Northern, WI 5/30/12 (StreetBeat) -- Fresh Market's (Nasdaq:TFM) first-quarter net income climbed 43 percent and the grocer bumped up its outlook for the year Wednesday citing strong sales to begin 2012.
Fresh Market earned $19.3 million, or 40 cents per share, for the period ended April 29. That's up from $13.5 million, or 28 cents per share, a year ago.
This topped the 36 cents per share that analysts polled by FactSet expected.
Revenue rose 23 percent to $324.8 million from $264.5 million, beating Wall Street's $310.6 million.
The number of transactions climbed 5.7 percent during the quarter, while the average transaction size increased 2.5 percent.
Revenue at stores open at least a year climbed 8.2 percent. This metric is a key gauge of a retailer's health because it excludes results the volatility from stores recently opened or closed.
Fresh Market now expects fiscal 2012 earnings of $1.28 to $1.34 per share, up from $1.26 to $1.31 per share.
Analysts predict earnings of $1.30 per share.
Fresh Market Inc., based in Greensboro, N.C., had 116 stores in 21 states in the Southeast, Midwest, Mid Atlantic and Northeast as of Wednesday.
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