The Fresh Market has posted rising first-quarter revenues on the back of improved comparable-store sales, which the US grocer attributed to its focus on developing its perishable departments.
The retailer today (2 June) posted posted a 10% increase in sales to reach US$264.5m for the quarter ended 1 May. Comparable-store sales grew 4.1% over the quarter.
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Net income was up to $13.5m compared to pro-forma net income of $12.2m for the corresponding period in 2010. The company said that its recent IPO incurred some $1.1m in costs, and changed its tax status. On a reported basis, net income during the first quarter of 2010 reached $19.9m.
The company said it had “strong sales growth” and “significantly improved year-over-year comparable operating margin” due to its focus on perishables and from “profitably growing the business through new stores”.
“We continue to be pleased with our business performance, particularly our ability to deliver strong earnings growth on top of a robust first quarter last year,” said president and CEO Craig Carlock.
He added that the company remains on-track to open some 12-14 stores by the end of the fiscal year.
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