The Fresh Market Q3 Profit Misses Estimate

(RTTNews) - The Fresh Market, Inc. (TFM) reported net income for the third quarter of $14.9 million or $0.31 per share, compared to $11.1 million or $0.23 per share for the year-ago quarter.

Excluding adjustments to store closure and exit costs of $0.04 per share, adjusted earnings per share for the latest quarter was $0.27.

Net sales for the third quarter rose 15.1% to $419.45 million from $364.46 million a year ago and same-store sales increased 3.3%.

Analysts polled by Thomson Reuters expected the company to earn $0.28 per share on revenue of $413.25 million for the third quarter. Analysts' estimates typically exclude special items.

For the fiscal year 2014, the company now forecasts earnings of $1.39 to $1.47 per share and adjusted earnings of $1.56 to $1.64 per share. Previously, the company forecast earnings of $1.35 to $1.45 per share and adjusted earnings of $1.56 to $1.66 per share. Analysts currently expect the company to earn $1.57 per share for the fiscal year 2014.