By Thomas Paulson, Head of Market Insights Sprouts Farmers Market again produced stellar quarterly results; comp-sales increased +11.7% (vs. Advan’s estimate* of +11.9%) and management guided Q2 for a 6.5% - 8.5% increase. We take that outlook to be “conservative” as Advan’s ML estimate* is +8.8%, i.e. something would materially need to change in the external environment for them to not beat their guidance. The +11.9% for Q1 and +8.8% for Q2 embed a 140bps improvement in the 3-year trend.