Specialty grocery retailer The Fresh Market, Inc. (TFM) Wednesday reported a rise in profit for the fourth quarter on the back of higher sales for the period. Earnings per share however, missed analyst expectations. The company also provided outlook for the coming fiscal year.
For the period, the firm posted net earnings of $20.64 million or $0.43 per share, up from $18.25 million or $0.38 per share last year.
Sixteen analysts on average polled by Thomson Reuters estimated earnings per share of $0.44 for the quarter. Analysts estimates typically exclude one-time items.
Revenue for the quarter climbed to $369.85 million from $320.77 million last year, but missed estimates of $379.85 million.
The company further said, for fiscal 2013, it expects to increase comparable store sales 2 to 4 percent and sees earnings per share of $1.51 to $1.58, assuming an effective tax rate of 37.0 percent, where earnings per share in the second half of fiscal 2013 exceed earnings per share in the first half of the year.
Analysts are looking for earnings per share of $1.68 for the full-year.
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