New York - Fairway Group Holdings Corp., the parent company of Fairway Market, shrank its net loss to $9.7 million in the first quarter of fiscal 2015 compared to $27.95 million in the same quarter the prior year. Declining general and administrative expenses, resulting from the elimination of IPO- and consultant-related fees from the first quarter of fiscal 2014, helped reduce net loss.
Fairway Group plans to open a new 50,000-sq.-ft. Fairway Market store in the Staten Island Mall in Staten Island, N.Y., by the end of 2017. The store is a key part of the mall’s expansion plans.
Net sales increased 6.2%, to $198.3 million from $186.8 million in the first quarter of fiscal 2014. Net sales growth in the quarter was attributable to two new stores, partially offset by negative same store sales growth of 1.7%.