Creating a sprite, and adding 100 instances to the stage

1

I thought would be coded like this:
var sp:Sprite = new Sprite();
sp.graphics.beginFill(0xFF88CC);
sp.graphics.drawCircle(0, 0, 50);

for (var i:Number = 0; i < 100; i++) {
addChild(sp);
sp.x = i * 1.5;
sp.y = i * 1.5;
}

however, I realize even tho im looping that addChild method, its still adding sp, so
do I add a new naming convention in the loop, or should I be adding these instances
to another display object… this seems like such a simple thing to do yet I cant figure it out,
I also want to randomize the x and y, but this first seems to be the issue I need to address.