UPDATE: Fresh Market Posts 43% Rise In FQ1 Profit, Lifts Full Year Forecast

The Fresh Market Inc TFM reported a 43% rise in its fiscal first-quarter profit. Fresh Market lifted its full-year earnings forecast to $1.28 to $1.34 per share, from its earlier forecast of $1.26 to $1.31 per share. It also raised its outlook for same-store sales growth, to 4.5% to 6.5%, versus its earlier forecast of 4% to 6% growth. Fresh Market's quarterly earnings surged to $19.3 million, or $0.40 per share, from $13.5 million, or $0.28 per share, in the year-ago period. Its sales surged 23% to $324.8 million, while same-store sales climbed 8.2%. However, analysts were expecting earnings of $0.36 per share on sales of $310 million. Fresh Market's gross margin rose to 34.7% from 33.9%. Fresh Market shares closed at $48.86 yesterday.