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Smart & Final Stores, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results
COMMERCE, Calif. (March 13, 2019) 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 30, 2018.
Fourth Quarter Highlights:
· Net sales increased 3.2% to $1,102.4 million with a comparable store sales increase of 1.9%
· Gross margin increased 2.9% to $169.2 million
· Adjusted EBITDA of $41.5 million
· Net loss of $121.8 million or $1.66 per share, reflects non-cash valuation charges including goodwill impairment
· Adjusted net income of $6.0 million or $0.08 per share
Our fiscal 2018 performance was solid, with 3.7% year-over-year sales growth, while facing an environment with low rates of product price inflation and rising operating costs that created significant headwinds to earnings growth. In the fourth quarter we delivered our seventh consecutive quarter of positive comparable store sales, led by growth in both average transaction size and comparable transaction count, reflecting our unique assortment of business and club-pack items, our high-quality private label offerings, and convenient e-commerce options, said David Hirz, president and chief executive officer of the Company.
Mr. Hirz, continued, In 2019 we will continue to aggressively expand online options for both our small business and household customers, by introducing new e-commerce channels and order fulfillment options. Our vision will offer even greater levels of value and convenience to our target customers, at attractive economics, to capitalize on the significant growth in e-commerce that we continue to experience.
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 EBITDA, adjusted EBITDA, adjusted net income, adjusted net income per share, and adjusted net income per diluted share, 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 results below are first presented on a GAAP basis and then on a non-GAAP adjusted basis.
Fiscal Fourth Quarter 2018 Financial Results
Net sales were $1,102.4 million in the 12-week quarter ended December 30, 2018, representing a 3.2% increase as compared to $1,067.9 million for the same period of 2017. Net sales growth was driven by a 1.9% increase in comparable store sales and from the net sales contribution of new stores. Comparable store sales growth was comprised of a 1.7% increase in comparable average transaction size and a 0.2% increase in comparable transaction count.
The following information was filed by Smart Final Stores, Inc. (SFS) on Wednesday, March 13, 2019 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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