Fairway (FWMHQ) Inactive 10-Q6 Feb 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 29, 2013	Jan. 31, 2014	Jan. 31, 2014
	Dec. 29, 2013	Class A Common Stock	Class B Common Stock
Entity Registrant Name	'Fairway Group Holdings Corp	'	'
Entity Central Index Key	'0001555492	'	'
Document Type	'10-Q	'	'
Document Period End Date	29-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--03-30	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	28,895,844	14,225,455
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q3	'	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 29, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified	Dec. 29, 2013	Mar. 31, 2013
CURRENT ASSETS	'	'
Cash and cash equivalents	$54,302	$21,723
Accounts receivable, net	6,427	2,553
Merchandise inventories	29,336	24,759
Insurance claims receivable	'	5,184
Income tax receivable	788	817
Prepaid rent	4,050	3,146
Deferred financing fees	1,741	1,580
Prepaid expenses and other	3,221	5,604
Deferred income taxes	86	915
Total current assets	99,951	66,281
PROPERTY AND EQUIPMENT, NET	143,854	126,958
GOODWILL	95,412	95,412
INTANGIBLE ASSETS, NET	25,508	25,729
DEFERRED INCOME TAXES	'	3,781
OTHER ASSETS	16,843	20,340
Total assets	381,568	338,501
CURRENT LIABILITIES	'	'
Current portion of long-term debt	2,750	2,750
Accounts payable	38,540	39,399
Accrued expenses and other	17,243	18,360
Total current liabilities	58,533	60,509
NONCURRENT LIABILITIES	'	'
Long-term debt, net of current maturities	253,569	256,563
Deferred income taxes	23,994	'
Other long-term liabilities	28,355	22,629
Total liabilities	364,451	339,701
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDERS' (DEFICIT) EQUITY	'	'
Treasury stock at cost, 136,485 shares and 0 shares at March 31, 2013 and December 29, 2013, respectively	'	-1,500
Additional paid-in capital	366,615	'
Accumulated deficit	-349,512	-233,944
Total stockholders' (deficit) equity	17,117	-235,444
Total liabilities, redeemable preferred stock and stockholders' (deficit) equity	381,568	338,501
REDEEMABLE PREFERRED STOCK	'	'
REDEEMABLE PREFERRED STOCK	'	'
Total redeemable preferred stock	'	234,244
Series A Preferred Stock	'	'
REDEEMABLE PREFERRED STOCK	'	'
Total redeemable preferred stock	'	84,328
Series B Preferred Stock	'	'
REDEEMABLE PREFERRED STOCK	'	'
Total redeemable preferred stock	'	149,916
Class B	'	'
STOCKHOLDERS' (DEFICIT) EQUITY	'	'
Common stock	$14	'

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 29, 2013	Mar. 31, 2013	Dec. 29, 2013	Mar. 31, 2013	Dec. 29, 2013	Mar. 31, 2013	Dec. 29, 2013	Mar. 31, 2013	Dec. 29, 2013	Mar. 31, 2013
In Thousands, except Share data, unless otherwise specified	Dec. 29, 2013	Mar. 31, 2013	Series A Preferred Stock	Series A Preferred Stock	Series B Preferred Stock	Series B Preferred Stock	Class A Common Stock	Class A Common Stock	Class B Common Stock	Class B Common Stock
Preferred stock, par value (in dollars per share)	'	'	$0.00	$0.00	$0.00	$0.00	'	'	'	'
Preferred stock, shares authorized	'	'	0	52,982	0	64,018	'	'	'	'
Preferred stock, shares issued	'	'	0	43,058	0	64,016.98	'	'	'	'
Preferred stock, shares outstanding	'	'	0	43,058	0	64,016.98	'	'	'	'
Preferred stock, cumulative deemed dividends	'	'	$0	$28,353	$0	$85,899	'	'	'	'
Common stock, par value (in dollars per share)	'	'	'	'	'	'	$0.00	$0.00	$0.00	$0.00
Common stock, shares authorized	'	'	'	'	'	'	150,000,000	150,000,000	31,000,000	31,000,000
Common stock, shares issued	'	'	'	'	'	'	28,895,844	12,506,885	14,225,455	0
Common stock, shares outstanding	'	'	'	'	'	'	'	'	14,225,455	0
Treasury stock, shares	0	136,485	'	'	'	'	'	'	'	'

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Consolidated Statements of Operations	'	'	'	'
Net sales	$205,731	$167,346	$575,724	$482,539
Cost of sales and occupancy costs (exclusive of depreciation and amortization)	140,103	114,181	389,326	326,808
Gross profit	65,628	53,165	186,398	155,731
Direct store expenses	49,449	38,374	139,051	111,362
General and administrative expenses	16,582	14,298	65,591	42,492
Store opening costs	2,140	5,299	9,037	16,603
Production center start-up costs	1,367	'	3,208	'
Loss from operations	-3,910	-4,806	-30,489	-14,726
Business interruption and gain on storm-related insurance recoveries	3,089	2,500	3,089	2,500
Interest expense, net	-5,061	-7,070	-15,445	-17,439
Loss before income taxes	-5,882	-9,376	-42,845	-29,665
Income tax (provision)	-25,386	-35,095	-28,593	-26,514
Net loss	-31,268	-44,471	-71,438	-56,179
Preferred stock dividends	'	7,364	44,130	22,110
Net loss attributable to common stockholders	($31,268)	($51,835)	($115,568)	($78,289)
Basic and diluted loss per common share (in dollars per share)	($0.74)	($4.20)	($2.95)	($6.35)
Weighted average common shares outstanding (in shares)	42,092,143	12,331,744	39,179,665	12,324,213

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 29, 2013	Dec. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss	($71,438)	($56,179)
Adjustments to reconcile net loss to net cash used in operating activities	'	'
Deferred income taxes	28,604	26,463
Deferred rent	5,622	7,498
Depreciation and amortization of property and equipment	19,583	15,389
Amortization of intangibles	221	274
Amortization of discount on term loans and subordinated notes	2,439	943
Amortization of deferred financing fees	1,296	978
Amortization of prepaid rent	238	237
Non-cash stock compensation expense	7,752	83
Gain on insurance claim	-3,089	'
Changes in operating assets and liabilities	'	'
Accounts receivable	-3,874	-1,174
Merchandise inventories	-4,577	-4,101
Insurance claims receivable	3,761	-5,472
Prepaid expense and other	1,347	-4,617
Other assets	2,510	-2,081
Accounts payable	-859	12,158
Accrued expenses and other	-1,122	2,712
Other long-term liabilities	109	240
Net cash used in operating activities	-11,477	-6,649
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Capital expenditures	-36,370	-45,199
Insurance proceeds	4,403	3,398
Net cash used in investing activities	-31,967	-41,801
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from long-term debt, net	'	256,225
Payments on long-term debt	-2,063	-208,775
Proceeds from common shares issued in initial public offering, net of issuance costs	158,821	'
Cash dividends paid on preferred stock	-76,818	'
Issuance costs from debt re-pricing	-3,917	'
Net cash provided by financing activities	76,023	47,450
Net (decrease) increase in cash and cash equivalents	32,579	-1,000
Cash and cash equivalents - beginning of period	21,723	30,172
Cash and cash equivalents - end of period	54,302	29,172
Cash paid during the period for	'	'
Interest	11,495	12,929
Income taxes	$2	$175

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders' (Deficit) Equity (USD $)	Total	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Series A Preferred Stock	Series B Preferred Stock	REDEEMABLE PREFERRED STOCK	Class A Common Stock	Class B Common Stock
In Thousands, except Share data, unless otherwise specified	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	Common Stock	Common Stock
									USD ($)
Balance at Mar. 31, 2013	($235,444)	'	($1,500)	($233,944)	'	'	'	'	'
Balance at Mar. 31, 2013	'	'	'	'	84,328	149,916	234,244	'	'
Balance (in shares) at Mar. 31, 2013	'	'	'	'	'	'	'	12,506,885	'
Balance (in shares) at Mar. 31, 2013	'	'	'	'	43,058	64,016.98	'	'	'
Increase (decrease) in temporary equity	'	'	'	'	'	'	'	'	'
Deemed dividends on preferred stock	'	'	'	'	440	863	1,303	'	'
Exchange of preferred stock for common stock upon consummation of IPO	'	'	'	'	-68,572	-101,975	-170,547	'	'
Exchange of preferred stock for common stock upon consummation of IPO (in shares)	'	'	'	'	-43,058	-64,016.98	'	'	'
Incremental dividend (paid in cash)	'	'	'	'	2,945	8,873	11,818	'	'
Preferred stock dividend	'	'	'	'	-19,141	-57,677	-76,818	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'	'
Non-cash stock compensation expense	7,752	7,752	'	'	'	'	'	'	'
Deemed dividends on preferred stock	-1,303	'	'	-1,303	'	'	'	'	'
Exchange of preferred stock to common stock upon consummation of IPO	170,547	170,531	'	'	'	'	'	'	16
Exchange of preferred stock to common stock upon consummation of IPO (in shares)	'	'	'	'	'	'	'	'	15,504,296
Incremental dividend (paid in cash)	-11,818	'	'	-11,818	'	'	'	'	'
Incremental dividend (at IPO, share value)	'	31,009	'	-31,009	'	'	'	'	'
New shares issued upon consummation of IPO	158,821	158,821	'	'	'	'	'	'	'
New shares issued upon consummation of IPO (in shares)	'	'	'	'	'	'	'	13,407,632	'
Conversion of Class B common stock to Class A common stock	'	2	'	'	'	'	'	'	-2
Conversion of Class B common stock to Class A common stock (in shares)	'	'	'	'	'	'	'	1,278,841	-1,278,841
Exercise of warrants to purchase shares of common stock (in shares)	'	'	'	'	'	'	'	1,696,863	'
Exercise of warrants to purchase shares of common stock (136,485 from Treasury Shares)	'	-1,500	1,500	'	'	'	'	'	'
Issuance of stock to directors in lieu of cash compensation (in shares)	'	'	'	'	'	'	'	5,623	'
Net loss	-71,438	'	'	-71,438	'	'	'	'	'
Balance at Dec. 29, 2013	$17,117	$366,615	'	($349,512)	'	'	'	'	$14
Balance (in shares) at Dec. 29, 2013	'	'	'	'	'	'	'	28,895,844	14,225,455
Balance (in shares) at Dec. 29, 2013	'	'	'	'	0	0	'	'	'

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders' (Deficit) Equity (Parenthetical)	9 Months Ended
	Dec. 29, 2013
	Treasury Stock
Exercise of warrants to purchase shares of common stock, treasury shares	136,485

DESCRIPTION_OF_BUSINESS_AND_OR

DESCRIPTION OF BUSINESS AND ORGANIZATION	9 Months Ended
DESCRIPTION OF BUSINESS AND ORGANIZATION	Dec. 29, 2013
DESCRIPTION OF BUSINESS AND ORGANIZATION	'
DESCRIPTION OF BUSINESS AND ORGANIZATION	'
	1. DESCRIPTION OF BUSINESS AND ORGANIZATION

	Fairway Group Holdings Corp. was incorporated in the State of Delaware on September 29, 2006 and is controlled by investment funds managed by Sterling Investment Partners L.P. and affiliates (collectively, “Sterling”).

	Fairway Group Holdings Corp. and subsidiaries (the “Company” or “Fairway”) operates in the retail food industry, selling fresh, natural and organic products, prepared foods and hard to find specialty and gourmet offerings along with a full assortment of conventional groceries. The Company operates fourteen stores in the Greater New York metropolitan area, three of which include integrated Fairway Wine & Spirits locations. Twelve of the stores were open prior to the beginning of fiscal 2014 and two stores were opened during fiscal 2014: the store in the Chelsea neighborhood of Manhattan, NY, which opened in late July 2013, and the store in Nanuet, NY, which opened in mid-October 2013. Seven of the Company’s food stores, which the Company refers to as “urban stores,” are located in New York City and the remainder, which the Company refers to as “suburban stores,” are located in New York (outside of New York City), New Jersey and Connecticut. The Company has determined that it has one reportable segment. Substantially all of the Company’s revenue comes from the sale of items at its retail food stores.

	On April 12, 2013, the Company amended and restated its certificate of incorporation to increase the number of shares the Company is authorized to issue to 150,000,000 shares of Class A common stock, 31,000,000 shares of Class B common stock and 5,000,000 shares of preferred stock. The amendment and restatement of the certificate of incorporation implemented an internal recapitalization pursuant to which the Company effected a 118.58-for-one stock split on its outstanding common stock and reclassified its outstanding common stock into shares of Class A common stock. Accordingly, all common share and per share amounts in these financial statements and the notes thereto have been adjusted to reflect the 118.58-for-one stock split as though it had occurred at the beginning of the initial period presented.

	On April 22, 2013, the Company completed its initial public offering (“IPO”) of 15,697,500 shares of its Class A common stock at a price of $13.00 per share, which included 13,407,632 new shares sold by Fairway and the sale of 2,289,868 shares by existing stockholders (including 2,047,500 sold pursuant to the underwriters exercise of their over-allotment option). The Company received approximately $158.8 million in net proceeds from the IPO after deducting the underwriting discount and expenses related to the IPO. The Company used the net proceeds that it received from the IPO to (i) pay accrued but unpaid dividends on its Series A preferred stock totaling approximately $19.1 million, (ii) pay accrued but unpaid dividends on its Series B preferred stock totaling approximately $57.7 million, (iii) pay $9.2 million to an affiliate of Sterling Investment Partners in connection with the termination of the Company’s management agreement with such affiliate and (iv) pay contractual IPO bonuses to certain members of the Company’s management totaling approximately $8.1 million. The Company intends to use the remainder of the net proceeds, approximately $64.7 million, for new store growth and other general corporate purposes. The Company did not receive any of the proceeds from the sale of shares by the selling stockholders. In connection with the IPO, the Company issued 15,504,296 shares of Class B common stock (of which 33,576 shares automatically converted into 33,576 shares of Class A common stock) in exchange for all outstanding preferred stock and all accrued dividends not paid in cash with the proceeds of the IPO.

BASIS_OF_PRESENTATION_AND_SUMM

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 29, 2013
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information, and do not include all of the information and footnotes required for complete financial statements in accordance with US GAAP pursuant to such rules and regulations. Therefore, these consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

	The accompanying unaudited consolidated financial statements as of December 29, 2013, and for the thirteen and thirty-nine weeks ended December 30, 2012 and December 29, 2013 reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and operating results of the Company. All material intercompany accounts and transactions have been eliminated in the unaudited consolidated financial statements. The results of operations for the thirteen and thirty-nine weeks ended December 29, 2013 may not necessarily be indicative of the results that may be expected for the entire fiscal year ending March 30, 2014.

	Certain reclassifications have been made to the prior year amounts to conform to the current year’s presentation.

	There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended March 31, 2013 that have had a material impact on our unaudited interim consolidated financial statements and related notes.

NET_LOSS_PER_COMMON_SHARE

NET LOSS PER COMMON SHARE	9 Months Ended
NET LOSS PER COMMON SHARE	Dec. 29, 2013
NET LOSS PER COMMON SHARE	'
NET LOSS PER COMMON SHARE	'
	3. NET LOSS PER COMMON SHARE

	Basic and diluted net loss per common share is calculated by dividing net loss attributable to common stockholders by the weighted average common shares outstanding for the fiscal period. Diluted net loss per common share is calculated by dividing net loss attributable to common stockholders by the weighted average common shares outstanding for the fiscal period plus the effect of any potential common shares that have been issued if these additional shares are dilutive. For all periods presented, basic and diluted net loss per common share are the same, as any additional common stock equivalents would be anti-dilutive.

	For the thirteen and thirty-nine weeks ended December 30, 2012, there were 2,083,315 additional potentially dilutive shares of common stock, consisting of outstanding warrants to purchase 1,930,822 shares of Class A common stock and 152,493 shares of unvested restricted stock.

	For the thirteen and thirty-nine weeks ended December 29, 2013, there were 3,788,138 additional potentially dilutive shares of common stock, consisting of outstanding warrants to purchase 97,472 shares of Class A common stock, 117,758 shares of unvested restricted stock, 1,154,691 options to purchase shares of Class A common stock and unvested restricted stock units covering 2,418,217 shares of Class A common stock.

	Prior to the consummation of the IPO and the exchange of the Company’s outstanding preferred stock for Class B common stock, common stockholders did not share in net income unless earnings exceeded the unpaid dividends on the preferred stock. Accordingly, in the thirteen and thirty-nine weeks ended December 30, 2012 there were no earnings available for common stockholders because the Company reported a net loss for the period. If the Company had exchanged its outstanding preferred stock on the first day of the thirteen and thirty-nine week period ended December 30, 2012, for shares of Class B common stock on the same basis as it exchanged such shares in the IPO, the Company would have issued 12,940,956 and 12,304,457 shares of Class B common stock for the thirteen and thirty-nine weeks ended December 30, 2012, respectively, and it would have had 25,272,700 and 24,628,670 weighted average common shares outstanding during the thirteen and thirty-nine weeks ended December 30, 2012, respectively, and the net loss per common share would have been $1.76 and $2.28 for the thirteen and thirty-nine weeks ended December 30, 2012, respectively. See note 5 below.

LONGTERM_DEBT

LONG-TERM DEBT	9 Months Ended
	Dec. 29, 2013
LONG-TERM DEBT	'
LONG-TERM DEBT	'
	4. LONG-TERM DEBT

	A summary of long-term debt is as follows (in thousands):

		March 31,			December 29,
		2013			2013
	Credit facility, gross	$	274,313		$	272,250
	Less unamortized discount	(15,000		)	(15,931		)
	Credit facility, net	259,313			256,319
	Less current maturities	(2,750		)	(2,750		)
	Long-term debt, net of current maturities	$	256,563		$	253,569

	A summary of interest expense is as follows (in thousands):

		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
		December 30,			December 29,			December 30,		December 29,
		2012			2013			2012		2013
	Interest on senior credit facility	$	5,764		$	3,728		$	14,644	$	11,621
	Interest on subordinated promissory note payable to related party	219			—			658		—
	Amortization of original issue discount	534			833			943		2,439
	Amortization of deferred financing fees	354			436			978		1,296
	Other interest expense, net	199			64			216		89
	Total	$	7,070		$	5,061		$	17,439	$	15,445

	2013 Senior Credit Facility

	In February 2013, Fairway Group Holdings Corp. and its wholly-owned subsidiary, Fairway Group Acquisition Company, as the borrower, entered into a senior secured credit facility consisting of a $275 million term loan (the “2013 Term Facility”) and a $40 million revolving credit facility, which includes a $40 million letter of credit sub-facility (the “2013 Revolving Facility” and together with the 2013 Term Facility, the “2013 Senior Credit Facility”), with the 2013 Term Facility maturing in August 2018 and the 2013 Revolving Facility maturing in August 2017. The Company used the proceeds from the 2013 Term Facility to repay the $264.5 million of outstanding borrowings (including accrued interest) under its 2012 senior credit facility and pay fees and expenses. On May 3, 2013, the 2013 Senior Credit Facility was amended to, among other things, lower the interest rate margins and eliminate the interest coverage ratio financial covenant.

	Borrowings under the 2013 Senior Credit Facility, as amended, bear interest, at the option of the Company, at (i) adjusted LIBOR (subject to a 1.0% floor) plus 4.0% or (ii) an alternate base rate plus 3.0%. In addition, there is a fee payable quarterly in an amount equal to 1% per annum of the undrawn portion of the 2013 Revolving Facility, calculated based on a 360-day year. Interest is payable quarterly in the case of base rate loans and on the maturity dates or every three months, whichever is shorter, in the case of adjusted LIBOR loans. The 4.0% and 3.0% margins will each be reduced by 50 basis points at any time when the Company’s corporate family rating from Moody’s Investor Services Inc. is B2 or higher and the Company’s corporate rating from Standard & Poors Rating Service is B or higher, in each case with a stable outlook, and as long as certain events of default have not occurred. Prior to the May 2013 amendment, borrowings under the 2013 Senior Credit Facility bore interest, at the option of the Company, at (i) adjusted LIBOR (subject to a 1.25% floor) plus 5.50% or (ii) an alternate base rate plus 4.50%.

	All of the borrower’s obligations under the 2013 Senior Credit Facility, as amended, are unconditionally guaranteed (the “Guarantees”) by the Company (other than the borrower and any future unrestricted subsidiaries as the Company may designate, at its discretion, from time to time) (the “Guarantors”). Additionally, the 2013 Senior Credit Facility and the Guarantees are secured by a first-priority perfected security interest in substantially all present and future assets of the borrower and each Guarantor, including accounts receivable, property and equipment, merchandise inventories, general intangibles, leases, intellectual property, investment property and intercompany notes among Guarantors.

	Mandatory prepayments under the 2013 Senior Credit Facility, as amended, are required with: (i) 50% of adjusted excess cash flow (which percentage shall be reduced to 25% upon achievement and maintenance of a leverage ratio of less than 5.0:1.0, and to 0% upon achievement and maintenance of a leverage ratio of less than 4.0:1.0); (ii) 100% of the net cash proceeds of asset sales or other dispositions of property by the Company and certain of its subsidiaries (subject to certain exceptions and reinvestment provisions); and (iii) 100% of the net cash proceeds of issuances, offerings or placements of debt obligations (subject to certain exceptions).

	The 2013 Senior Credit Facility, as amended, contains negative covenants, including restrictions on: (i) the incurrence of additional debt; (ii) liens and sale-leaseback transactions; (iii) loans and investments; (iv) guarantees and hedging agreements; (v) the sale, transfer or disposition of assets and businesses; (vi) dividends on, and redemptions of, equity interests and other restricted payments, including dividends and distributions to the Company by its subsidiaries; (vii) transactions with affiliates; (viii) changes in the business conducted by the Company; (ix) payment or amendment of subordinated debt and organizational documents; and (x) maximum capital expenditures. The Company is also required to comply with a financial covenant for maximum total leverage ratio.

	The Company was in compliance with all applicable affirmative, negative and financial covenants of the 2013 Senior Credit Facility at December 29, 2013.

	The 2013 Senior Credit Facility resulted in the Company capitalizing new deferred financing fees of approximately $800,000, to be amortized over the life of the loan on the effective interest method. These costs included administrative fees, advisory fees, title fees, and legal and accounting fees.

	The Company reviewed the terms of the 2013 Senior Credit Facility and ascertained that the conditions have been met, pursuant to the FASB’s guidance, to treat the transaction as a debt modification of the Company’s 2012 senior credit facility. As a result, (i) the unamortized original issue discount of approximately $11.8 million relating to the 2012 senior credit facility and (ii) debt placement fees of approximately $3.6 million in connection with the 2013 Senior Credit Facility are collectively reflected as original issue discount, to be amortized over the life of the loan on the effective interest method.

	The amendment of the 2013 Senior Credit Facility resulted in the Company capitalizing new deferred financing fees of approximately $500,000, to be amortized over the remaining life of the loan using the effective interest method. Additionally, as a result of the accounting treatment applied to this amendment, (i) the unamortized original issue discount of approximately $14.7 million relating to the 2013 Senior Credit Facility and (ii) debt placement fees of approximately $3.4 million in connection with the amendment, are collectively reflected as original issue discount, to be amortized over the life of the loan using the effective interest method.

	At December 29, 2013, the Company had $18.4 million of availability under the 2013 Revolving Facility, all of which was available for letters of credit. At December 29, 2013, the Company had $21.6 million of letters of credit outstanding.

	For the portion of the thirty-nine week period ended December 30, 2012 ending August 17, 2012, the Company had in effect its 2011 senior credit facility, which consisted of a $200 million term loan and a $35 million revolving credit facility. Borrowings under the 2011 senior credit facility bore interest, at the option of the Company, at (i) adjusted LIBOR (subject to a 1.5% floor) plus 6% or (ii) an alternate base rate plus 5%.

	For the portion of the thirty-nine week period ended December 30, 2012 subsequent to August 17, 2012 and the thirteen weeks ended December 30, 2012, the Company had in effect its 2012 senior credit facility, which consisted of a $260 million term loan and a $40 million revolving credit facility. Borrowings under the 2012 senior credit facility bore interest, at the option of the Company, at (i) adjusted LIBOR (subject to a 1.5% floor) plus 6.75% or (ii) an alternate base rate plus 5.75%.

REDEEMABLE_PREFERRED_STOCK_COM

REDEEMABLE PREFERRED STOCK, COMMON STOCK AND WARRANTS	9 Months Ended
	Dec. 29, 2013
REDEEMABLE PREFERRED STOCK, COMMON STOCK AND WARRANTS	'
REDEEMABLE PREFERRED STOCK, COMMON STOCK AND WARRANTS	'
	5. REDEEMABLE PREFERRED STOCK, COMMON STOCK AND WARRANTS

	On April 12, 2013, the Company amended and restated its certificate of incorporation to increase the number of shares the Company is authorized to issue to 150,000,000 shares of Class A common stock, 31,000,000 shares of Class B common stock and 5,000,000 shares of preferred stock. The amendment and restatement of the certificate of incorporation implemented an internal recapitalization pursuant to which the Company effected a 118.58-for-one stock split on its outstanding common stock and reclassified its outstanding common stock into shares of Class A common stock. The Class A common stock and Class B common stock have identical rights, except voting and conversion rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to ten votes and is convertible at any time into one share of Class A common stock.

	On April 22, 2013, the Company completed its IPO of 15,697,500 shares of its Class A common stock at a price of $13.00 per share, which included 13,407,632 new shares sold by Fairway and the sale of 2,289,868 shares (including 95,386 shares issued upon exercise of outstanding warrants) by existing stockholders (including 2,047,500 sold pursuant to the underwriters exercise of their over-allotment option). In connection with the IPO, the Company issued 15,504,296 shares of Class B common stock (of which 33,576 shares automatically converted into 33,576 shares of Class A common stock) in exchange for all outstanding preferred stock and all accrued dividends not paid in cash with the proceeds of the IPO.

	The Company used a portion of the net proceeds from its IPO to repay $19.1 million of accrued but unpaid dividends on its Series A preferred stock and $57.7 million of accrued but unpaid dividends on its Series B preferred stock. Because the Company and the preferred stockholders had entered into an agreement to exchange the preferred stock for a fixed number of shares of Class B common stock based on (i) an assumed IPO price of $11.00 per share, (ii) an assumption that $65.0 million of accrued dividends would be paid in cash with the proceeds of the IPO and (iii) the fact that the number of shares of Class B common stock to be issued in the exchange would not change if the Company decreased or increased the amount of accrued dividends that it paid in cash with the net proceeds of the offering, and because the IPO price was greater than $11.00 per share and the amount of dividends paid in cash with the proceeds of the offering increased, the Company recognized an incremental dividend of approximately $42.8 million, consisting of $11.8 million, representing the additional cash proceeds used to pay dividends, and $31.0 million, representing an amount equal to the number of shares of Class B common stock the Company issued multiplied by $2.00, the difference between the $13.00 IPO price and the $11.00 price the Company used to calculate the number of shares of Class B common stock to be issued by the Company in exchange for the preferred stock and accrued but unpaid dividends.

	As of December 29, 2013 there were 97,472 warrants outstanding.

	Warrants at March 31, 2013	1,930,822
	Exercised during the 13 weeks ended June 30, 2013	95,386
	Exercised during the 13 weeks ended September 29, 2013	3,627
	Exercised during the 13 weeks ended December 29, 2013	1,734,337
	Warrants at December 29, 2013	97,472

	Warrants to purchase 87,630 shares were exercised in January 2014.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 29, 2013
SHARE-BASED COMPENSATION	'
SHARE-BASED COMPENSATION	'
	6. SHARE-BASED COMPENSATION

	The Company accounts for share-based compensation awards in accordance with the provisions of FASB Accounting Standards Codification (“ASC”) Topic 718 — Compensation — Stock Compensation (“ASC 718”), which requires companies to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the awards ultimately expected to vest is recognized as expense over the requisite service period. The Company recognized total stock-based compensation of $55,000 and $2.9 million for the thirteen weeks ended December 30, 2012 and December 29, 2013, respectively, and $83,000 and $7.8 million for the thirty-nine weeks ended December 30, 2012 and December 29, 2013, respectively, as general and administrative expenses in the Company’s Consolidated Statements of Operations.

	The Company’s 2007 Equity Compensation Plan (the “2007 Plan”), which provided for the grant of stock options and restricted shares, and the 2013 Long-Term Incentive Plan (the “2013 Plan”), which provides for the grant of stock options, restricted stock units, restricted stock, other stock-based awards and other cash-based awards, are more fully described in Part III, Item 11 in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013 under the caption “Equity Compensation Plans.” Changes in equity awards outstanding under the 2007 Plan and 2013 Plan during the thirty-nine weeks ended December 29, 2013 are summarized as follows:

	2007 Equity Compensation Plan

	As of December 29, 2013, there was $458,000 of unrecognized compensation expense related to the restricted stock compensation awards granted under the 2007 Plan.

	The status of the Company’s unvested restricted stock grants for the thirty-nine weeks ended December 29, 2013 is summarized as follows:

		Restricted		Weighted
		Stock		Average Grant
				Date Fair Value
	Balance at March 31, 2013	145,971		$	4.43
	Vested	(28,213	)	4.07
	Outstanding unvested awards at December 29, 2013	117,758		5.92


	2013 Long-Term Incentive Plan

	Restricted Stock Units

	As of December 29, 2013, there was $25.1 million of unrecognized compensation expense related to the restricted stock unit compensation awards granted under the 2013 Plan.

	The status of the Company’s unvested restricted stock units for the thirty-nine weeks ended December 29, 2013 is summarized as follows:

		Restricted		Weighted
		Stock Units		Average Grant
				Date Fair Value
	Balance at March 31, 2013	—		$	—
	Granted	2,454,453		13.61
	Forfeited	(36,236	)	13
	Outstanding unvested awards at December 29, 2013	2,418,217		13.62


	Stock Options

	As of December 29, 2013, there was $4.2 million of unrecognized compensation expense related to the stock option compensation awards granted under the 2013 Plan.

	A summary of stock option activity for the thirty-nine weeks ended December 29, 2013 is as follows:

		Stock		Weighted		Weighted
		Options		Average		Average
				Exercise		Remaining
				Price		Contractual
						Life (years)
	Balance at March 31, 2013	—		$	—	—
	Granted	1,160,771		14.35		10
	Forfeited	(6,080	)	13		9.9
	Outstanding unvested awards at December 29, 2013	1,154,691		14.35		9.3


	The aggregate intrinsic value of stock options outstanding as of December 29, 2013 was $4.0 million. Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted average exercise price multiplied by the number of options outstanding or exercisable. No options were exercised during the thirty-nine weeks ended December 29, 2013 or are exercisable as of December 29, 2013.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 29, 2013
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	7. RELATED PARTY TRANSACTIONS

	Operating Leases and Utility Services

	A director and executive officer of the Company:

	· owns 33.33% of certain entities from which the Company leases certain stores, a production bakery, and warehouses; these leases expire on January 31, 2032.

	· owns 16.67% of an entity from which the Company leases its Red Hook, Brooklyn, NY (“Red Hook”) store; this lease expires on October 31, 2016, although the Company has several renewal options.

	· owns 16.67% of an entity from which the Company obtains utility services for its Red Hook store.

	Management Agreement

	Prior to the Company’s IPO, pursuant to a management agreement, the Company paid Sterling Investment Partners Advisers, LLC, an affiliate of the Company’s controlling stockholders, an annual management advisory fee and fees in connection with certain debt and equity financings (other than the IPO). The management agreement was terminated as part of the IPO in exchange for a payment of $9.2 million.

	Executive Compensation

	On January 8, 2014, the Company and Howard Glickberg, the Company’s Vice Chairman of Development, entered into an amendment to Mr. Glickberg’s employment agreement, effective January 1, 2014, that:

	· extends the expiration date of the initial term of the agreement from January 18, 2015 to January 18, 2016; and, among other things,
	· increases his annual compensation, a portion of which will now be paid in restricted stock units.

	For the calendar year ended December 31, 2014, each of our current non-employee directors has elected to receive his cash compensation in the form of restricted stock units for shares of Class A common stock, and Mr. Santoro has elected to receive his cash compensation for serving as Executive Chairman in the form of restricted stock units for shares of Class A common stock.

	For the calendar quarter ended December 31, 2013, each of the following directors, Messrs. Barr, Santoro, Selden and Suleman elected to receive shares of Class A common stock in lieu of their cash director compensation and Mr. Santoro elected to receive his cash compensation for serving as Executive Chairman in shares of Class A common stock.

	For further information regarding the above see the Form 8K dated January 8, 2014 filed with the SEC on January 13, 2014.

INCOME_TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Dec. 29, 2013
INCOME TAXES	'
INCOME TAXES	'
	8. INCOME TAXES

	The reconciliation of the U.S. statutory rate with the Company’s effective tax rate for the thirteen and thirty-nine weeks ended December 30, 2012 and December 29, 2013 is summarized as follows:

		Thirteen Weeks Ended				Thirty-Nine Weeks Ended
		December 30,		December 29,		December 30,		December 29,
		2012		2013		2012		2013
	Federal statutory rate	34	%	34	%	34	%	34	%
	Effect of:
	State income taxes (net of federal tax benefit)	8.4		8.7		8.5		8.7
	Permanent differences	(0.4	)	(0.2	)	(0.4	)	(0.2	)
	Valuation allowance	(416.0	)	(474.1	)	(131.5	)	(109.1	)
	Other	(0.3	)	(0.0	)	0		(0.1	)
	Effective rate	(374.3	)%	(431.6	)%	(89.4	)%	(66.7	)%

	At March 31, 2013, the Company had available U.S. federal net operating losses of approximately $120 million. These federal net operating loss carry forwards expire at various times beginning in calendar year 2027 through fiscal 2033. In addition, the Company had various state net operating losses that expire in varying amounts through fiscal year 2033. The Company expects to incur additional net operating losses before generating future taxable income. These cumulative net operating losses are primarily attributable to the Company’s expansion including the building of new stores, the investment in the Company’s production capacity through the development of its production center, corporate overhead and associated costs of capital.

	The Company had net deferred tax assets of approximately $4.7 million as of March 31, 2013, the most significant of which is the deferred tax asset for net operating losses of $53.3 million. In assessing the realizability of the deferred tax assets, management considers whether it is more likely than not that some portion or the entire deferred tax asset will be realized. Ultimately, the realization of the deferred tax asset is dependent upon the generation of sufficient taxable income in those periods in which temporary differences become deductible and net operating loss carry forwards can be utilized.

	The Company has evaluated both positive and negative evidence, including the historical levels of taxable income, scheduled reversals of temporary differences, tax planning strategies, targeted number of new store openings and forecasts of the Company’s future operational performance and taxable income, adjusted by varying probability factors, in making a determination as to whether it is more likely than not that all or some portion of the deferred tax assets will be realized. The Company also considers cumulative losses as well as the impact of its expansion in assessing its core pretax earnings.

	Assumptions regarding future taxable income require significant analysis and judgment. This analysis includes financial forecasts based on the historical performance of the business, targeted number of new store openings and measurement of the year in which taxable income from existing stores exceeds the future costs and losses incurred from new store openings. During the thirteen weeks ended December 30, 2012, the Company revised its forecast of taxable income through 2018, and concluded it was not “more likely than not” that all of its deferred tax assets would be realized by the end of fiscal 2018. Accordingly, the Company recorded a partial valuation allowance of approximately $39 million against deferred tax assets during the thirteen weeks ended December 30, 2012.

	Any projections of future taxable income are inherently subject to change for various reasons. During the thirteen week period ended December 29, 2013, the Company revised its forecast of taxable income, and concluded it was not “more likely than not” that its deferred tax assets will be realized by 2019. Accordingly, the Company has recorded a charge of approximately $25.9 million to reflect a full valuation allowance against deferred tax assets at December 29, 2013. This full valuation allowance reflects the Company’s consideration of new evidence, both positive and negative, pertaining to projecting taxable income giving appropriate weight to future uncertainties involving economic conditions, the competitive environment, Company-specific issues and other risk factors. Such new evidence primarily pertains to projected operating performance, pre-opening costs, equity compensation charges and initial public offering costs. As a result of such uncertainties, the Company believed it prudent to reduce its taxable income projections. Although net operating losses can be carried forward for tax purposes through at least calendar 2027, the Company’s ability to reliably forecast taxable income is limited to its planning horizon. Accordingly, for purposes of determining whether deferred tax assets can be realized, the Company has been projecting forward in a five year horizon.

	At December 29, 2013, the Company estimates it had available U.S. federal net operating losses of approximately $120 million and these net operating losses will be available for the Company to use through approximately 2033 against future taxable income.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 29, 2013
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	9. COMMITMENTS AND CONTINGENCIES

	Operating Leases

	The Company occupies premises pursuant to lease agreements which expire through 2039. Rent under lease agreements with related parties, except for certain lease years when the rent is determined by arbitration, increases annually by either 50% of the percentage increase in the consumer price index or by the percentage increase in the consumer price index of up to 5%. Lease agreements with non-related parties include various escalation clauses.

	The aggregate minimum rental commitments under all operating leases, for which we have possession, as of December 29, 2013 are as follows for the fiscal years ending (in thousands):

	30-Mar-14	$	7,391
	29-Mar-15	31,088
	3-Apr-16	32,167
	2-Apr-17	32,157
	1-Apr-18	30,828
	Thereafter	514,987
		$	648,618

	Other Contingencies

	The Company, from time to time, is and may be subject to legal proceedings and claims which arise in the ordinary course of its business. The Company has not accrued any amounts in connection with these uncertainties as the Company has determined that losses from these uncertainties are not probable. For all matters, including unasserted claims, where a loss is reasonably possible, the aggregate range of estimated losses is not material to the financial position, results of operations, liquidity or cash flows of the Company.

INSURANCE_CLAIMS_AND_RECOVERIE

INSURANCE CLAIMS AND RECOVERIES RELATED TO HURRICANE SANDY	9 Months Ended
INSURANCE CLAIMS AND RECOVERIES RELATED TO HURRICANE SANDY	Dec. 29, 2013
INSURANCE CLAIMS AND RECOVERIES RELATED TO HURRICANE SANDY	'
INSURANCE CLAIMS AND RECOVERIES RELATED TO HURRICANE SANDY	'
	10. INSURANCE CLAIMS AND RECOVERIES RELATED TO HURRICANE SANDY

	Hurricane Sandy struck the Greater New York City Metropolitan area on October 29, 2012. The Company’s Red Hook store sustained substantial damage from the hurricane and was closed until it reopened on March 1, 2013.

	In November and December 2012, the Company received advances of $5.5 million in partial settlement of its insurance claims. The insurance carriers designated $2.5 million of the November 2012 advance as non-refundable reimbursement for business interruption losses sustained at Red Hook, which amount has been recorded as business interruption and storm-related insurance recoveries in the consolidated statement of operations for the thirteen and thirty-nine weeks ended December 30, 2012. Additionally, the Company recognized approximately $3.0 million for reimbursable ongoing business expenses and remediation costs incurred in connection with Red Hook and recorded this amount as a reduction in general and administrative expenses, a direct offset to the associated expenses, in the consolidated statement of operations for the thirteen and thirty-nine weeks ended December 30, 2012.

	In December 2013, the Company and its insurers settled the remaining insurance claims related to Hurricane Sandy and the Company received final payments totaling $4.4 million, bringing total insurance payments received to $18.7 million. At the time of claim settlement the Company had an insurance receivable of $1.3 million. The settlement resulted in a $3.1 million gain, which represents the difference between the replacement cost and carrying value of the assets lost to Hurricane Sandy. The gain is recorded in Business interruption and gain on storm-related insurance recoveries, net in the Company’s consolidated statements of operations.

SUBSEQUENT_EVENT

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Dec. 29, 2013
SUBSEQUENT EVENT	'
SUBSEQUENT EVENT	'

	11. SUBSEQUENT EVENT

	Subsequent to December 29, 2013, the Company initiated an organizational realignment to remove redundant costs and streamline parts of the business model to enhance overall productivity. Net of reinvestments back into the business, the Company expects to achieve annualized cost savings of approximately $3-4 million. In connection with the plan, the Company expects to incur charges, primarily severance, over the next year of approximately $7.0 million.

LONGTERM_DEBT_Tables

LONG-TERM DEBT (Tables)	9 Months Ended
	Dec. 29, 2013
LONG-TERM DEBT	'
Summary of long-term debt	'
	A summary of long-term debt is as follows (in thousands):

		March 31,			December 29,
		2013			2013
	Credit facility, gross	$	274,313		$	272,250
	Less unamortized discount	(15,000		)	(15,931		)
	Credit facility, net	259,313			256,319
	Less current maturities	(2,750		)	(2,750		)
	Long-term debt, net of current maturities	$	256,563		$	253,569
Summary of interest expense	'
	A summary of interest expense is as follows (in thousands):

		Thirteen Weeks Ended						Thirty-Nine Weeks Ended
		December 30,			December 29,			December 30,		December 29,
		2012			2013			2012		2013
	Interest on senior credit facility	$	5,764		$	3,728		$	14,644	$	11,621
	Interest on subordinated promissory note payable to related party	219			—			658		—
	Amortization of original issue discount	534			833			943		2,439
	Amortization of deferred financing fees	354			436			978		1,296
	Other interest expense, net	199			64			216		89
	Total	$	7,070		$	5,061		$	17,439	$	15,445

REDEEMABLE_PREFERRED_STOCK_COM1

REDEEMABLE PREFERRED STOCK, COMMON STOCK AND WARRANTS (Tables)	9 Months Ended
	Dec. 29, 2013
REDEEMABLE PREFERRED STOCK, COMMON STOCK AND WARRANTS	'
Summary of warrants outstanding	'

	Warrants at March 31, 2013	1,930,822
	Exercised during the 13 weeks ended June 30, 2013	95,386
	Exercised during the 13 weeks ended September 29, 2013	3,627
	Exercised during the 13 weeks ended December 29, 2013	1,734,337
	Warrants at December 29, 2013	97,472

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
SHARE-BASED COMPENSATION (Tables)	Dec. 29, 2013
2007 Equity Compensation Plan \| Unvested restricted stock grants	'
Share-Based Compensation	'
Summary of status of the Company's unvested restricted stock unit grants	'

		Restricted		Weighted
		Stock		Average Grant
				Date Fair Value
	Balance at March 31, 2013	145,971		$	4.43
	Vested	(28,213	)	4.07
	Outstanding unvested awards at December 29, 2013	117,758		5.92

2013 Long-Term Incentive Plan \| Unvested restricted stock units	'
Share-Based Compensation	'
Summary of status of the Company's unvested restricted stock unit grants	'

		Restricted		Weighted
		Stock Units		Average Grant
				Date Fair Value
	Balance at March 31, 2013	—		$	—
	Granted	2,454,453		13.61
	Forfeited	(36,236	)	13
	Outstanding unvested awards at December 29, 2013	2,418,217		13.62

2013 Long-Term Incentive Plan \| Stock options	'
Share-Based Compensation	'
Summary of stock option activity	'

		Stock		Weighted		Weighted
		Options		Average		Average
				Exercise		Remaining
				Price		Contractual
						Life (years)
	Balance at March 31, 2013	—		$	—	—
	Granted	1,160,771		14.35		10
	Forfeited	(6,080	)	13		9.9
	Outstanding unvested awards at December 29, 2013	1,154,691		14.35		9.3

INCOME_TAXES_Tables

INCOME TAXES (Tables)	9 Months Ended
INCOME TAXES (Tables)	Dec. 29, 2013
INCOME TAXES	'
Schedule of reconciliation of the U.S. statutory rate with the Company's effective tax rate	'


		Thirteen Weeks Ended				Thirty-Nine Weeks Ended
		December 30,		December 29,		December 30,		December 29,
		2012		2013		2012		2013
	Federal statutory rate	34	%	34	%	34	%	34	%
	Effect of:
	State income taxes (net of federal tax benefit)	8.4		8.7		8.5		8.7
	Permanent differences	(0.4	)	(0.2	)	(0.4	)	(0.2	)
	Valuation allowance	(416.0	)	(474.1	)	(131.5	)	(109.1	)
	Other	(0.3	)	(0.0	)	0		(0.1	)
	Effective rate	(374.3	)%	(431.6	)%	(89.4	)%	(66.7	)%

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Dec. 29, 2013
COMMITMENTS AND CONTINGENCIES	'
Schedule of aggregate minimum rental commitments under all operating leases	'
	The aggregate minimum rental commitments under all operating leases, for which we have possession, as of December 29, 2013 are as follows for the fiscal years ending (in thousands):

	30-Mar-14	$	7,391
	29-Mar-15	31,088
	3-Apr-16	32,167
	2-Apr-17	32,157
	1-Apr-18	30,828
	Thereafter	514,987
		$	648,618

DESCRIPTION_OF_BUSINESS_AND_OR1

DESCRIPTION OF BUSINESS AND ORGANIZATION (Details) (USD $)

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

Apr. 12, 2013

Dec. 29, 2013

Apr. 22, 2013

Dec. 29, 2013

Apr. 12, 2013

Mar. 31, 2013

Apr. 22, 2013

Dec. 29, 2013

Apr. 12, 2013

Mar. 31, 2013

Apr. 22, 2013

Dec. 29, 2013

Apr. 22, 2013

Dec. 29, 2013

Apr. 22, 2013

segment

IPO

Class A common stock

Class B common stock

Series A Preferred Stock

Series B Preferred Stock

store

IPO

Existing shareholders

Underwriter's Overallotment Option

IPO

DESCRIPTION OF BUSINESS AND ORGANIZATION

Number of stores operated

Number of stores which include integrated Fairway Wine & Spirits stores

Number of stores opened prior to the beginning of fiscal 2014

Number of stores opened during the period

Number of urban food stores

Number of reportable segments

Description of Business and Organization

Number of shares of common stock which the entity is authorized to issue

150,000,000

31,000,000

Number of shares of preferred stock which the entity is authorized to issue

5,000,000

Stock split ratio of outstanding common stock

118.58

Number of shares of stock sold

15,697,500

2,289,868

2,047,500

Number of new shares sold

13,407,632

Sale price per share (in dollars per share)

$13

Net proceeds from IPO

$158,821,000

$158,800,000

Proceeds received from IPO used to pay accrued but unpaid dividends

76,818,000

19,100,000

57,700,000

Proceeds received from IPO used to pay an affiliate of Sterling Investment Partners for termination of the entity's management agreement

9,200,000

Proceeds received from IPO used to pay contractual initial public offering bonuses to certain members of the entity's management

8,100,000

Remainder of the net proceeds from IPO intended to be used for new store growth and other general corporate purposes

$64,700,000

Shares issued in exchange for all outstanding preferred stock and accrued dividends not paid in cash with the proceeds of the IPO

15,504,296

Number of shares automatically converted into shares of Class A common stock

33,576

43,058

64,016.98

Shares issued on conversion of Class B common stock

33,576

NET_LOSS_PER_COMMON_SHARE_Deta

NET LOSS PER COMMON SHARE (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Net Loss Per Common Share	'	'	'	'
Potentially dilutive shares	3,788,138	2,083,315	3,788,138	2,083,315
Earnings available for common stockholders (in dollars)	($31,268)	($51,835)	($115,568)	($78,289)
Weighted average number of common shares outstanding	42,092,143	12,331,744	39,179,665	12,324,213
Net loss per common share (in dollars per share)	$0.74	$4.20	$2.95	$6.35
Common Stock	'	'	'	'
Net Loss Per Common Share	'	'	'	'
Earnings available for common stockholders (in dollars)	'	$0	'	$0
Class B common stock \| Pro forma effect as if the entity had exchanged outstanding preferred stock for common stock on April 1, 2012	'	'	'	'
Net Loss Per Common Share	'	'	'	'
Shares issued	'	12,940,956	'	12,304,457
Weighted average number of common shares outstanding	'	25,272,700	'	24,628,670
Net loss per common share (in dollars per share)	'	$1.76	'	$2.28
Warrants \| Class A common stock	'	'	'	'
Net Loss Per Common Share	'	'	'	'
Potentially dilutive shares	97,472	1,930,822	97,472	1,930,822
Unvested restricted stock	'	'	'	'
Net Loss Per Common Share	'	'	'	'
Potentially dilutive shares	117,758	152,493	117,758	152,493
Options \| Class A common stock	'	'	'	'
Net Loss Per Common Share	'	'	'	'
Potentially dilutive shares	1,154,691	'	1,154,691	'
Unvested restricted stock units \| Class A common stock	'	'	'	'
Net Loss Per Common Share	'	'	'	'
Potentially dilutive shares	2,418,217	'	2,418,217	'

LONGTERM_DEBT_Details

LONG-TERM DEBT (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012	Mar. 31, 2013
Long-term debt	'	'	'	'	'
Less current maturities	($2,750)	'	($2,750)	'	($2,750)
Long-term debt, net of current maturities	253,569	'	253,569	'	256,563
Interest expense	'	'	'	'	'
Amortization of original issue discount	833	534	2,439	943	'
Amortization of deferred financing fees	436	354	1,296	978	'
Other interest expense, net	64	199	89	216	'
Total	5,061	7,070	15,445	17,439	'
2013 Senior Credit Facility	'	'	'	'	'
Long-term debt	'	'	'	'	'
Credit facility, gross	272,250	'	272,250	'	274,313
Less unamortized discount	-15,931	'	-15,931	'	-15,000
Credit facility, net	256,319	'	256,319	'	259,313
Interest expense	'	'	'	'	'
Interest on senior credit facility	3,728	5,764	11,621	14,644	'
Subordinated promissory notes payable to related party	'	'	'	'	'
Interest expense	'	'	'	'	'
Interest on subordinated promissory note payable to related party	'	$219	'	$658	'

LONGTERM_DEBT_Details_2

LONG-TERM DEBT (Details 2) (USD $)

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

3-May-13

Feb. 28, 2013

Dec. 29, 2013

1-May-13

Dec. 29, 2013

1-May-13

Dec. 29, 2013

Feb. 28, 2013

Dec. 29, 2013

Feb. 28, 2013

Dec. 29, 2013

Feb. 28, 2013

Dec. 30, 2012

2013 Senior Credit Facility

2013 Term Facility

2013 Revolving Facility

Letter of credit sub-facility

2012 senior credit facility

2012 term loan

2012 revolving credit facility

2011 senior credit facility

2011 term loan

2011 revolving credit facility

Adjusted LIBOR

Alternate base rate

Leverage ratio greater than or equal to 5.0:1.0

Leverage ratio less than 5.0:1.0 and greater than or equal to 4.0:1.0

Leverage ratio less than 4.0:1.0

Adjusted LIBOR

Alternate base rate

Adjusted LIBOR

Alternate base rate

Minimum

Maximum

Long-Term Debt

Face amount

$275,000,000

$260,000,000

$200,000,000

Maximum borrowing capacity

40,000,000

35,000,000

Proceeds from 2013 Term Facility used to repay outstanding borrowings (including accrued interest) and pay fees and expenses

264,500,000

Reference rate

'adjusted LIBOR

'alternate base rate

'adjusted LIBOR

'alternate base rate

'adjusted LIBOR

'alternate base rate

Floor interest rate for reference rate (as a percent)

1.25%

1.00%

1.50%

Interest rate margin (as a percent)

5.50%

4.00%

4.50%

3.00%

6.75%

5.75%

6.00%

5.00%

Quarterly fee payable on the undrawn portion of facility (as a percent)

1.00%

Period for calculating quarterly fee payable on undrawn portion of facility

'360 days

Interest payment period

'3 months

Percentage reduction in interest rate margins

0.50%

Percentage of adjusted excess cash flow to be used for mandatory prepayments under facility

50.00%

25.00%

0.00%

Leverage ratio used to determine mandatory prepayments under credit facility

Percentage of net cash proceeds of asset sales or other dispositions of property by the entity and certain of its subsidiaries (subject to certain exceptions and reinvestment provisions) to be used for mandatory prepayments under facility

100.00%

Percentage of net cash proceeds from issuances, offerings or placements of debt obligations to be used for mandatory prepayments under facility

100.00%

Deferred financing fees

500,000

800,000

Unamortized original issue discount

14,700,000

11,800,000

Debt placement fees

3,400,000

3,600,000

Availability under the facility

18,400,000

Amount of debt outstanding

$21,600,000

REDEEMABLE_PREFERRED_STOCK_COM2

REDEEMABLE PREFERRED STOCK, COMMON STOCK AND WARRANTS (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

Apr. 12, 2013

Dec. 29, 2013

Sep. 29, 2013

Jun. 30, 2013

Dec. 29, 2013

Jan. 31, 2014

Apr. 22, 2013

Apr. 12, 2013

Dec. 29, 2013

Mar. 31, 2013

Apr. 22, 2013

Apr. 12, 2013

Dec. 29, 2013

Mar. 31, 2013

Dec. 30, 2012

Apr. 22, 2013

Dec. 29, 2013

Apr. 22, 2013

Dec. 29, 2013

Apr. 22, 2013

Subsequent Event

IPO

Class A common stock

Class B common stock

Series A Preferred Stock

Series B Preferred Stock

Assumptions made per the agreement to exchange the preferred stock for a fixed number of shares of Class B common stock

item

IPO

Existing shareholders

Underwriter's Overallotment Option

item

Assumptions made per the agreement to exchange the preferred stock for a fixed number of shares of Class B common stock

IPO

Assumptions made per the agreement to exchange the preferred stock for a fixed number of shares of Class B common stock

Redeemable Preferred Stock, Common Stock and Warrants

Number of shares of common stock which the entity is authorized to issue

150,000,000

31,000,000

Number of shares of preferred stock which the entity is authorized to issue

5,000,000

Stock split ratio of outstanding common stock

118.58

Voting right per share

Conversion ratio for conversion into shares of Class A common stock

Number of shares of stock sold

15,697,500

2,289,868

2,047,500

Sale price per share (in dollars per share)

$13

$11

Sale of common stock by the Company through IPO (in shares)

13,407,632

12,940,956

12,304,457

Shares issued upon exercise of outstanding warrants

95,386

Exchange of preferred stock for shares of common stock in connection with the IPO

15,504,296

Number of shares automatically converted into shares of Class A common stock

33,576

43,058

64,016.98

Shares issued on conversion of Class B common stock

33,576

Proceeds received from IPO used to pay accrued but unpaid dividends

$76,818,000

$19,100,000

$57,700,000

Amount of accrued dividends assumed to be paid in cash with proceeds of the IPO

65,000,000

Amount of dividend recognized

42,800,000

Amount of additional dividend paid using additional cash proceeds

11,800,000

Amount of dividends paid by issuance of common stock

$31,000,000

Increase in per share value at IPO from assumed value (in dollars per share)

Warrants outstanding

Warrants at the beginning of the period (in shares)

1,930,822

87,630

Exercised (in shares)

95,386

Exercised (in shares)

1,734,337

3,627

Warrants at the end of the period (in shares)

97,472

87,630

SHAREBASED_COMPENSATION_Detail

SHARE-BASED COMPENSATION (Details) (USD $)	3 Months Ended		9 Months Ended
SHARE-BASED COMPENSATION (Details) (USD $)	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012
Share-Based Compensation	'	'	'	'
Stock-based compensation	$2,900,000	$55,000	$7,800,000	$83,000
2007 Equity Compensation Plan \| Unvested restricted stock grants	'	'	'	'
Share-Based Compensation	'	'	'	'
Unrecognized compensation expense	458,000	'	458,000	'
Restricted Stock/ Restricted Stock Units	'	'	'	'
Balance at the beginning of the period (in shares)	'	'	145,971	'
Vested (in shares)	'	'	-28,213	'
Outstanding unvested awards at the end of the period (in shares)	117,758	'	117,758	'
Weighted Average Grant Date Fair Value	'	'	'	'
Balance at the beginning of the period (in dollars per share)	'	'	$4.43	'
Vested (in dollars per share)	'	'	$4.07	'
Outstanding unvested awards at the end of the period (in dollars per share)	$5.92	'	$5.92	'
2013 Long-Term Incentive Plan \| Unvested restricted stock grants	'	'	'	'
Share-Based Compensation	'	'	'	'
Unrecognized compensation expense	$25,100,000	'	$25,100,000	'
2013 Long-Term Incentive Plan \| Unvested restricted stock units	'	'	'	'
Restricted Stock/ Restricted Stock Units	'	'	'	'
Granted (in shares)	'	'	2,454,453	'
Forfeited (in shares)	'	'	-36,236	'
Outstanding unvested awards at the end of the period (in shares)	2,418,217	'	2,418,217	'
Weighted Average Grant Date Fair Value	'	'	'	'
Granted (in dollars per share)	'	'	$13.61	'
Forfeited (in dollars per share)	'	'	$13	'
Outstanding unvested awards at the end of the period (in dollars per share)	$13.62	'	$13.62	'

SHAREBASED_COMPENSATION_Detail1

SHARE-BASED COMPENSATION (Details 2) (2013 Long-Term Incentive Plan, Stock options, USD $)	9 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 29, 2013
2013 Long-Term Incentive Plan \| Stock options	'
Stock Options	'
Granted (in shares)	1,160,771
Forfeited (in shares)	-6,080
Outstanding unvested awards at the end of the period (in shares)	1,154,691
Unrecognized compensation expense	$4.20
Weighted Average Exercise Price	'
Granted (in dollars per share)	$14.35
Forfeited (in dollars per share)	$13
Outstanding unvested awards at the end of the period (in dollars per share)	$14.35
Weighted Average Remaining Contractual Life	'
Granted	'10 years
Forfeited	'9 years 10 months 24 days
Outstanding unvested awards at the end of the period	'9 years 3 months 18 days
Other disclosures	'
Aggregate intrinsic value of awards outstanding (in dollars)	$4
Number of awards exercised (in shares)	0
Number of awards exercisable (in shares)	0

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	0 Months Ended				0 Months Ended
In Millions, unless otherwise specified	Apr. 22, 2013	Dec. 29, 2013	Dec. 29, 2013	Dec. 29, 2013	Apr. 22, 2013
	IPO	Operating Leases	Operating Leases	Utility Services	Management Agreement
		Entity owned by an individual who is a company director and executive officer	Entity owned by an individual who is a company director and executive officer	Entity owned by an individual who is a company director and executive officer	Sterling Advisers
		Director and executive officer	Director and executive officer	Director and executive officer	IPO
		Property that houses the production bakery and the cheese and dried fruits and nuts warehouses	Red Hook store facility	Red Hook store facility
Related party transactions	'	'	'	'	'
Ownership interest in an affiliated entity held by related party (as a percent)	'	33.33%	16.67%	16.67%	'
Payments for termination of advisory fee	$9.20	'	'	'	$9.20

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012	Mar. 31, 2013
INCOME TAXES	'	'	'	'	'
Federal statutory rate (as a percent)	34.00%	34.00%	34.00%	34.00%	'
Effect of:	'	'	'	'	'
State income taxes (net of federal tax benefit) (as a percent)	8.70%	8.40%	8.70%	8.50%	'
Permanent differences (as a percent)	-0.20%	-0.40%	-0.20%	-0.40%	'
Valuation allowance (as a percent)	-474.10%	-416.00%	-109.10%	-131.50%	'
Other (as a percent)	0.00%	-0.30%	-0.10%	0.00%	'
Effective rate (as a percent)	-431.60%	-374.30%	-66.70%	-89.40%	'
Net deferred tax assets	'	'	'	'	$4.70
Deferred tax asset for net operating losses	'	'	'	'	53.3
Valuation allowance	'	39	'	39	'
Period for determining whether deferred tax assets can be realized	'	'	'5 years	'	'
Increase in valuation allowance	25.9	'	'	'	'
Income Taxes	'	'	'	'	'
Federal net operating loss carry forwards	'	'	'	'	120
Minimum	'	'	'	'	'
Income Taxes	'	'	'	'	'
Federal net operating loss carry forwards	$120	'	$120	'	'

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 29, 2013
COMMITMENTS AND CONTINGENCIES	'
Annual increase in rent under lease agreements with related parties as a percentage of increase in the consumer price index	50.00%
Maximum annual increase in rent under lease agreements with related party as a percentage increase in the consumer price index	5.00%
Aggregate minimum rental commitments under all operating leases	'
30-Mar-14	$7,391
29-Mar-15	31,088
3-Apr-16	32,167
2-Apr-17	32,157
1-Apr-18	30,828
Thereafter	514,987
Total	$648,618

INSURANCE_CLAIMS_AND_RECOVERIE1

INSURANCE CLAIMS AND RECOVERIES RELATED TO HURRICANE SANDY (Details) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended				3 Months Ended	9 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 30, 2012	Dec. 29, 2013	Dec. 31, 2012	Nov. 30, 2012	Nov. 30, 2012	Dec. 30, 2012	Dec. 30, 2012
					Hurricane Sandy	Hurricane Sandy	Hurricane Sandy	Hurricane Sandy	Hurricane Sandy	Hurricane Sandy
								Red Hook store facility	Red Hook store facility	Red Hook store facility
								Business interruption insurance recoveries	General and administrative expenses	General and administrative expenses
Insurance claims and recoveries	'	'	'	'	'	'	'	'	'	'
Insurance settlement gain	$3,089,000	$2,500,000	$3,089,000	$2,500,000	$3,100,000	'	'	$2,500,000	'	'
Recoveries representing carrying values of the damaged inventory and property and equipment	'	'	'	'	'	'	'	'	3,000,000	3,000,000
Settlement related to Hurricane Sandy	'	'	4,403,000	3,398,000	4,400,000	5,500,000	5,500,000	'	'	'
Total insurance payments received	'	'	'	'	18,700,000	'	'	'	'	'
Insurance receivable	$1,300,000	'	$1,300,000	'	'	'	'	'	'	'

SUBSEQUENT_EVENT_Details

SUBSEQUENT EVENT (Details) (Subsequent Event, Restructuring plan, USD $)	0 Months Ended
In Millions, unless otherwise specified	Dec. 29, 2013
SUBSEQUENT EVENT	'
Organizationl and realignment charges, primarily severance, over the next year	$7
Minimum	'
SUBSEQUENT EVENT	'
Expected annualized cost savings	3
Maximum	'
SUBSEQUENT EVENT	'
Expected annualized cost savings	$4