Commerce warehouse retailer Smart & Final Stores Inc. on Wednesday reported strong quarterly earnings that beat analysts’ expectations in the first release since the company went public in September.
Smart & Final reported net income of $10.2 million (17 cents a share) for the quarter ended Oct. 5, a 2 percent increase from the same period a year earlier. Revenue rose 11 percent to $1.13 billion.
The results beat expectations. Analysts believed earnings would be 13 cents a share on revenue of $1.11 billion.
Smart & Final raised about $161 million in late September through the public sale of nearly 13.5 million shares priced at $12 each. The company is majority-owned by Century City private equity firm Ares Management.
Earners were announced after markets closed Wednesday. Smart & Final shares fell 44 cents, or 3 percent, to close at $14.58 in advance of the announcement.
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