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Realignment increases loss at Fairway Market; new CEO, CMO named


New York –- Corporate realignment costs, particularly severance, increased net loss at Fairway Group Holdings Corp., the parent company of Fairway Market, during the second quarter of fiscal 2015. Net loss grew to $17.23 million from $12.22 million.

Net sales grew 6% to $194 million from $183.2 million. Net sales growth in the quarter was attributable to the three new stores that were opened subsequent to the first quarter of fiscal 2014 and partially offset by a same-store sales reduction of 3.9%.

During the second quarter the company named Jack Murphy, co-founder of Fresh Fields Inc. and former CEO of Earth Fare Inc., as CEO. Dorothy Carlow, former chief merchandising officer at Earth Fare, has also joined the company as chief merchandising officer.

"With regard to our second quarter, we had a challenging July and August but improved our performance in September,” said Ed Arditte, co-president and CFO. “Under Jack's leadership, we continue to focus on a number of key areas to improve our results as we move forward."
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