Smart & Final Stores posts Q1 profit; 16 new stores on tap

Commerce, Calif. -- Smart & Final Stores Inc. reported 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 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.