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Smart & Final Stores, Inc. Reports Second Quarter 2018 Financial Results
COMMERCE, Calif. (July 25, 2018) Smart & Final Stores, Inc. (the Company) (NYSE:SFS), the value-oriented food and everyday staples retailer, today reported financial results for the fiscal second quarter ended June 17, 2018.
Second Quarter Highlights:
· Net sales increased 4.4% to $1,125.5 million with a comparable store sales increase of 1.3%
· Business customer sales penetration in the Smart & Final banner increased to 30.1% of sales
· Gross margin increased 4.6% to $169.7 million
· Adjusted EBITDA increased 2.5% to $49.3 million
· Net income of $6.6 million or $0.09 per share
· Adjusted net income of $11.4 million or $0.16 per share
In the second quarter, we were pleased to deliver positive comparable store sales in both our Smart & Final and Smart Foodservice Warehouse store banners. This reflects how our unique assortment of business and club-pack items, our high-quality private label offerings, and rapidly expanding e-commerce channels resonate with shoppers, said David Hirz, president and chief executive officer. While investing in customer service initiatives, we also expanded merchandise margins, grew adjusted EBITDA, and reduced outstanding debt, resulting in an improved financial leverage ratio at quarter-end.
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 Second Quarter 2018 Financial Results
Net sales were $1,125.5 million in the 12-week quarter ended June 17, 2018, representing a 4.4% increase as compared to $1,078.3 million for the same period of 2017. Net sales growth was driven by a 1.3% increase in comparable store sales and from the net sales contribution of new stores. Comparable store sales growth was comprised of a 2.8% increase in comparable average transaction size, partially offset by a 1.4% decrease in comparable transaction count.
Net sales for Smart & Final banner stores were $868.5 million, a 3.9% increase as compared to $836.1 million for the same period of 2017. Comparable store sales growth for the Smart & Final banner was 0.8% in the second quarter.
Net sales for Smart Foodservice Warehouse banner stores were $257.0 million, a 6.1% increase as compared to $242.2 million for the same period of 2017. Comparable store sales growth for the Smart Foodservice Warehouse banner was 3.3% in the second quarter.
The following information was filed by Smart Final Stores, Inc. (SFS) on Wednesday, July 25, 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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