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Smart & Final Stores, Inc. Reports Fourth Quarter and Full Year 2014 Financial Results
COMMERCE, Calif. (March 18, 2015) Smart & Final Stores, Inc. (the Company) (NYSE:SFS) today reported financial results for the fourth quarter and fiscal year ended December 28, 2014.
Fourth Quarter Highlights:
· Net sales increased 13.0% to $839.3 million
· Comparable store sales growth of 7.8%
· Net income of $9.3 million, or $0.12 per diluted share
· Adjusted net income increased 50.3% to $12.3 million, or $0.16 per diluted share
· Adjusted EBITDA increased 7.4% to $41.3 million
Full Year Highlights:
· Net sales increased 10.1% to $3,534.2 million
· Comparable store sales growth of 6.3%
· Net income of $33.1 million, or $0.52 per diluted share
· Adjusted net income increased 45.9% to $46.5 million, or $0.73 per diluted share
· Adjusted EBITDA increased 7.2% to $176.1 million
· 254 stores at year-end, including 98 Smart & Final Extra! stores
2014 was an exciting year for Smart & Final. We delivered record financial results, continued our accelerated store expansion program and successfully completed our initial public offering, said Dave Hirz, President and Chief Executive Officer. Performance across both the Smart & Final and Cash & Carry store banners was strong, driven by our ongoing merchandising and marketing efforts and consistent store level execution. Smart & Final Extra! continues to be the key to our new store growth, and, as planned, we completed twice as many new store openings and conversions to Extra! in 2014 as compared to the prior year.
Mr. Hirz continued, Looking ahead, in 2015 we plan to continue our accelerated pace of new store openings and believe that our strong performance in comparable store sales, competitive positioning, and real estate development pipeline provide the foundation for strong operating and financial performance.
In order to aid understanding of the Companys business performance, it has presented results in conformity with accounting principles generally accepted in the United States (GAAP) and has also presented adjusted net income, adjusted net income per share, adjusted net income per diluted share, EBITDA and adjusted EBITDA, which are non-GAAP measures that are explained and reconciled to the comparable GAAP measures in the tables included in this release. Where applicable, the numbers below are first presented on a GAAP basis and then on an adjusted basis.
The following information was filed by Smart Final Stores, Inc. (SFS) on Wednesday, March 18, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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