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Net sales increased 14.1% in the second quarter to $183.2 million
Same store sales increased 1.0%
Gross profit margin increased 10 basis points
Adjusted EBITDA increased 4.7% to $10.6 million
New store in Nanuet, New York opened on October 10 th with strong traffic and sales levels; total store investment costs below budget
Leases signed for three new locations, two of which are expected to open next year; recently signed letter of intent for New York City location
NEW YORK, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Fairway Group Holdings Corp. ("Fairway") (Nasdaq:FWM), the parent company of Fairway Market, today announced financial results for its fiscal 2014 second quarter ended September 29, 2013.
"Our business continued to perform well in the quarter, which was highlighted by same store sales growth, gross margin expansion, 10% store contribution growth, increased private label penetration and the continued development of our central production center and new store pipeline," said Charles Santoro, Fairway's Executive Chairman. "These operational benefits were partially offset by increased insurance expenses, inclusive of the incremental costs associated with the impacts of Hurricane Sandy, an increase in public company costs and the continued investment in Central Services to accommodate our growth plans. We also continue to be very excited about Fairway's growth prospects from both the newly opened and announced locations as well as a number of other locations at various stages of development."
Chief Executive Officer Herb Ruetsch added, "We continued to make progress on our gross margin initiatives and have seen year over year growth in our private label penetration. We are excited about the successful opening of our newest stores in the Chelsea neighborhood of Manhattan and Nanuet, New York and are also looking forward to our fiscal 2015 pipeline which includes a store in Lake Grove, Long Island and a store in the lower Manhattan neighborhood of TriBeCa."