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The Fresh Market Plans 22 New Store Openings for Fiscal Year

The Fresh Market Plans 22 New Store Openings for Fiscal Year


During The Fresh Market’s Third Quarter Earnings Conference Call, the company announced that it is seeking to expand its footprint with 22 new store openings this fiscal year, despite challenging economic conditions.

Craig Carlock, President and CEO, said, “We continued to invest in our growth strategy this quarter as we opened ten new stores in seven states, from Florida to California. Entering the final quarter of this year, I believe we are well-positioned to deliver store unit growth in excess of 17% and open a record 22 new stores this fiscal year.”

During its third quarter, The Fresh Market reported a 13.4% increase in net sales to $364.5 million, while comparable store sales increased 3.1% to $308.7 million compared to the same period last year. The company has experienced an unanticipated sales slowdown across its store base, which it attributes to changing economic conditions and softening consumer confidence, according to a press release.

“Our base business continues to perform well, although we experienced increasingly challenging economic conditions as the quarter progressed,” continued Carlock. “Even under these conditions, comparable store sales growth exceeded three percent this quarter and gross margin continued to expand.”

How will The Fresh Market continue to perform with these new store openings?

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The Fresh Market