Smart & Final Stores had net sales of $905.1 million, a 9.3% increase as compared to $828.1 million in the same period of 2014. Net sales growth was driven by a 3.5% increase in comparable store sales and from the net sales contribution of new stores. The growth in comparable store sales was comprised of approximately a 4.2% increase in comparable transaction count and a 0.6% decrease in comparable average transaction size.
Net sales for Smart & Final banner stores were $687.4 million, a 10.3% increase as compared to $623.1 million in the same period of 2014. Comparable store sales growth for the Smart & Final banner was 3.2% in the second quarter.
Net sales for Cash & Carry banner stores were $217.8 million, a 6.2% increase as compared to $205.0 million in the same period of 2014. Comparable store sales growth for the Cash & Carry banner was 4.7% in the second quarter.
Gross margin from operations was $141.6 million, a 10.5% increase as compared to $128.2 million in the same period of 2014. Net income was $11.0 million, as compared to $11.1 million in the same period of 2014.
Net income was $11.0 million, as compared to $11.1 million in the same period of 2014. Net income per diluted share was $0.14 as compared to $0.19 in the same period of 2014.
Adjusted net income was $16.9 million, an increase of 14.2% as compared to $14.8 million for the same period of 2014. Adjusted net income per diluted share was $0.22 as compared to $0.25 in the same period of 2014, and reflects an increase of approximately 17.6 million fully diluted shares, including shares issued in the Company’s September 2014 initial public offering.
During the second quarter of fiscal 2015, the Company opened five new Smart & Final Extra! stores and completed four conversions of legacy Smart & Final stores to the Smart & Final Extra! format, including one store relocation. Check Smart & Final Weekly Ad
The Company operates a total of 111 Smart & Final Extra! and 99 legacy Smart & Final stores, and 53 Cash & Carry stores.
About Smart & Final
Smart & Final Stores, Inc. (NYSE: SFS), is a value-oriented food and everyday staples retailer that serves household and business customers. The Company is headquartered in Commerce (located in Los Angeles), CA, where it was founded over 140 years ago. As of June 14, 2015, the Company operated 263 grocery and foodservice stores under the “Smart & Final”, “Smart & Final Extra!” and “Cash & Carry Smart Foodservice” banners in California, Oregon, Washington, Arizona, Nevada, and Idaho, with an additional 15 stores in northern Mexico operated through a joint venture.
Source: Smart & Final Stores, Inc.
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