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Cannibalization, competition ding Fairway Q1 sales
Fairway Group Holdings said Thursday that same-store sales declined by 1.7% in the fiscal first quarter due in part to sales cannibalization from new Fairway stores and the impact of a recent competitive opening.
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Fairway Group Holdings said Thursday that same-store sales declined by 1.7% in the fiscal first quarter due in part to sales cannibalization from new Fairway stores and the impact of a recent competitive opening.
Total sales for the quarter, which ended June 29, totaled $198.3 million, an increase of 6.2% from the same period a year ago. Net sales growth was attributable to two new stores that opened during the period, offset by the decline in comps. Fairway posted adjusted EBITDA of $11.1 million and a quarterly net loss of $27.9 million.
Officials said sales and adjusted EBITDA were slightly above expectations, while profits as a percent of sales (31%) were lower than anticipated.
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