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

Growth and Development

During the fourth quarter of fiscal 2012, the Company opened two new stores in Daphne, Alabama and Pensacola, Florida, as well as relocated one store in Spartanburg, South Carolina. As of January 27, 2013, the Company operated 129 stores in 25 states.

Through March 6, 2013, the Company announced the signing of leases for nine additional new stores in: Sacramento (Fair Oaks), California; Sacramento (Elk Grove), California; Lynchburg, Virginia; Ashburn, Virginia; South Naples, Florida; Brandon, Florida; Saratoga Springs, New York; Woodbury, New York; and Kansas City, Kansas. These nine stores are currently scheduled to open during or after fiscal 2013. 

The following table provides additional information about the Company's real estate and store opening activities through the fourth quarter of fiscal 2012 and leases signed as of March 6, 2013 for stores expected to open during or after fiscal 2013.

  Stores Opened   in Fiscal 2012 Leases Signed for Future Store Locations 1
Number of new leased store locations 14 28
Number of ground leased and owned property store locations 2 2
Number of relocations 1 --
Average capital cost per store 2 $3.7 million  
  Information for All Open Stores  
Average store size (gross square feet) 21,042  
Total rentable square footage (at end of period) 2.7 million  

Note 1: Includes leases for stores expected to open after March 6, 2013 and such leases typically include customary leasing conditions. In general, we do not announce the location of a new store until all conditions to the lease are satisfied or our involvement in the property or project will be made public in connection with governmental permitting or approvals or in dealing with other third-parties. We generally identify a store as "coming soon" when we take possession of the property and commence our construction related activities. The Company's website sets forth the most current list of announced lease locations and stores that are "coming soon".

Note 2: Net of capital contributions, if any, received from landlords, and including building costs but excluding cost of land for owned stores. Lease inducement costs and similar prepayments in connection with acquiring or entering into new leases are not included in the capital cost per store and are included as a long-term asset and expensed over the primary term of the lease.

Fiscal 2013 Outlook

In addressing guidance, Carlock commented, "We enter fiscal 2013 with a balanced view. We are simultaneously taking a conservative view on consumer trends while remaining enthusiastic about the portability of our concept, and excited about our plans to accelerate square footage growth. We anticipate 19 to 22 new store openings in fiscal 2013, a record number for The Fresh Market. These openings will be weighted toward the second half of the year, somewhat dampening our EPS growth as we currently expect, on average, approximately seven fewer weeks of revenue per new store for fiscal 2013 as compared to fiscal 2012. With that in mind, we expect earnings per share to grow 14% to 19% in fiscal 2013. For comparative purposes, we estimate that fiscal 2013 earnings would grow an additional two percentage points if our 2013 class of new stores opened at the same cadence of our 2012 vintage stores."

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