Last $3.77 USD
Change Today -0.09 / -2.33%
Volume 141.7K
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As of 12:08 PM 11/28/14 All times are local (Market data is delayed by at least 15 minutes).

fairway group holdings corp (FWM) Key Developments

Fairway Group Holdings Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended September 28, 2014

Fairway Group Holdings Corp. reported unaudited consolidated earnings results for the second quarter and six months ended September 28, 2014. For the quarter, the company reported net sales of $193,979,000 compared to $183,215,000 a year ago. Loss from operations was $11,462,000 compared to $6,421,000 a year ago. Loss before income taxes was $16,295,000 compared to $11,420,000 a year ago. Net loss attributable to common stockholders was $17,235,000 or $0.40 basic and diluted per share compared to $12,224,000 or $0.30 basic and diluted per share a year ago. Adjusted EBITDA was $6.7 million for the second quarter of fiscal 2015 compared to $10.6 million in the second quarter of fiscal 2014. Net sales growth in the quarter was attributable to the three new stores that were opened subsequent to the first quarter of fiscal 2014. The sales growth in the quarter was partially offset by negative same store sales. Same store sales declined 3.9% in the quarter compared to the second quarter of fiscal 2014. On a quarter sequential basis, the decrease in the same store sales from negative 1.7% in the first quarter of fiscal 2015 to negative 3.9% in the second quarter of fiscal 2015 is primarily due to the full quarter impact of lost sales at Red Hook, Brooklyn location as a result of a competitive opening. The increase in the net loss was primarily attributable to lower gross margins, increases in direct store expenses, equity compensation expense, severance expense and production center start-up costs. Adjusted net loss was $9,146,000 compared to $5,988,000 a year ago. The decrease in adjusted EBITDA was primarily attributable to the lower gross margins, an increase in Central Services and lower contribution from the Red Hook store. Total CapEx for the quarter was $10.6 million, inclusive of $3.8 million in connection with Lake Grove and $5 million in connection with the new production facility. For the six months period, the company reported net sales of $392,247,000 compared to $369,993,000 a year ago. Loss from operations was $15,433,000 compared to $26,579,000 a year ago. Loss before income taxes was $25,044,000 compared to $36,963,000 a year ago. Net loss attributable to common stockholders was $26,929,000 or $0.62 basic and diluted per share compared to $84,300,000 or $2.23 basic and diluted per share a year ago. Net cash provided by operating activities was $5,165,000 compared to net cash used in operating activities of $13,216,000 a year ago. Capital expenditures were $24,923,000 compared to $26,465,000 a year ago.

Fairway Group Holdings Corp. to Report Q2, 2015 Results on Nov 06, 2014

Fairway Group Holdings Corp. announced that they will report Q2, 2015 results at 4:30 PM, US Eastern Standard Time on Nov 06, 2014

Fairway Group Holdings Corp., Q2 2015 Earnings Call, Nov 06, 2014

Fairway Group Holdings Corp., Q2 2015 Earnings Call, Nov 06, 2014

Fairway Group Holdings Corp. Appoints Dorothy Carlow as Chief Merchandising Officer, Effective November 3, 2014

Fairway Group Holdings Corp. announced that Dorothy Carlow will be joining the company as Chief Merchandising Officer, effective November 3. Ms.Carlow will lead the merchandising team and the company's buying and sales strategies. She will also be working with the marketing department to amplify and develop programs and promotions that articulate and bring to life Fairway's very unique value proposition. Carlow comes to Fairway from her most recent position as Chief Merchandising Officer of Earth Fare. At Fairway, she will report directly to Jack Murphy, Chief Executive Officer.

Fairway Group Holdings Corp. Announces Executive Changes

Fairway Group Holdings Corp. announced that Jack Murphy, a seasoned retail executive with strong experience in specialty food retailing, has been named Chief Executive Officer of the company. Mr. Murphy was a co-founder of natural foods grocer Fresh Fields Inc. before it was sold to Whole Foods Inc., and most recently he served as Chief Executive Officer of Earth Fare Inc. Bill Sanford, who was appointed Interim Chief Executive Officer in February while the company undertook a search for a new CEO, has decided to leave the company to pursue other interests.

 

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