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Sprouts Said to Delay Offering After Fresh Market Report
PHOENIX, Ariz. – Sprouts Farmers Market here delayed a secondary offering of stock Thursday after The Fresh Market posted weaker-than-expected results, according to a report in the Wall Street Journal.
November 22, 2013
1 Min Read
PHOENIX, Ariz. — Sprouts Farmers Market here delayed a secondary offering of stock Thursday after The Fresh Market posted weaker-than-expected results, according to a report in the Wall Street Journal.
Follow @SN_News for updates throughout the day.
Apollo Global Management and other stockholders had filed to offer 22.5 million shares, valued at about $975 million. The proceeds of the offering, which the Journal reported has been postponed until Monday, are to go entirely to the selling stockholders.
Read more: The Fresh Market Cites Challenging Q3
In an unexpected sales update issued Friday morning, Sprouts appeared to be separating itself from the The Fresh Market, which many investors might consider a peer company. It said that for the seven weeks through Nov. 17, it recorded comparable-store sales growth of 13.7%, “or 22.8% on a two-year stacked basis” pro forma for the 2012 acquisition of Sunflower Farmers Market. It said comps were driven by “continued momentum in customer traffic and basket size.”
The results were a portion of the company’s the 13-week fourth quarter, which ends Dec. 29.
Read more: Sprouts Boosts Guidance on Strong Q3 Results
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