Correction: corrects headline and first paragraph to say earnings missed Street expectations; adds stock movement
Fresh Market, Inc. (TFM) Wednesday reported a slight rise in profit for its third quarter, helped mainly by higher revenues. However, earnings per share missed analysts expectation. Shares are currently down more than 15 percent.
Net income for the quarter totaled $10.9 million or $0.23 per share, up from $9.2 million or $0.19 per share in the same period last year.
On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues increased to $321.5 million from $263.3 million last year. Analysts expected revenues of $318.67 million.
Looking ahead to the fiscal year 2012, the company forecast earnings in the range of $1.33 to $1.38 per share. Analysts expect earnings of $1.38 per share.
For the full year, the company expects its same store sales to rise 5.5 to 6.5 percent
TFM is currently trading at $50.98, down $9.30 or 15.41 percent on a volume of 3.34 million shares.
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