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Smart & Final Stores, Inc. Reports Fourth Quarter and Full Year 2016 Financial
COMMERCE, Calif. (March 8, 2017) Smart & Final Stores, Inc. (the Company) (NYSE:SFS), the value-oriented food and everyday staples retailer, today reported financial results for the fiscal fourth quarter and full year ended January 1, 2017.
Full Year Highlights:
· Net sales increase of 9.3% to $4,341.8 million
· Comparable store sales decrease of 0.5%, including impacts of deflation and cannibalization
· Net income of $12.9 million, or $0.17 per diluted share
· Adjusted net income of $42.2 million, or $0.54 per diluted share
· Adjusted EBITDA of $180.3 million
We are pleased with our performance in 2016, which marks a period of unprecedented store growth, said David Hirz, President and Chief Executive Officer. Our 2016 store development included the successful integration of a major acquisition resulting in the largest number of new Smart & Final Extra! stores in a single year in the Companys history, and we simultaneously expanded our Cash & Carry banner. We continue to build upon our differentiated brand message as the one-stop shop for business and household needs, and to communicate Smart & Finals unique banner propositions to both new and existing customers.
Mr. Hirz added, 2016 was not without its challenges as the continued effects of deflation and anticipated impacts from cannibalization pressured comparable store sales growth and earnings. Looking ahead to 2017, we expect these pressures to ease as we move through the year and that, when combined with our merchandising and marketing initiatives, will position us to return to positive comparable store sales growth in 2017.
The Companys fiscal year and fiscal fourth quarter ended January 1, 2017 comprised 52-week and 12-week periods respectively, and the Companys fiscal year and fiscal fourth quarter ended January 3, 2016 comprised 53-week and 13-week periods, respectively. For comparability of net sales between periods, the Company includes in the presentation below consistent 52-week and 12-week comparisons, calculated by excluding the first week of the 53-week and 13-week periods, respectively.
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 8, 2017 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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