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Fairway Group Holdings Corp. Reports Second Quarter Results

Stocks in this article: FWM

Fairway Market Expands Footprint into Rockland County, NY

The Company opened its 14 th location on October 10, , 2013 in Nanuet, New York. The store opened ahead of schedule and the total investment came in below budget from both a capital expenditure and pre-opening expense perspective. The Nanuet store, which is one of the largest Fairway locations in terms of retail square footage, has approximately 45,000 square feet of selling space and is located at the entrance to The Shops at Nanuet, a 750,000 square foot open-air shopping center developed by the Simon Property Group, one of the nation's leading real estate developers. The state-of-the-art complex contains a collection of many other specialty retailers including Apple, Coach, and J. Crew, among others, as well as a Regal Movie Theater and a 24 Hour Fitness.

Fairway Opens in the Chelsea Neighborhood of Manhattan

The Chelsea store, which opened at the end of July, has generated above average sales per square foot and despite being the smallest store in the chain, it is one of the leaders in terms of customer transactions. The store took immediate market share in a highly competitive neighborhood of Manhattan with three competitors located within a five block radius.

Gross Margin Expansion Initiatives Progressing

The Company continues to remain focused on expanding its private label penetration and is set to introduce a selection of specialty, organic and conventional Fairway branded products over the next several months with launches this fall including imported grains, authentic Italian gnocchi and truffle infused olive oils. During the second quarter, the Company also rolled out several new private label products, including but not limited to its new organic coffee one-cups and a hazelnut spread imported directly from Italy. Private label penetration has increased approximately 30 basis points over the second quarter of the prior year.

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