to Be On Plan; Target Market Outperforming Broader Grocery Market; Path to Improving Comps

Equity Research

U.S. Broadlines, Hardlines & Food Retail

8 June 2026

Sprouts Farmers Market Inc

Seems to Be On Plan; Target

Market Outperforming Broader

SFM OVERWEIGHTGrocery Market; Path to Improving

U.S. Broadlines, Hardlines & NEUTRAL Food RetailComps Price Target USD 100.00

Price (05-Jun-26) USD 82.87

We believe Q2 should be on plan, which would be supportive Potential Upside/Downside +20.7%

of the positive 2H inflection and return to more normalized Source: Bloomberg, Barclays Research

growth.

U.S. Broadlines, Hardlines & Food

Retail

Key message: We continue to believe SFM is one of the better ways to play this space right now Seth Sigman

given easing comparisons (plus signs of stable multi-year growth rates), exposure to stronger +1 212 526 7417

natural/organic trends that are diverging vs. the broader market which has weakened, company seth.sigman@barclays.com

specific drivers (like loyalty and retail media that should provide more margin benefits through BCI, US

the year), and more potential price inflation, along with slightly less exposure to accelerating Oliver Hu

price investments in the market due to its unique mix. We discuss recent observations for sales +1 212 526 6180

and margins that support our current estimates, which the stock still doesn’t fully reflect. oliver.hu@barclays.com

BCI, US

Our sense is that Q2 trends are relatively stable, running flat to down slightly and largely as Serena E Shalam

planned. While there are some internal and external variables for sales at play, we think current +1 212 526 3492

trends support the notion that most of the weakness over the last few quarters reflects serena.shalam@barclays.com