Exhibit 99.1

 

 

Smart & Final Stores, Inc. Reports Fourth Quarter and Full Year 2017 Financial Results

 

COMMERCE, Calif. (March 14, 2018) – 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 December 31, 2017.

 

Fourth Quarter Highlights:

 

·                  Net sales increase of 6.7% to $1,068 million driven by comparable store sales increase of 3.2%.

 

·                  Online options for both business and household customers, including delivery or in-store pickup options, available in over 85% of Smart & Final banner stores.

 

·                  Net loss of $146.6 million in fourth quarter reflects non-cash goodwill impairment charge of $180 million.

 

·                  Adjusted net income of $11.3 million or $0.15 per diluted share and adjusted EBITDA of $49.1 million.

 

·                  Named one of Fortune’s “Most Admired Companies” for second consecutive year.

 

“We have a differentiated position in the evolving retail marketplace and our unique store operating model enables us to maintain our position as a low-cost leader serving multiple sales channels,” said David Hirz, president and chief executive officer. “We are pleased with our strengthening comparable store sales trends, which represent the third consecutive quarter of comp growth. This reflects the success of our merchandising initiatives aimed at both household and business customers with an emphasis on our natural and organic, private label and club-size items. These initiatives, combined with our efforts in strategic sourcing and pricing, contributed to a gross margin rate expansion in the fourth quarter, despite ongoing promotional activity within the grocery landscape.”

 

Mr. Hirz continued, “Over the course of 2017, we accelerated the expansion of our online sales channel and delivery offerings, with over 85% of our Smart & Final banner stores offering delivery or in-store pickup at year-end.  While we remain focused on our strong brick-and-mortar stores with two successful store banners, we are increasingly focused on digital channels for brand marketing and customer transaction options.  In 2018, we plan to make additional investments in our infrastructure to position all of our sales channels for continued success.”

 

1


The following information was filed by Smart Final Stores, Inc. (SFS) on Wednesday, March 14, 2018 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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