The Fresh Market Adds More Than 13% on Q1 Results, Rasied Guidance

Shares of The Fresh Market

have jumped on Wednesday after the company released its fiscal first-quarter earnings results prior to the opening bell. The company also raised its fiscal 2012 forecast. At last check, TFM was up almost 14% to $55.50 and was among the top relative volume gainers in the market. The company reported net income of $19.27 million or $0.40 per share, compared to $13.48 million or $0.28 per share, in the year ago period. This compared to Wall Street analysts' consensus EPS estimates of $0.36. Total sales in the quarter were up 22.8 percent to $324.78 million compared to $264.46 million last year. This also exceeded Street consensus revenue estimates of $310.39 million. Comparable store sales at the company rose 8.2 percent versus the year ago quarter. Looking ahead, TFM now projects fiscal 2012 EPS growth of 20 percent to 25 percent to a range of $1.28 to $1.34. This compares to analysts' current EPS estimates of $1.30 for fiscal 2012. Previously, TFM had guided for EPS of $1.26 to $1.31 for fiscal 2012.