The Fresh Market Devotes Significant Resources to New Unit Expansion by Jordan Okumura


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Tue. September 3rd, 2013 - by Jordan Okumura-Wright

<p> The Fresh Market, Inc. announced unaudited sales and earnings results for its second quarter fiscal 2013 earnings report, headlining double digit sales and earnings growth and an extension of The Fresh Market brand into new markets.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Moving to expand its footprint during the second quarter of fiscal 2013, The Fresh Market opened five new stores including stores located in Palo Alto, CA, Lincolnshire, IL, Mt. Lebanon, PA, and two stores in Houston, TX. The company expects to open 21-22 new stores this fiscal year, according to a conference call discussing earnings. “Real estate site selection and entry into new markets remain a top priority for the company as we execute against our real estate strategy and devote significant resources to new unit expansion,” said Craig Carlock, president and chief executive officer, The Fresh Market. “We believe we can achieve 15% annual store unit growth for the foreseeable future and we are on track for another year for record unit growth.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Customer feedback in Houston and California “has been good, especially around the fresh offering,” commented Carlock. “It is also clear that our brand is new to these markets and we will have to earn customer loyalty over time.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Some of the financial highlights from the report include: Revenues grew 13% and earnings grew 17% to $0.32 per share during this second quarter, net sales increased 13.3% to $354.8 million, and comparable store sales increased 3.4%.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> “We continue to execute our long term plan and I remain excited about our ability to build a national franchise and extend our brand into new markets,” said Carlock.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Stay tuned as AndNowUKnow keeps you updated on the growing Fresh Market footprint.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.thefreshmarket.com/" target="_new"> The Fresh Market </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">