The Fresh Market Stores are planning to close on March 31 to the public. The company has decided to focus their growth on the eastern half of the U.S. in order to expand their brand and expect to add around 20 more stores this year. The company has already announced its plans to grow their resources on the other side of the country over the course of the next three years. Based in North Carolina, the company opened two new stores in Texas, one in Florida, and two new locations in North Carolina during the fourth quarter in 2014.Closing Three Locations in CaliforniaThe company has ultimately decided to close its stores in California, which include the Santa Barbara, Laguna Hills, and Palo Alto locations upon carefully considering the expected timeline of Californian store openings, the long-term strategy of each store, and the anticipated future cash flow. They plan to focus their growth on other areas of the U.S., primarily the eastern half.

In spite of the continuous growth of The Fresh Market chain in California, they determined that the growth pace of their organic stores was going to be much slower than originally expected. The grocery chain believes it will attain more steady financial results as well as a better overall ROI by trying to grow their brand in markets that are closer to their current markets right now.

Running the Numbers

The Fresh Market claimed a substantial net income of more than $20 million over the 13 week long fourth quarter in 2014 ending on January 25. Those figures are up $2 million from the previous year for a total of $480.5 million on net sales, which increased more than 12 percent from last year. Also, similar store sales rose 3 percent to over $412 million overall.

The company's adjusted earnings before taxes, interest, amortization, and depreciation were over $60 million, which were up more than 29 percent from $47 million in 2013's fourth quarter. Their net income was $63 million for the entire 2014 fiscal year in comparison to $50.8 million from the year before. Adjusted amortization was over $197 million as compared to just over $171 million from the previous year in 2013.

What's Ahead for The Fresh Market Grocery Chain?

Over the course of 2015, the company intends to launch around 19 new stores in various locations with most of the stores opening later in the year. The stores will be in close proximity to their existing stores in the eastern half of the U.S., according to the interim CEO Sean Crane. Crane states that they are dedicated to building on their current strategic initiatives in order to continue to offer outstanding value for their customers, staff, and company shareholders overall.