Please wait while we load the requested 10-Q report or click the link below:
Smart & Final Stores, Inc. Reports First Quarter 2019 Financial Results
COMMERCE, Calif. (May 1, 2019) 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 24, 2019.
First Quarter Highlights:
· Net sales increased 2.8% to $1,044.8 million, with a comparable store sales increase of 2.2%
· Gross margin increased 7.0% to $156.3 million
· Adjusted EBITDA increased 3.6% to $29.6 million
· 2019 Guidance withdrawn due to pending Apollo Global Management tender offer
We had a strong start to the year, with sales growth of 2.8% despite a challenging operating environment characterized by low product price inflation and severe weather in many of our market areas, said David Hirz, president and chief executive officer. Our comparable store sales growth of 2.2% highlights the value of our differentiated store banners focused on both business and household customers, growth of our private label offerings, our unique warehouse and club-pack assortments, and the success of our ongoing customer service initiatives. We remain dedicated to enhancing our customers shopping experience both in-store and online through our investment in innovative new technology and merchandising programs.
Mr. Hirz continued, On April 16, 2019, we announced an agreement to be acquired by funds managed by affiliates of Apollo Global Management. The proposed transaction, which is supported by our majority shareholder, is a testament to the strength of our franchise and the talent and expertise of our associates. We look forward to closing the transaction and benefitting from Apollos strategic guidance to help accelerate our business strategy and the growth of our two distinct banners as we begin a new chapter in our almost 150 year-long history.
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 2019 Financial Results
Net sales were $1,044.8 million in the 12-week quarter ended March 24, 2019, representing a 2.8% increase as compared to $1,016.2 million for the same period of 2018. Net sales growth was driven by a 2.2% increase in comparable store sales and by 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 0.4% increase in comparable transaction count.
The following information was filed by Smart Final Stores, Inc. (SFS) on Wednesday, May 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Smart Final Stores, Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Smart Final Stores, Inc..