Fresh Market Q2 Results Miss Estimates; Cuts FY15 Outlook

(RTTNews) - Grocery retailer The Fresh Market, Inc. (TFM) reported net income for the second quarter of $17.5 million or $0.36 per share, compared to $11.4 million or $0.24 per share for the year-ago quarter.

The year-ago quarter results included net store closure charges of $0.13 per share.

Net sales for the second quarter rose 4.7% to $442.10 million from $422.23 million a year earlier, with same-store sales down 1.0%.

Analysts polled by Thomson Reuters expected the company to earn $0.40 per share on revenue of $458.34 million for the second quarter. Analysts' estimates typically exclude special items.

For the fiscal year 2015, the company now forecast adjusted earnings of $1.55 to $1.65 per share on net sales growth of 5.0% to 7.0%. Previously, the company forecast adjusted earnings of $1.85 to $1.93 per share on net sales growth of 9.0% to 11.0%.

Analysts currently expect the company to earn $1.85 per share on revenue growth of 10.90% for the fiscal year 2015.