The Fresh Market Announcing Plans to Double Southeastern Expansion
GREENSBORO, N.C - With the release of its Q2 earnings report, The Fresh Market's President and CEO Craig Carlock has announced that it will be doubling the number of its stores in the Southeastern United States.
“We are pleased with our second quarter results which demonstrate our ability to drive solid sales and expand merchandise margins in an increasingly competitive retail environment,” Carlock said. “The performance of our new stores exceeded our expectations and we see tremendous expansion opportunities in our core markets...we are raising our store growth potential in the Southeastern United States to double our current store base in this region.”
While net income did decline to $11.4 million compared to $15.6 million in Q2 2013, the rest of The Fresh Market's earnings report supports Carlock's optimistic outlook. Some highlights of the report include:
- Adjusted EBITDA of $46.2 million, compared to $40.3 million in Q2 2013
- Net sales increased 19.0% to $422.2 million
- Comparable store sales increased 2.9% to $357.3 million
- Gross profit increased 18.5% to $143.7 million
- Adjusted diluted earnings per share of $0.36
These strong numbers resulted in positive forward looking statements from The Fresh Market, according to a press release.
“Given results thus far and our current assessment of business conditions for the remainder of the fiscal year, we are reaffirming our previously issued fiscal 2014 comparable store sales and adjusted earnings guidance... we anticipate that comparable store sales will be at the low to mid-point of our 1.5% to 3.5% full fiscal year range in the third quarter. We remain encouraged by our new unit growth pipeline and believe The Fresh Market’s distinct shopping experience and our commitment to offering outstanding food quality and selection position us well for future growth,” Carlock said.
As of 1:45pm EST on Friday August 22nd, The Fresh Market's stock is currently up 2.64 points. That represents a 8.68% increase in its stock price during today's trading, bringing its price per share number to $33.07.
Stay tuned to AndNowUKnow for any further updates on The Fresh Market and its continued expansion efforts.