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NEW YORK, Aug. 7, 2014 (GLOBE NEWSWIRE) -- Fairway Group Holdings Corp. ("Fairway") (Nasdaq:FWM), the parent company of Fairway Market, today announced financial results for its fiscal 2015 first quarter ended June 29, 2014.
Net sales increased to $198.3 million
Adjusted EBITDA was $11.1 million
Opened 15 th Fairway Market in Lake Grove, New York on July 23 rd
Executed lease for a new store in Staten Island
"Our sales and Adjusted EBITDA were both modestly ahead of our expectations. In addition, we are also excited about our recent opening in Lake Grove, New York and the execution of a lease for a new Fairway Market in Staten Island," said William Sanford, Interim Chief Executive Officer. "The Lake Grove store highlights our continued focus on improving the customer experience, refining in-store communications and enhancing operational efficiencies. Lower profile displays in the produce department allow for improved line of sight across the store, reduced labor requirements and better shrink management. The location of our fresh foods departments next to each other allows us to more effectively leverage the labor force while simultaneously achieving a much stronger merchandising statement."
Co-President and Chief Operating Officer Kevin McDonnell added, "The new design elements in the Lake Grove store really bring to life the "market within a market" format that the business was built upon and our new signage system, which will be integrated into existing stores, allows us to more effectively communicate selection and price to our customers. As a complement, we have also begun issuing a new 12-page monthly flyer across our store system to highlight Fairway's differentiated offering and value proposition. The first flyer in July focused on "love local" with each subsequent month spotlighting a new theme such as natural & organics and Fairway private label, among others."