Greensboro, N.C. -- The Fresh Market posted weaker than expected sales and earnings for its third quarter. The upscale grocer also reduced its guidance for the year.
For the 13-week quarter ended Oct. 27, net income was up some 1.8%, to $11.1 million.
Net sales grew 13.4%, to $364.5 million. Comparable-store sales increased 3.1%.
“We continued to invest in our growth strategy this quarter as we opened 10 new stores in seven states, from Florida to California,” said president and CEO Craig Carlock. “Entering the final quarter of the year, I believe we are well-positioned to deliver store unit growth in excess of 17% and open a record 22 new stores this fiscal year.”