The Fresh Market announced unaudited sales and earnings results for the second quarter ended July 26, 2015. GAAP diluted earnings per share were $0.36, compared to $0.24 in Q2 2014.
Article continues below
Second quarter fiscal 2014 results include net store closure charges of $0.13 per diluted share.
Adjusted diluted earnings per share in the second quarter of fiscal 2015 were $0.36, compared to adjusted diluted earnings per share of $0.36 for the second quarter of fiscal 2014, which excluded net store closure charges of $0.13 per diluted share.
GAAP net income in the second quarter of fiscal 2015 was $17.5 million, compared to $11.4 million in the second quarter of fiscal 2014. Second quarter fiscal 2014 results include pre-tax net store closure charges of $9.8 million.
Adjusted EBITDA in the second quarter of fiscal 2015 was $46.4 million, compared to $46.2 million in the second quarter of fiscal 2014, an increase of 0.5%. Adjusted EBITDA for the second quarter of fiscal 2015 was 10.5% of net sales, compared to 10.9% of net sales in the second quarter of fiscal 2014. Adjusted EBITDA is a non-GAAP financial measure.
Net sales for the second quarter of fiscal 2015 increased 4.7% to $442.1 million and comparable store sales decreased 1.0% to $392.7 million from the second quarter of fiscal 2014.
Gross profit for the second quarter of fiscal 2015 increased 3.7%, or $5.3 million, to $149 million, compared to the second quarter of fiscal 2014. Gross margin for the second quarter of fiscal 2015 was 33.7%, compared to 34.0% in the second quarter of fiscal 2014.
The Company generated $14.8 million in cash flow from operations during the second quarter of fiscal 2015, compared to $12 million in the second quarter of the prior fiscal year, and ended the quarter with a cash balance of $73.4 million.
In August, the board authorized a $200 million stock repurchase program. The primary source of funds for stock repurchases will be cash flows from operations net of investing activities. ■