UPDATE: Fresh Market Q3 Profit Up 19%

The Fresh Market

reported a 19% rise in its fiscal third-quarter earnings. Fresh Market's quarterly profit climbed to $10.9 million, or $0.23 per share, from $9.2 million, or $0.19 per share, in the year-ago period. Its sales rose 22% to $321.5 million. However, analysts were expecting earnings of $0.26 per share on revenue of $319 million. Fresh Market's gross margin rose to 33.1% from 32%, while same-store sales climbed 5.6%. Fresh Market shares dropped 7.04% to $56.00 in pre-market trading.