Smart & Final Stores (SFS) Tops Q1 EPS by 1c; Withdraws FY19 Guidance Due to Pending Apollo Global Management Tender Offer

Smart & Final Stores (NYSE: SFS) reported Q1 EPS of ($0.04), $0.01 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $1.04 billion versus the consensus estimate of $1.05 billion.

• Net sales increased 2.8% to $1,044.8 million, with a comparable store sales increase of 2.2%
• Gross margin increased 7.0% to $156.3 million
• Adjusted EBITDA increased 3.6% to $29.6 million
• 2019 Guidance withdrawn due to pending Apollo Global Management tender offer

"We had a strong start to the year, with sales growth of 2.8% despite a challenging operating environment characterized by low product price inflation and severe weather in many of our market areas," said David Hirz, president and chief executive officer. "Our comparable store sales growth of 2.2% highlights the value of our differentiated store banners focused on both business and household customers, growth of our private label offerings, our unique warehouse and club-pack assortments, and the success of our ongoing customer service initiatives. We remain dedicated to enhancing our customers' shopping experience both in-store and online through our investment in innovative new technology and merchandising programs."

Mr. Hirz continued, "On April 16, 2019, we announced an agreement to be acquired by funds managed by affiliates of Apollo Global Management. The proposed transaction, which is supported by our majority shareholder, is a testament to the strength of our franchise and the talent and expertise of our associates. We look forward to closing the transaction and benefitting from Apollo\'s strategic guidance to help accelerate our business strategy and the growth of our two distinct banners as we begin a new chapter in our almost 150 year-long history."

For earnings history and earnings-related data on Smart & Final Stores (SFS) click here.

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