Fairway Group Q1 Loss Widens - Quick Facts

(RTTNews) - Fairway Group Holdings Corp. (FWM) reported a significantly wider first-quarter net loss of $27.9 million, compared with a $3.9 million loss last year, with quarterly net loss attributable to common stock holders widening to $72.08 million, from a $10.56 million loss a year ago. On an adjusted basis, net loss for the recent three-month period amounted to $3.8 million.

Loss per share for the period was $2.11, wider than a $0.86 loss in the previous year.

For the first quarter of fiscal 2014, net sales increased 21% year-over-year to $187.8 million, from $154.68 million. Same-store sales in the quarter rose 1.4% over last year, with customer transactions rising 0.8% and basket size improving 0.5%.

Adjusted EBITDA went up 12% to $12.7 million, from $11.3 million in the first quarter of fiscal 2013, due mainly to the contribution from new stores, gross margin improvement and the continued leveraging of Central Services expenses.