- Total Sales Increased 13.0% for Fiscal 2010 and 13.1% for Fourth Quarter - Comparable Store Sales Increased 5.0% for the Year and 6.0% for the Quarter; 5 Consecutive Quarters of Positive Growth - Company Provides Guidance for Fiscal 2011 - Company Completes $175 Million Revolving Credit Agreement
GREENSBORO, N.C., Feb. 23, 2011 (GLOBE NEWSWIRE) -- The Fresh Market, Inc. (Nasdaq:TFM), a high-growth specialty retailer, today reported sales and earnings results for the fourth quarter and full year ended December 31, 2010.
In addition to presenting the Company's financial results in conformity with U.S. generally accepted accounting principles (GAAP), the Company is also presenting results on an "adjusted" basis in order to exclude the impact of certain IPO-related charges and the tax effect of converting from a Subchapter S corporation to a Subchapter C corporation in connection with the IPO. Adjusted results are non-GAAP financial measures. The Company's use of non-GAAP financial measures is described at the end of this press release. In addition, reconciliations of adjusted results to GAAP results are presented in the schedules to this press release.The Company reported a net loss for the fourth quarter of fiscal 2010 of ($18.1) million, which includes the impact of certain charges related to the Company's fourth quarter IPO, compared to net income of $20.8 million for the fourth quarter of fiscal 2009. Net loss per share for the fourth quarter of fiscal 2010 was ($0.38) compared to earnings per share for the fourth quarter of fiscal 2009 of $0.43. Adjusted net income increased $3.3 million, from $12.7 million in fiscal 2009 to $16.0 million in fiscal 2010. Fourth quarter adjusted earnings per share increased 22% to $0.33 in fiscal 2010 from $0.27 in 2009. Net income for fiscal 2010 was $22.9 million, which includes the impact of the IPO-related charges, compared to net income for fiscal 2009 of $49.2 million. Diluted earnings per share for fiscal 2010 were $0.48 compared to earnings per share for fiscal 2009 of $1.03. Adjusted net income increased 36% to $41.2 million for fiscal 2010 from $30.2 million for fiscal 2009. Diluted adjusted earnings per share increased 37% to $0.86 in fiscal 2010 compared to $0.63 in fiscal 2009.