Fresh Market Q1 profit soars 43%; on track to open up to 16 stores in 2012

Greensboro, N.C. -- Fresh Market reported Wednesday that profit for the first quarter climbed 43% to $19.3 million, from $13.5 million in the year-ago period.



Revenue rose 23% to $324.8 million, compared with $264.5 million in the previous year and surpassing Wall Street’s expected $310.6 million in revenue. Same-store sales increased 8.2%. The strong performance across the board prompted the grocer to bump its outlook for the year.



For fiscal 2012, the company said it expects to open 14 to 16 new stores, as well as relocate one store and remodel two.