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Smart & Final Stores, Inc. Reports Second Quarter 2018 Financial Results

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Smart & Final Stores, Inc. Reports Second Quarter 2018 Financial Results

PR Newswire

COMMERCE, Calif., July 25, 2018 /PRNewswire/ -- Smart & Final Stores, Inc. (the "Company") (NYSE:SFS), the value-oriented food and everyday staples retailer, today reported financial results for the fiscal second quarter ended June 17, 2018.

Second Quarter Highlights:

  • Net sales increased 4.4% to $1,125.5 million with a comparable store sales increase of 1.3%
  • Business customer sales penetration in the Smart & Final banner increased to 30.1% of sales
  • Gross margin increased 4.6% to $169.7 million
  • Adjusted EBITDA increased 2.5% to $49.3 million
  • Net income of $6.6 million or $0.09 per share
  • Adjusted net income of $11.4 million or $0.16 per share

"In the second quarter, we were pleased to deliver positive comparable store sales in both our Smart & Final and Smart Foodservice Warehouse store banners.  This reflects how our unique assortment of business and club-pack items, our high-quality private label offerings, and rapidly expanding e-commerce channels resonate with shoppers," said David Hirz, president and chief executive officer.  "While investing in customer service initiatives, we also expanded merchandise margins, grew adjusted EBITDA, and reduced outstanding debt, resulting in an improved financial leverage ratio at quarter-end."

In order to aid understanding of the Company's business performance, it has presented results in conformity with accounting principles generally accepted in the United States ("GAAP") and has also presented EBITDA, adjusted EBITDA, adjusted net income, adjusted net income per share, and adjusted net income per diluted share, which are non-GAAP measures that are explained and reconciled to the comparable GAAP measures in the tables included in this release. Where applicable, the results below are first presented on a GAAP basis and then on a non-GAAP adjusted basis.

Fiscal Second Quarter 2018 Financial Results
Net sales were $1,125.5 million in the 12-week quarter ended June 17, 2018, representing a 4.4% increase as compared to $1,078.3 million for the same period of 2017. Net sales growth was driven by a 1.3% increase in comparable store sales and from the net sales contribution of new stores. Comparable store sales growth was comprised of a 2.8% increase in comparable average transaction size, partially offset by a 1.4% decrease in comparable transaction count.

Net sales for Smart & Final banner stores were $868.5 million, a 3.9% increase as compared to $836.1 million for the same period of 2017. Comparable store sales growth for the Smart & Final banner was 0.8% in the second quarter.

Net sales for Smart Foodservice Warehouse banner stores were $257.0 million, a 6.1% increase as compared to $242.2 million for the same period of 2017. Comparable store sales growth for the Smart Foodservice Warehouse banner was 3.3% in the second quarter.

Gross margin was $169.7 million, a 4.6% increase as compared to $162.3 million in the second quarter of 2017. Gross margin rate was 15.1% as compared to 15.0% for the same period of 2017. Gross margin rate in the quarter was supported by our strategic sourcing, merchandising and pricing initiatives.

Operating and administrative expenses were $150.6 million, a 5.2% increase as compared to $143.1 million for the same period of 2017. This increase was related to expenses associated with the effect of higher minimum wage rates, as well as new stores opened during the prior twelve months and their related support costs.

Interest expense in the second quarter was $9.7 million, a 15.9% increase as compared to $8.3 million in the prior year quarter, primarily driven by higher interest rates as well as accrued interest expense related to accounting for build-to-suit store developments.

The Company's effective tax rate in the 2018 second quarter was 33%, including the effect of the 2017 Tax Cuts and Jobs Act and certain tax adjustments.  The Company currently projects a 2018 full year effective tax rate of approximately 27%. 

Net income was $6.6 million, or $0.09 per share, as compared to net income of $7.1 million, or $0.09 per share, for the same period of 2017. Adjusted net income was $11.4 million, or $0.16 per share, as compared to adjusted net income of $11.0 million, or $0.14 per share, for the same period of 2017.   

Adjusted EBITDA was $49.3 million, an increase of 2.5% as compared to $48.0 million for the same period of 2017.

Fiscal Year-to-date Financial Results
In the twenty-four weeks ended June 17, 2018, net sales were $2,141.7 million, an increase of 4.7% as compared to $2,045.3 million in the same period of 2017. Net sales growth was driven by the net sales contribution of new stores and a 1.3% increase in comparable store sales. The increase in comparable store sales was attributable to a 1.6% decrease in comparable transaction count and a 2.9% increase in comparable average transaction size. 

Net sales for Smart & Final banner stores were $1,663.6 million, an increase of 3.9% as compared to $1,601.1 million in the first half of 2017. Year-to-date comparable store sales for the Smart & Final banner increased 0.4%.

Net sales for Smart Foodservice Warehouse banner stores were $478.1 million, a 7.6% increase as compared to $444.2 million in the same period of 2017. Year-to-date comparable store sales for the Smart Foodservice Warehouse banner increased 4.5%.

Net loss was $0.5 million, as compared to net income of $2.5 million in the first half of 2017, which included a tax benefit of $2.2 million. Net loss per diluted share was $0.01 as compared to net income per diluted share of $0.03 for the same period of 2017.

Adjusted net income was $8.6 million, as compared to $9.5 million in the first half of 2017. Adjusted net income per diluted share was $0.12, flat compared to the same period of 2017.

Adjusted EBITDA was $77.9 million, as compared to $72.5 million in the same period of 2017.

Growth and Development
During the fiscal second quarter of 2018, the Company relocated one legacy Smart & Final store and closed two legacy Smart & Final stores. The Company opened one new Smart Foodservice Warehouse store in the quarter. As of June 17, 2018, the Company operated a total of 322 stores, including 195 Smart & Final Extra! stores, 63 legacy format Smart & Final stores and 64 Smart Foodservice Warehouse stores.

Operating Stores at Quarter End (June 17, 2018)












 Smart & Final Banner Stores


 Smart
Foodservice
Warehouse
Banner
Stores


 Total
Company


Extra!
format


 Legacy
format


 Total



End of Fiscal Year 2017

194


66


260


63


323

New stores

-


-


-


1


1

Relocations, net

1


(1)


-


-


-

Conversions

-


-


-


-


-

Store Closures

-


(2)


(2)


-


(2)

End of 2nd Quarter 2018

195


63


258


64


322

Leverage and Liquidity
As of June 17, 2018, the Company's debt, net of debt issuance costs, was $677.2 million and cash and cash equivalents were $64.2 million.

During the twenty-four weeks ending June 17, 2018, the Company generated cash from operations of $65.3 million and invested $65.4 million in capital expenditures, primarily related to the improvement of existing assets.

Outlook
The Company is updating its previously issued guidance for the full year ending December 30, 2018, to reflect current store development expectations:


Previous Full Year
2018 Guidance

Updated Full Year
2018 Guidance

Net sales growth

4.0% - 5.0%

Unchanged

Comparable store sales growth

1.0% - 2.0%

Unchanged

Unit growth (new stores)

3-5 Smart & Final Extra! stores

3-5 Smart Foodservice Warehouse stores

5 Smart & Final Extra! stores

4 Smart Foodservice Warehouse stores

Relocations or expansions of legacy stores to Extra! format

3-5 Smart & Final stores

3-4 Smart & Final stores

Adjusted EBITDA

$180 - $190 million

Unchanged

Adjusted net income

$31 - $35 million

Unchanged

Adjusted diluted EPS

$0.42 - $0.47

Unchanged

Capital expenditures (net)

$80 - $90 million

Unchanged

Fully diluted weighted average shares

74 to 75 million

Unchanged

The above guidance includes certain non-GAAP financial measures (namely adjusted EBITDA, adjusted net income and adjusted net income per diluted share), which exclude certain costs and non-cash costs and provide investors with additional financial measures of the expected operating performance of the Company's business. The primary factors in reconciling these non-GAAP financial measures to comparable GAAP measures include the following: pre-opening costs associated with new stores of approximately $3.1 million, non-cash rent related to stores of approximately $4.2 million, share-based compensation expense of approximately $14.5 million, and $4.2 million of store closure expenses. The other amounts needed to reconcile these non-GAAP financial measures to comparable GAAP measures cannot be quantified and are not available without an unreasonable effort.

Fiscal Second Quarter 2018 Conference Call
The Company will host a conference call today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss its fiscal second quarter 2018 financial results. To participate in the call, please dial (877) 407-0784 (U.S.) or (201) 689-8560 (International) ten minutes prior to the start time. The conference call can also be accessed on the "For Investors" section of the Company's web site at www.smartandfinal.com.   

For those unable to participate during the live broadcast, a telephonic replay of the call will also be available beginning today at approximately 8:00 p.m. Eastern Time, by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and entering the replay pin number: 13681354. The telephonic replay will be available until 11:59 p.m. Eastern Time, August 8, 2018.

About Smart & Final
Smart & Final Stores, Inc. (NYSE:SFS), is a value-oriented food and everyday staples retailer, headquartered in Commerce (near Los Angeles), California. The Company offers quality products in a variety of sizes, saving household, nonprofit and business customers time and money. As of June 17, 2018, the Company operated 322 grocery and foodservice stores under the "Smart & Final," "Smart & Final Extra!" and "Smart Foodservice Warehouse Stores" banners in California, Oregon, Washington, Arizona, Nevada, Idaho, Montana and Utah, with an additional 15 stores in Northwestern Mexico operated through a joint venture. In business for over 146 years, the Company remains committed to giving back to local communities through employee volunteer opportunities and Company donations to local nonprofits.

Forward-Looking Statements
Certain statements contained in this release that are not historical information contain forward-looking statements. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or, in each case, their negative, or other variations or comparable terminology. The Company derives many of its forward-looking statements from its operating budgets and forecasts, which are based upon many detailed assumptions. While the Company believes that its assumptions are reasonable, it is difficult to predict the impact of known factors and, of course, it is impossible to anticipate all factors that could affect actual results. These factors are discussed in the special note concerning "Forward-Looking Statements," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business" sections and elsewhere in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

You should keep in mind that any forward-looking statement made by the Company herein, or elsewhere, speaks only as of the date on which made. New risks and uncertainties come up from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Smart & Final Stores, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

(In Thousands, Except Share and Per Share Amounts)


















Twelve Weeks Ended


Twenty-four Weeks Ended


June 17, 2018


June 18, 2017


June 17, 2018


June 18, 2017









Net sales 

$ 1,125,484


$  1,078,287


$  2,141,721


$  2,045,304

Cost of sales, buying and occupancy 

955,767


916,017


1,825,742


1,749,923

Gross margin 

169,717


162,270


315,979


295,381









Operating and administrative expenses 

150,572


143,062


298,002


278,736

Income from operations 

19,145


19,208


17,977


16,645









Interest expense, net 

9,664


8,335


18,915


16,509

Equity in earnings of joint venture 

373


47


950


214

Income before income taxes 

9,854


10,920


12


350









Income tax (provision) benefit 

(3,253)


(3,792)


(505)


2,186

Net income (loss)

$        6,601


$         7,128


$          (493)


$         2,536









Net income (loss) per share:








      Basic 

$          0.09


$           0.10


$         (0.01)


$           0.04

      Diluted 

$          0.09


$           0.09


$         (0.01)


$           0.03









Weighted average shares outstanding:








       Basic

72,658,662


72,573,681


72,444,916


72,430,786

       Diluted

73,374,180


76,251,510


72,444,916


76,478,054

 

Smart & Final Stores, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Amounts)










 June 17, 2018 


 December 31, 2017 


 (Unaudited) 



Assets 




Current assets: 




Cash and cash equivalents 

$          64,214


$                71,671

Accounts receivable, less allowances of $175 and $177 at 




June 17, 2018 and December 31, 2017, respectively 

31,970


33,019

Inventories 

284,998


289,712

Prepaid expenses and other current assets 

32,477


54,241

Total current assets 

413,659


448,643





Property, plant, and equipment: 




Land 

11,116


10,076

Buildings and improvements 

54,554


53,965

Leasehold improvements 

357,738


346,181

Fixtures and equipment 

436,546


421,912

Construction in progress 

32,043


8,242


891,997


840,376

Less accumulated depreciation and amortization 

380,206


338,149


511,791


502,227





Assets under capital leases

4,586


-

Capitalized software, net of accumulated amortization of 




$18,690 and $17,325 at June 17, 2018 and 




December 31, 2017, respectively 

28,065


21,984

Other intangible assets, net 

359,316


362,536

Goodwill 

385,918


385,918

Equity investment in joint venture 

16,378


15,380

Other assets 

79,529


73,249

Total assets 

$     1,799,242


$           1,809,937









Liabilities and stockholders' equity




Current liabilities: 




Accounts payable 

$        221,819


$              245,009

Accrued salaries and wages 

32,456


36,216

Accrued expenses 

113,269


100,639

Current portion of debt, less debt issuance costs

58,677


81,512

Total current liabilities 

426,221


463,376





Obligations under capital leases

4,586


-

Long-term debt, less debt issuance costs

618,482


617,867

Deferred income taxes 

39,853


38,095

Postretirement and postemployment benefits 

124,589


127,649

Other long-term liabilities 

175,452


159,904





Commitments and contingencies 








Stockholders' equity: 




Preferred stock, $0.001 par value; 




Authorized shares – 10,000,000 




Issued and outstanding shares – none


Common stock, $0.001 par value; 




Authorized shares – 340,000,000




Issued and outstanding shares - 75,934,423 and 74,120,113




  at June 17, 2018 and December 31, 2017, respectively

76


74

Additional paid-in capital 

513,631


506,098

Retained deficit

(78,653)


(78,160)

Accumulated other comprehensive loss

(24,995)


(24,966)

Total stockholders' equity 

410,059


403,046

Total liabilities and stockholders' equity 

$     1,799,242


$           1,809,937

 

Smart & Final Stores, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In Thousands)






Twenty-four Weeks Ended


June 17, 2018


June 18, 2017





Operating activities 




Net (loss) income

$             (493)


$          2,536

Adjustments to reconcile net (loss) income to net cash provided by operating activities: 




Depreciation 

27,607


25,989

Amortization 

18,810


18,008

Amortization of debt discount and debt issuance costs 

918


891

Share-based compensation

6,442


4,304

Deferred income taxes

1,805


524

Equity in earnings of joint venture 

(950)


(214)

(Gain) loss on disposal of property, plant, and equipment 

(31)


14

Asset impairment 

1,622


550

Changes in operating assets and liabilities: 




Accounts receivable, net 

1,049


(2,958)

Inventories

4,714


12,149

Prepaid expenses and other assets 

20,220


18,318

Accounts payable 

(23,190)


5,559

Accrued salaries and wages 

(3,760)


1,340

Other accrued liabilities 

10,554


8,128

Net cash provided by operating activities 

65,317


95,138





Investing activities 




Purchases of property, plant, and equipment 

(58,313)


(62,646)

Proceeds from disposal of property, plant, and equipment 

33


1,807

Investment in capitalized software 

(7,112)


(6,836)

Other 

(33)


(458)

Net cash used in investing activities 

(65,425)


(68,133)





Financing activities




Proceeds from exercise of stock options

1,430


3,626

Payment of minimum withholding taxes on net share settlement of share-based compensation awards

(339)


(1,524)

Fees paid in conjunction with debt financing

(137)


(123)

Borrowings on bank line of credit

42,000


38,000

Payments on bank line of credit

(65,000)


(52,000)

Cash received from landlords related to financing lease obligations

14,697


-

Stock repurchases

-


(5,994)

Net cash used in financing activities

(7,349)


(18,015)





Net (decrease) increase in cash and cash equivalents

(7,457)


8,990

Cash and cash equivalents at beginning of period

71,671


54,235

Cash and cash equivalents at end of period

$          64,214


$        63,225





Cash paid during the period for:




Interest 

$          16,421


$        11,012





Non-cash investing and financing activities




Software development costs incurred but not paid

$            4,005


$             340

Construction in progress costs incurred but not paid

20,463


9,634

Property acquired through capital and financing lease obligations

5,340


-

 

 Smart & Final Stores, Inc. and Subsidiaries 

 Segment Reporting 

 (In Thousands) 












 Smart & Final 


 Smart
Foodservice 


 Corporate /
Other 


 Consolidated 

 Twelve Weeks Ended June 17, 2018 









 Net sales 


$         868,457


$              257,027


$                          -


$     1,125,484

 Cost of sales, distribution and store occupancy 


734,123


219,546


2,098


955,767

 Operating and administrative expenses 


115,868


18,873


15,831


150,572

 Income (loss) from operations 


$           18,466


$                18,608


$               (17,929)


$          19,145



















 Capital expenditures 


$           25,177


$                  6,961


$                  4,286


$          36,424





































 Twelve Weeks Ended June 18, 2017 









 Net sales 


$         836,134


$              242,153


$                          -


$     1,078,287

 Cost of sales, distribution and store occupancy 


706,610


207,372


2,035


916,017

 Operating and administrative expenses 


107,796


17,441


17,825


143,062

 Income (loss) from operations 


$           21,728


$                17,340


$               (19,860)


$          19,208



















 Capital expenditures 


$           33,830


$                  3,501


$                  3,057


$          40,388






























 Smart & Final 


 Smart
Foodservice 


 Corporate /
Other 


 Consolidated 

 Twenty-four Weeks Ended June 17, 2018 









 Net sales 


$      1,663,649


$              478,072


$                          -


$     2,141,721

 Cost of sales, distribution and store occupancy 


1,412,738


409,017


3,987


1,825,742

 Operating and administrative expenses 


225,437


36,669


35,896


298,002

 Income (loss) from operations 


$           25,474


$                32,386


$               (39,883)


$          17,977



















 Capital expenditures 


$           49,036


$                  8,231


$                  8,158


$          65,425





































 Twenty-four Weeks Ended June 18, 2017 









 Net sales 


$      1,601,103


$              444,201


$                          -


$     2,045,304

 Cost of sales, distribution and store occupancy 


1,363,402


382,505


4,016


1,749,923

 Operating and administrative expenses 


211,702


33,607


33,427


278,736

 Income (loss) from operations 


$           25,999


$                28,089


$               (37,443)


$          16,645



















 Capital expenditures 


$           54,804


$                  6,374


$                  8,304


$          69,482

Non-GAAP Financial Measures

To supplement the Company's financial information presented in accordance with GAAP, the Company uses certain non-GAAP financial measures (namely EBITDA and adjusted EBITDA, adjusted net income, adjusted net income per share, and adjusted net income per diluted share) to evaluate our operating and financial performance and to compare such performance to that of prior periods. We also use these non-GAAP financial measures in making operational and financial decisions and in establishing operational goals. We believe that providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, helps investors to (i) evaluate our operating and financial performance and future prospects, (ii) compare financial results across accounting periods, (iii) better understand the long-term performance of our core business and (iv) evaluate trends in our business, all consistent with how management evaluates such performance and movements. The Company defines EBITDA as net income (loss) before depreciation and amortization, interest expense and provision (benefit) for income tax, and adjusted EBITDA as EBITDA adjusted for the items set forth in the table below.  The Company defines adjusted net income as net income adjusted for the items set forth in the table below. The Company defines adjusted net income per share as adjusted net income divided by the weighted average basic shares outstanding. The Company defines adjusted net income per diluted share as adjusted net income divided by the weighted average diluted shares outstanding.

Use of these non-GAAP measures may differ from similar measures reported by other companies. Each of these non-GAAP measures has its limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP.

The following tables present reconciliations of net income (loss) to EBITDA, adjusted EBITDA and adjusted net income, and net income (loss) per share to adjusted net income per share and adjusted net income per diluted share, for the twelve-week and twenty-four week periods ended June 17, 2018 and June 18, 2017.

 Smart & Final  Stores, Inc. and Subsidiaries 

 Reconciliation of Net Income (Loss) to Non-GAAP Adjusted EBITDA 

 (Unaudited) 

 (In Thousands) 










Twelve Weeks
Ended June 17,
2018


Twelve Weeks
Ended June 18,
2017


Twenty-four
Weeks Ended
June 17, 2018


Twenty-four
Weeks Ended
June 18, 2017

 Net income (loss) 

$           6,601


$           7,128


$           (493)


$         2,536

 Depreciation and amortization  

23,125


22,314


46,417


43,997

 Interest expense, net 

9,664


8,335


18,915


16,509

 Income tax provision (benefit)  

3,253


3,792


505


(2,186)

 EBITDA 

42,643


41,569


65,344


60,856









 Adjustments to EBITDA 








 Net loss from closed stores and exit costs (a) 

1,434


891


1,525


1,281

 Loss from asset dispositions (b) 

196


300


1,614


628

 Share-based compensation expense (c) 

3,158


2,489


6,443


4,304

 Non-cash rent (d) 

1,552


1,571


2,755


3,126

 Pre-opening costs (e) 

483


1,196


414


2,173

 Other items (f) 

(200)


25


(200)


81

 Adjusted EBITDA 

$         49,266


$         48,041


$       77,895


$       72,449

 

 Smart & Final  Stores, Inc. and Subsidiaries 

 Reconciliation of Net Income (Loss) to Non-GAAP Adjusted Net Income 

 (Unaudited) 

 (In Thousands, Except Share and Per Share Amounts) 










Twelve Weeks
Ended June 17,
2018


Twelve Weeks
Ended June 18,
2017


Twenty-four
Weeks Ended
June 17, 2018


Twenty-four
Weeks Ended
June 18, 2017

 Net income (loss) 

$           6,601


$           7,128


$           (493)


$         2,536

 Income tax provision (benefit) 

3,253


3,792


505


(2,186)

 Income before income taxes 

9,854


10,920


12


350









 Adjustments to net income (loss) 








 Net loss from closed stores and exit costs (a) 

1,434


891


1,525


1,281

 Loss from asset dispositions (b) 

196


300


1,614


628

 Share-based compensation expense (c) 

3,158


2,489


6,443


4,304

 Non-cash rent (d) 

1,552


1,571


2,755


3,126

 Pre-opening costs (e) 

483


1,196


414


2,173

 Other items (f) 

(200)


25


(200)


81

 Adjusted income tax provision 

(5,084)


(6,365)


(3,975)


(2,422)

 Adjusted net income 

$         11,393


$         11,027


$         8,588


$         9,521









Adjusted Net Income Per Share
















Net income (loss) per share - basic

$             0.09


$             0.10


$          (0.01)


$           0.04

Per share impact of net income adjustments

0.07


0.05


0.13


0.09

Adjusted net income per share - basic

$             0.16


$             0.15


$           0.12


$           0.13

Net income (loss) per share - diluted

$             0.09


$             0.09


$          (0.01)


$           0.03

Per share impact of net income adjustments

0.07


0.05


0.13


0.09

Adjusted net income per share - diluted

$             0.16


$             0.14


$            0.12


$           0.12









Weighted average shares - basic

72,658,662


72,573,681


72,444,916


72,430,786

Weighted average shares - diluted

73,374,180


76,251,510


73,821,732


76,478,054


(a)  Represents costs associated with store closure and exit costs.

(b)  Represents non-cash loss associated with asset dispositions and impairment charges.

(c)  Represents expenses associated with the Company's equity-based incentive award program.

(d)  Represents non-cash component of recognized rent expense. 

(e)  Represents new store and relocation opening costs consisting primarily of rent, utilities, distribution, store labor and advertising.

(f)  Represents severance costs in the twelve and twenty-four week periods ended June 17, 2018 and June 18, 2017.

 

(PRNewsfoto/Smart & Final) (PRNewsfoto/Smart & Final)

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/smart--final-stores-inc-reports-second-quarter-2018-financial-results-300686578.html

SOURCE Smart & Final Stores, Inc.

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