Rapidly growing food retailer The Fresh Market experienced a bit of a hiccup with its third quarter results, but president and CEO Craig Carlock contends the company’s long term vision remains intact.
Sales at the 128 unit retailer increased 22.1% to $321.5 million and profits increased 19% to $10.9 million, but analysts were looking for stronger profits and lower expenses. Some also believed the company’s relatively young store base should have produced a same store sales increase stronger than the 5.6% figure the company reported.
Carlock defended the performance and maintained a 5.6% comp was a solid increase considering same store sales grew by a similar amount during the third quarter the prior year.
"Our comparable store sales grew 5.6%, and importantly, customer transactions grew nicely even as we cycled on solid transaction growth during last year's third quarter," Carlock said. "Additionally, during the quarter, we opened six new stores, including our first California store. Su