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The Fresh Market, Inc. Reports Fourth Quarter And Full Year Fiscal 2012 Earnings

Stocks in this article: TFM

- Net Sales Increased 15.3% in the Fourth Quarter and 20.0% for Full Year 2012 - Diluted EPS Increased 12.7% in the Fourth Quarter and 24.4% for Full Year 2012 - Company Provides Fiscal 2013 Guidance

GREENSBORO, N.C., March 6, 2013 (GLOBE NEWSWIRE) -- The Fresh Market, Inc. (Nasdaq:TFM), a high-growth specialty retailer, today announced unaudited sales and earnings results for its fourth quarter and fiscal year ended January 27, 2013.

Financial Overview

In the fourth quarter of fiscal 2012, net sales increased 15.3% to $369.9 million and comparable store sales increased 1.9%, compared to the corresponding thirteen week period ended January 29, 2012. Net income in the fourth quarter of fiscal 2012 was $20.6 million, compared to $18.3 million in the corresponding thirteen week period in fiscal 2011. Diluted earnings per share in the fourth quarter of fiscal 2012 were $0.43, an increase of 12.7% over diluted earnings per share of $0.38 for the corresponding thirteen week period in fiscal 2011.

Fiscal 2012 net sales were $1,329.1 million, a 20.0% increase as compared to the corresponding fifty-two week period ended January 29, 2012, and comparable store sales increased 5.7%. Net income increased to $64.1 million as compared to $51.4 million for the prior year. Diluted earnings per share for fiscal 2012 increased to $1.33, compared to diluted earnings per share of $1.07 for fiscal 2011, an increase of 24.4% over the corresponding period in fiscal 2011.

Craig Carlock, President and Chief Executive Officer, commented, "Fiscal 2012 was a terrific year for The Fresh Market. We achieved record annual sales and earnings on comparable store sales growth of 5.7% and opened a record number of new stores." Carlock added, "Though we executed well in the fourth quarter, we experienced a sudden slowdown in customer traffic and resultant comparable store sales that were consistent across our network. These effects were most pronounced during the holidays and our business improved modestly as we moved into the New Year."

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