Fresh Market, Inc.

CIK:0001489979|SEC Filings

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2016	Jan. 25, 2015	Jan. 26, 2014
Statement of Comprehensive Income [Abstract]
Sales	$ 1,857,033	$ 1,753,166	$ 1,511,657
Cost of goods sold (exclusive of depreciation shown separately)	1,224,790	1,158,546	996,301
Gross profit	632,243	594,620	515,356
Operating expenses:
Selling, general and administrative expenses	441,659	406,452	349,813
Impairments and store closure costs	13,431	22,589	27,505
Depreciation	68,658	61,966	54,657
Income from operations	108,495	103,613	83,381
Other expenses (income):
Interest expense	4,047	4,375	3,783
Income before provision for income taxes	104,448	99,238	79,598
Tax provision	38,950	36,213	28,791
Net income and comprehensive income	$ 65,498	$ 63,025	$ 50,807
Net income per share:
Basic (in dollars per share)	$ 1.37	$ 1.30	$ 1.05
Diluted (in dollars per share)	$ 1.36	$ 1.30	$ 1.05
Weighted average common shares outstanding:
Basic (in shares)	47,956,724	48,298,653	48,206,879
Diluted (in shares)	48,103,344	48,475,735	48,394,338

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2016	Jan. 25, 2015	Jan. 26, 2014
Operating activities
Net income	$ 65,498	$ 63,025	$ 50,807
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	68,844	62,163	54,878
Loss on disposals of property and equipment	10	2,006	311
Impairment of property and equipment	5,595	8,961	26,828
Gain on assignment of capital lease	0	(1,508)	0
Share-based compensation	4,936	7,533	5,239
Excess tax benefits from share-based compensation	(106)	(324)	(569)
Deferred income taxes	(7,676)	(16,230)	(11,519)
Change in assets and liabilities:
Accounts receivable	2,427	(1,344)	(4,268)
Inventories	(3,929)	(5,581)	(11,671)
Prepaid expenses and other assets	(3,989)	(1,003)	351
Income tax benefit	622	1,070	0
Accounts payable	3,697	(1,350)	11,308
Closed store reserves	519	9,487	(170)
Accrued and other liabilities	10,073	16,120	18,847
Net cash provided by operating activities	146,521	143,025	140,372
Investing activities
Purchases of property and equipment	(97,691)	(90,182)	(122,366)
Proceeds from sale of property and equipment	769	8,004	119
Net cash used in investing activities	(96,922)	(82,178)	(122,247)
Financing activities
Borrowings on revolving credit facility	0	138,233	513,621
Payments made on revolving credit facility	0	(162,933)	(530,921)
Payments made for debt issuance costs	0	(534)	0
Payments made on capital and financing lease obligations	(1,191)	(836)	(177)
Proceeds from issuance of common stock pursuant to employee stock purchase plan	164	170	226
Excess tax benefit from share-based compensation	106	324	569
Payments made on withholding tax for restricted stock vesting	(1,350)	(468)	(494)
Proceeds from exercise of share-based compensation awards	2,649	1,938	2,059
Payments made to repurchase common stock	(37,620)	0	0
Net cash used in financing activities	(37,242)	(24,106)	(15,117)
Net increase in cash and cash equivalents	12,357	36,741	3,008
Cash and cash equivalents at beginning of period	48,486	11,745	8,737
Cash and cash equivalents at end of period	60,843	48,486	11,745
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	3,808	4,188	2,483
Cash paid during the period for taxes	44,239	51,332	47,609
Non-cash investing and financing activities:
Property and equipment acquired through capital and financing lease obligations	$ 51	$ 9,644	$ 40,511

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2016	Jan. 25, 2015
Current assets:
Cash and cash equivalents	$ 60,843	$ 48,486
Accounts receivable	10,015	12,442
Inventories	65,166	61,237
Prepaid expenses and other current assets	10,730	4,633
Income tax benefit	0	622
Total current assets	146,754	127,420
Property and equipment, net	413,069	392,194
Deferred income taxes	15,156	7,480
Other assets	7,139	9,429
Total assets	582,118	536,523
Liabilities and stockholders’ equity
Accounts payable	49,289	45,592
Accrued liabilities	82,763	74,641
Total current liabilities	132,052	120,233
Capital and financing lease obligations	32,285	33,337
Closed store reserves	7,496	10,187
Deferred rent	14,826	13,797
Deferred lease incentives	16,993	14,117
Other liabilities	15,295	16,065
Total noncurrent liabilities	$ 86,895	$ 87,503
Commitments and contingencies (Notes 3, 6 and 15)
Stockholders’ equity:
Preferred stock – $0.01 par value; 40,000,000 shares authorized, none issued	$ 0	$ 0
Common stock – $0.01 par value; 200,000,000 shares authorized, 46,953,681 and 48,392,201 shares issued and outstanding as of January 31, 2016 and January 25, 2015, respectively	468	483
Additional paid-in capital	129,031	122,526
Retained earnings	233,672	205,778
Total stockholders’ equity	363,171	328,787
Total liabilities and stockholders’ equity	$ 582,118	$ 536,523