Smart & Final's Strong Q4 Supports Further Expansion of 'Extra!'
COMMERCE, CA - With the release of a strong fourth quarter, Smart & Final Stores, Inc. continues full-steam ahead with its store growth and the expansion of Smart & Final Extra!
The company said in its release that it expects to open a total of 20 new Smart & Final Extra! stores, complete nine conversions of legacy stores to the Extra! format, including three store relocations, and open three Cash & Carry stores, including one store relocation.
“Performance across both the Smart & Final and Cash & Carry store banners was strong, driven by our ongoing merchandising and marketing efforts and consistent store level execution,” Dave Hirz, President and Chief Executive Officer of Smart & Final, said in a press release. “Smart & Final Extra! continues to be the key to our new store growth, and, as planned, we completed twice as many new store openings and conversions to Extra! in 2014 as compared to the prior year.”
Fourth Quarter highlights included:
- Net sales increased 13.0% to $839.3 million
- Comparable store sales growth of 7.8%
- Net income of $9.3 million, or $0.12 per diluted share
- Adjusted net income increased 50.3% to $12.3 million, or $0.16 per diluted share
- Adjusted EBITDA increased 7.4% to $41.3 million
“2014 was an exciting year for Smart & Final,” Hirz said in the release. “We delivered record financial results, continued our accelerated store expansion program and successfully completed our initial public offering.”
In the 12-week period of the fourth quarter, Smart & Final opened one new Smart & Final Extra! store and one new Cash & Carry store, bringing it to more than 250 stores at the year’s end, 98 of which are Smart & Final Extra! stores. And the company’s far from finished, according to Hirz.
“Looking ahead, in 2015 we plan to continue our accelerated pace of new store openings and believe that our strong performance in comparable store sales, competitive positioning, and real estate development pipeline provide the foundation for strong operating and financial performance.”
The outlook for Smart & Final’s 2015 fiscal year appears to be a busy, but promising one. AndNowUKnow will keep you informed as we follow how this company continues to grow.