UPDATE: Fresh Market Posts Upbeat Q1 Earnings, Lifts Sales Forecast
The Fresh Market (NASDAQ: TFM) reported a 15% rise in its fiscal first-quarter earnings and lifted its full-year same-store sales growth forecast to 2.5% to 4.5%, versus its earlier outlook of 2% to 4% growth.
Fresh Market's quarterly profit surged to $22.1 million, or $0.46 per share, from $19.3 million, or $0.40 per share, in the year-ago period.
Its sales climbed 13% to $366.6 million. However, analysts were expecting earnings of $0.44 per share on revenue of $371 million.
Its same-store sales increased 3%, while gross margin widened to 35.3% from 34.7%.
Fresh Market shares gained 4.62% to $48.50 in pre-market trading.
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