Fairway has hit a speed bump.
The popular supermarket company's stock price sank by nearly 30% Friday, a day after the retailer unveiled another surprisingly poor batch of financial results, ousted its chief executive and announced a cost-cutting plan.
The unfortunate series of events illustrated how Fairway Group Holdings Corp. is still trying to find its way as a publicly traded company. Since its initial public offering in April 2013, the Manhattan-based grocer has disappointed investors with larger-than-expected losses in every quarter, according to Bloomberg data. The most recent miss was the widest, as the company reported a net loss of $31 million, or 74 cents a share, for the quarter ending Dec. 29. Wall Street analysts had anticipated a loss of just six cents a share.
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