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Smart & Final Stores, Inc. Reports First Quarter 2018 Financial Results
COMMERCE, Calif. (May 2, 2018) Smart & Final Stores, Inc. (the Company) (NYSE:SFS), the value-oriented food and everyday staples retailer, today reported financial results for the fiscal first quarter ended March 25, 2018.
First Quarter Highlights:
· Net sales increased 5.1% to $1,016.2 million with a comparable store sales increase of 1.2%
· Gross margin increased 9.9%
· Adjusted EBITDA increased 17.3% to $28.6 million
· Net loss of $7.1 million or $0.10 per share
· Adjusted net loss of $2.8 million or $0.04 per share
· Expanded Smart & Final banner online channels by adding the Shop Smart & Final mobile app
· Launching transition of Cash & Carry banner to Smart Foodservice Warehouse Stores
There are a number of performance highlights to note in the quarter, including a year-over-year net sales increase of 5.1% and over 17% growth in adjusted EBITDA said David Hirz, president and chief executive officer. Despite continuing promotional activity within the grocery landscape, we were able to improve our gross margin rate driven by maturing new stores, merchandising initiatives aimed at both household and business customers, and the expansion of our marketing channels. Weve also been successfully growing our business customer sales, a key differentiator for us in the market.
Mr. Hirz continued, E-commerce sales increased over 85%, off a small base, and we have a robust plan for growing our e-commerce capabilities in both banners in 2018, with first quarter accomplishments including the launch of our Shop Smart & Final mobile app. We expect the development of our e-commerce and related offerings will support customer traffic, through both customer acquisition and retention, as adoption of this channel accelerates. Finally, were excited to announce the transition of the Cash & Carry Smart Foodservice banner to Smart Foodservice Warehouse Stores, which we believe better supports our brand messaging and value proposition, and reflects how our customers view us in the market.
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 loss, adjusted net loss per share, and adjusted net loss 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 First Quarter 2018 Financial Results
Net sales were $1,016.2 million in the 12-week quarter ended March 25, 2018, representing a 5.1% increase as compared to $967.0 million for the same period of 2017. Net sales growth was driven by a 1.2% increase in comparable store sales and by the net sales contribution of new stores. Comparable store sales growth was comprised of a 2.9% increase in comparable average transaction size, partially offset by a 1.7% decrease in comparable transaction count.
The following information was filed by Smart Final Stores, Inc. (SFS) on Wednesday, May 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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