Smart & Final to open 16 new stores

Smart & Final Stores Inc. credited strong merchandising and marketing initiatives with the retailer's impressive jump in same store sales for the first quarter.

The companyreported earnings of $4.9 million in its first quarter, compared with a profit of $2.5 million last year. Revenue for the period ended March 22 rose 11.9% to $822.2 million. Same-store sales climbed 6.1%.



"The year is off to a strong start, with Smart & Final Stores delivering against our business plans and financial objectives,” said Dave Hirz, President and Chief Executive Officer. “Once again, sales performance across both of our banners was strong, resulting in a 6.1% total company comparable store sales increase. Underlying our robust sales performance is the expansion of our Smart & Final Extra! stores and our supporting slate of merchandising and marketing initiatives," said Dave Hirz, president and CEO.



By banner, net sales for Smart & Final were $628.8 million, an 11.9% increase as compared to $561.9 million in the same period of 2014. Comparable store sales growth for the Smart & Final banner was 4.9% in the first quarter.



Net sales for Cash & Carry banner stores were $193.3 million, an 11.7% increase as compared to $173.1 million in the same period of 2014. Comparable store sales growth for the Cash & Carry banner was 10.2% in the first quarter.



The grocer said it plans to open five new Smart & Final Extra! Stores in the second quarter, complete four conversions of legacy Smart & Final stores to the Extra! format, including one store relocation, and relocate one Cash & Carry store. For the year, the company has 16 new Smart & Final Extra! stores on tap, nine additional conversions of legacy stores to the Extra! format, including three store relocations, and three additional Cash & Carry store openings, including one store relocation.