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The Fresh Market, Inc. Reports Second Quarter And First Half Fiscal 2012 Earnings

Items Impacting Comparability

During the second quarter of fiscal 2012, the Company completed a public offering of common stock impacting the comparability of both the quarterly and first half fiscal 2012 results to the corresponding results in fiscal 2011. Transaction expenses related to the offering, which in general are not tax deductible, are included in selling, general and administrative expense and totaled approximately $0.5 million, resulting in a reduction in earnings per share of approximately $0.01 per share on a diluted basis. The costs associated with the offering include legal, printing, accounting and filing fees and expenses as well as other charges directly related to the offering. Additionally, as it relates to first half fiscal 2012 and fiscal 2011 comparisons, the Company completed a public offering of common stock during the first quarter of fiscal 2011 and incurred approximately $1.1 million in transaction expenses, resulting in a reduction in earnings per share of approximately $0.02 per share on a diluted basis.

The Company also resolved two legal matters during the second quarter of fiscal 2012. The net amount of the settlement payments made and received related to these matters is included in selling, general and administrative expense and totaled approximately $0.6 million on a pre-tax basis, resulting in a reduction in earnings per share of approximately $0.01 per share on a diluted basis. Legal fees and related expenses incurred in connection with these matters have been expensed as incurred.

Operating Performance

The Company had strong sales and earnings growth and significantly improved its operating margin in the second quarter of fiscal 2012. Total net sales increased 20.6% to $313.0 million in the second quarter of fiscal 2012, and comparable store sales increased 8.0% to $270.8 million, in each case compared to the corresponding thirteen week period in fiscal 2011. The second quarter comparable store sales increase resulted from a 5.3% increase in the number of transactions and a 2.7% increase in average transaction size. For the first half of fiscal 2012, total net sales increased 21.7% to $637.8 million and comparable store sales increased 8.1% to $554.5 million, compared to the corresponding twenty-six week period in fiscal 2011. The first half fiscal 2012 comparable store sales increase resulted from a 5.5% increase in the number of transactions and a 2.6% increase in average transaction size.

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