GREENSBORO, N.C. — The Fresh Market here on Thursday said profits fell in the first fiscal quarter, compared with a year ago, although sales were up 10% and comparable-store sales rose 4.1%.
The company reported net income of $13.5 million, down about 32% from $19.9 million a year ago, when it reported taxes differently. Pro forma net income for year-ago quarter was $12.2 million. The company also said it incurred about $1.1 million in expenses in the recent quarter related to a recent stock offering.
Sales in the most recent quarter totaled $264.5 million. The 4.1% comp-sales increase resulted from a 1.7% increase in number of transactions and a 2.4% increase in average basket size, the company said, marking its fifth consecutive quarter of growth in both number of transactions and basket size.
The company operated 101 locations in 20 states at the end of the quarter, and it said it expects to open 12 to 14 new stores in the current fiscal year, weighted toward the back end of the year.