Fairway Group Holdings Corp. has reported financial results for the fourth quarter and full year fiscal 2013, noting a boost in sales and a loss in profits.
For the quarter, net sales increased 19% to $179 million while same store sales rose by 2.4%. Meanwhile, the company reported a net loss $6.7 million for the quarter.
Net sales also grew by 19% to $661 million for the fiscal year and EBITDA rose by 32% to $47.4 million. Losses were reported at $62.9 million.
"We are pleased to report strong results for the fourth quarter of fiscal 2013. Fairway's Board of Directors, management and employees are excited about our growth outlook and the opportunities ahead," said Charles Santoro, Fairway's Executive Chairman. "We believe that our market position, differentiated merchandising concept and highly scalable infrastructure provide us with exciting long-term growth opportunities."
