Smart & Final Stores (SFS) Misses Q2 EPS by 1c; Guides Below the Street
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Smart & Final Stores (NYSE: SFS) reported Q2 EPS of $0.20, $0.01 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $1.04 billion versus the consensus estimate of $1.05 billion.
"Smart & Final has generated dynamic growth in new stores and overall sales in the first half of 2016," said David Hirz, President and Chief Executive Officer. "We've successfully completed the integration of 33 acquired store properties, which have all opened as Smart & Final Extra! stores. These new stores are performing well, contributing to strong growth in customer transactions, and have led to the expansion of our workforce by over 3,500 new employees. Additionally, we are broadening our reach to both household and small business customers through an ongoing brand messaging program. We look forward to the longer-term benefits of increased market density as we communicate Smart & Final's unique platform to new and existing customers."
Mr. Hirz added, "The anticipated sales cannibalization from new store development, coupled with higher than expected deflationary pressures on product pricing, have resulted in headwinds to comparable store sales during the first half of 2016, which we expect will remain challenging during the balance of the year. Short-term pressures aside, we are confident in our longer-term store development plans and driving customer engagement through our merchandising and marketing initiatives."
GUIDANCE:
Smart & Final Stores sees FY2016 EPS of $0.58-$0.60, versus the consensus of $0.75.
For earnings history and earnings-related data on Smart & Final Stores (SFS) click here.
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