The Fresh Market Inc. says its net income jumped 43 percent during the first quarter of fiscal 2012 compared with that time period a year ago.
The Business Journal reports that the Greensboro, N.C.-based company said its net income reached $19.3 million in the first quarter, compared with $13.5 million in first quarter of 2011. Meanwhile, net sales increased 22.8 percent to $324.8 million during the first quarter while comparable store sales increased 8.2 percent.
“We are proud and excited to report another strong quarter of both sales and earnings growth,” Craig Carlock, the company’s president and CEO, said in a statement.
The company also increased its guidance for fiscal 2012, with projected earnings growth of 20 percent to 25 percent.
The Fresh Market plans to open 16 new stores this year and opened three in the first quarter, bringing its total number of stores to 116 in 21 states.