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Smart & Final Stores, Inc. Reports Third Quarter 2017 Financial Results
COMMERCE, Calif. (November 15, 2017) Smart & Final Stores, Inc. (the Company) (NYSE:SFS), the value-oriented food and everyday staples retailer, today reported financial results for the fiscal third quarter ended October 8, 2017.
Third Quarter Highlights:
· Net sales increase of 4.5% to $1,457.4 million
· Comparable store sales increase of 1.5%
· Net income of $5.1 million, or $0.07 per diluted share
· Adjusted net income of $12.9 million, or $0.17 per diluted share
· Adjusted EBITDA of $62.9 million, an increase of 10%
Our third quarter financial performance demonstrates improving fundamentals despite a challenging industry environment, said David Hirz, President and Chief Executive Officer. We are encouraged by our 4.5% increase in net sales and 1.5% growth in comparable store sales, the second consecutive quarter of positive comparable store sales in 2017. Our stable gross margin rate and low-cost operating model helped to deliver a 10% increase in adjusted EBITDA over the prior year quarter.
Mr. Hirz continued, Smart & Final has a long history of business evolution and were well positioned to support our customers needs today and in the future. Weve invested to provide customers with digital ordering and delivery platforms to allow for greater flexibility in shopping from our unique, value-oriented assortment. Looking forward to 2018, we are planning a disciplined approach to capital investment, with more modest unit growth to realize the benefits of the significant investments made in new stores in the last couple of years. As a result, we expect that our debt-to-EBITDA leverage ratio will continue to improve.
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 Third Quarter 2017 Financial Results
Net sales were $1,457.4 million in the 16-week quarter ended October 8, 2017, representing a 4.5% increase as compared to $1,394.4 million for the same period of 2016. Net sales growth was driven by a 1.5% increase in comparable store sales and from the net sales contribution of new stores. Comparable store sales growth was comprised of a 1.5% increase in comparable average transaction size and a 0.1% increase in comparable transaction count, including the effect of cannibalization from new stores.
The following information was filed by Smart Final Stores, Inc. (SFS) on Wednesday, November 15, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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