Exhibit 99.1

The Fresh Market, Inc. Reports Strong Second Quarter 2011 Sales and Earnings Growth; Raises Full

Year Outlook

GREENSBORO, North Carolina – August 31, 2011 – The Fresh Market, Inc. (NASDAQ: TFM), a high-growth specialty retailer, today announced unaudited sales and earnings results for its second quarter ended July 31, 2011. In the second quarter of fiscal 2011, net sales increased 13.6% to $259.5 million and comparable store sales increased 4.6%, compared to the corresponding period in 2010. Net income in the second quarter of fiscal 2011 was $10.5 million, compared to pro forma net income of $6.9 million in the corresponding period in 2010. Diluted earnings per share in the second quarter of fiscal 2011 was $0.22, compared to pro forma diluted earnings per share of $0.14 in the prior-year period, an increase of 52.1%.

In the first half of fiscal 2011, net sales were $524.0 million, an 11.8% increase over the corresponding period in 2010, and comparable store sales increased 4.3%. Net income was $24.0 million, compared to pro forma net income of $19.1 million in the corresponding period in 2010. Diluted earnings per share in the first half of fiscal 2011 was $0.50, compared to pro forma diluted earnings per share of $0.40 in the corresponding period in 2010, an increase of 25.1%. Several items described under “Items Impacting Comparability” (below) affect the comparability of earnings per share and should be reviewed by investors in order to assess the Company’s ongoing operations on a comparable basis.

“We are happy to report another healthy quarter of both sales and earnings growth,” said Craig Carlock, President and Chief Executive Officer. “Our comparable store sales grew 4.6 %, and this marked our seventh consecutive quarter of comparable sales growth of 4.0% or greater. As revenues grew, we also continued to expand our margins. In the second quarter, we increased our operating margin from 5.2% last year to 6.5% this year despite pressure from rising food and commodity costs and despite the additional costs incurred related to being a publicly-traded company. Additionally, we were excited to open five new stores and to relocate one existing store during the quarter and we are happy with their performance so far. We have now opened seven new stores this year, including one store opened since the end of the second quarter, and we continue to expect to open a total of 12 to 14 new stores this fiscal year. We are pleased with the momentum in the business through the first half of fiscal 2011, and even with recent macro-economic uncertainty, we are increasing our EPS guidance from a range of $1.01 to $1.05 to a range of $1.03 to $1.06. As we discussed last quarter, our guidance includes the absorption of the incremental $0.02 per share in transaction costs solely associated with our equity offering earlier this year.”

Items Impacting Comparability

To provide investors with information to assist them in assessing the Company’s ongoing operations on a comparable basis, the Company is providing additional financial information. This additional information should be evaluated in addition to, and not as a substitution for, information provided in accordance with generally accepted accounting principles in the United States (GAAP).

The Company’s public offering of common stock completed earlier in 2011 impacted the comparability of the first half of fiscal 2011 to the corresponding period in 2010. Transaction expenses in connection with the offering are included in selling, general and administrative expenses for the first half of fiscal 2011 and totaled approximately $1.1 million, which resulted in an after-tax reduction of approximately $0.02 per share on a

diluted basis for the first half of fiscal 2011. The costs associated with the offering included legal, printing, accounting and filing fees and expenses as well as other charges directly related to the offering.

In November 2010, the Company terminated its S-corporation election and converted to a C-corporation for income tax purposes in connection with its initial public offering. As a result, the Company is now subject to additional entity-level state and federal taxes, whereas the income tax provision for the second quarter and first half of fiscal 2010 only reflect state taxes owed by the Company in certain states in which it operated. Therefore, pro forma income taxes and pro forma earnings per share data for the second quarter and first half of fiscal 2010 have been provided in the financial statements that are attached to this press release.

Lastly, the Company changed its year-end from a calendar year-end ending on December 31 to a fiscal year-end ending on the last Sunday of January, commencing with its 2011 fiscal year, which will end January 29, 2012. As a result of this change, the Company has recast its second quarter and first half of fiscal 2010 so that these periods correspond to the same thirteen and twenty-six week periods comprising the second quarter and first half of fiscal 2011.

Operating Performance

The Company had strong sales growth and significantly improved year-over-year comparable operating margin performance during the second quarter of fiscal 2011. Total net sales increased 13.6% to $259.5 million in the second quarter of fiscal 2011, and comparable store sales increased 4.6% to $234.6 million for the second quarter of fiscal 2011, in each case compared to the corresponding period in 2010. The second quarter comparable store sales increase resulted from a 1.0% increase in the number of transactions and a 3.6% increase in average transaction size. For the first half of fiscal 2011, total net sales increased 11.8% to $524.0 million and comparable store sales increased 4.3% to $479.9 million, in each case compared to the corresponding period in 2010. The first half comparable store sales increase resulted from a 1.3% increase in the number of transactions and a 3.0% increase in average transaction size.

The Company’s gross profit increased 17.3%, or $12.6 million, to $85.0 million in the second quarter of fiscal 2011, compared to the corresponding period in 2010. This increase was attributable to increased sales and an increase in the gross margin rate. The gross margin rate increased 100 basis points to 32.7% in the second quarter of fiscal 2011 compared to the corresponding period in 2010. The Company’s gross profit increased 14.3%, or $21.8 million, to $174.5 million in the first half of fiscal 2011, compared to the corresponding period in 2010. This increase was attributable to increased sales and an increase in the gross margin rate. The gross margin rate increased 70 basis points to 33.3% in the first half of fiscal 2011, compared to the corresponding period in 2010. The increase in the Company’s gross margin rate for the second quarter and the first half of fiscal 2011, in each case compared to the corresponding periods in 2010, was primarily attributable to increased merchandise margin as well as leverage in occupancy cost and supplies expense. Through the first half of fiscal 2011, estimated LIFO expense did not change materially as a percentage of sales, compared to the corresponding period in 2010.

Selling, general, and administrative expenses increased 13.3% to $58.8 million in the second quarter of fiscal 2011, compared to the corresponding period in 2010. However, selling, general, and administrative expenses were essentially flat as a percentage of sales at 22.7% in the second quarter of fiscal 2011, compared to the corresponding period in 2010. These expenses included higher corporate expenses, driven by approximately $0.8 million in new expenses attributable to the Company’s public company status which contributed over 30 basis points of deleverage during the second quarter. These higher corporate expenses were offset by an improvement in store-level compensation expense as a percentage of sales. Selling, general, and administrative expenses increased 13.5% to $117.8 million, or approximately 40 basis points to 22.5% as a percentage of sales, in the first half of fiscal 2011 versus the corresponding period in 2010. These expenses included higher corporate expenses, driven by approximately $1.5 million in new expenses attributable to the Company’s public company status and approximately $1.1 million in transaction expenses incurred in connection with the Company’s public offering of

common stock earlier this year; both of which adversely impacted selling, general and administrative expenses as a percentage of sales by nearly 50 basis points during the first half of fiscal 2011. These higher corporate expenses were partly offset by an improvement in store-level compensation expense as a percentage of sales.

Operating income increased 43.4% to $17.0 million in the second quarter of fiscal 2011, compared to the corresponding period in 2010. As a percentage of sales, operating income increased by 130 basis points to 6.5% in the second quarter, compared to 5.2% in the corresponding period in 2010. Operating income increased 20.8% to $39.1 million in the first half of fiscal 2011, compared to the corresponding period in 2010. As a percentage of sales, operating income increased by 60 basis points to 7.5% in the first half, compared to 6.9% in the corresponding period in 2010. The primary driver of the increase in operating margin for both the second quarter of fiscal 2011 and the first half of fiscal 2011 was the increase in gross margin rate, along with leverage in depreciation expense.

Balance Sheet/Cash Flow

During the second quarter of fiscal 2011, the Company generated $19.2 million in cash flow from operations and invested $31.1 million in capital expenditures, of which $27.3 million related to new, relocated and remodeled stores.

The Company’s cash balance at the end of the second quarter of fiscal 2011 was approximately $8.5 million, a decrease of $1.2 million compared to the cash balance as of May 1, 2011. The decrease was primarily attributable to increased capital expenditures. Total debt at the end of the second quarter of fiscal 2011 was $76.7 million, up $10.7 million from a balance of $66.0 million at May 1, 2011, primarily due to new store capital, but down $16.0 million from a balance of $92.7 million at the end of the corresponding period of 2010.

Average inventory on a FIFO basis per store at the end of the second quarter of fiscal 2011 increased 7.2%, compared to the corresponding period in 2010. The increase resulted largely from commodity cost increases in certain departments and increased inventory investments in new product assortments within faster growing categories.

On a trailing four quarter basis, giving effect to the recast of fiscal quarters in connection with the Company’s change in its fiscal year-end and adjusted to exclude charges related to the Company’s initial public offering arising during November 2010 and to include a pro forma provision for corporate income taxes, the Company’s return on assets was 17.5%, return on invested capital, excluding excess cash, was 25.7%, and return on equity was 47.3%. These financial return measures and certain of their components are non-GAAP financial measures. The schedules attached to this press release include a discussion of these non-GAAP measures and the components thereof, as well as the details of our calculations of these financial return measures.

Growth and Development

During the second quarter, the Company opened five new stores in Boca Raton, Florida; Evansville, Indiana; Pawleys Island, South Carolina; Montvale, New Jersey; and Vienna, Virginia. The Montvale store represents the Company’s first store in the state of New Jersey. The Company also completed the relocation of its Williamsburg, Virginia store during the second quarter. As of July 31, 2011, the Company operated 106 stores totaling approximately 2.2 million square feet and anticipates opening a total of 12 to 14 new stores during fiscal 2011.

The Company recently signed four leases for new stores in: Milwaukee, Wisconsin; New Orleans, Louisiana; Richmond, Virginia; and Pinecrest, Florida. The Company also recently signed a new lease for the relocation of its existing Spartanburg, South Carolina store. These stores are currently scheduled to open during or after fiscal 2011.

The following table provides additional information about the Company’s real estate and store opening activities through the second quarter of fiscal 2011 and leases signed as of July 31, 2011 for stores scheduled to open during or after the remainder of fiscal 2011.

Note 1: Net of capital contributions, if any, received from Landlords, and including building costs but excluding cost of land for owned stores

Fiscal 2011 Outlook

For fiscal 2011, management now expects:

2011 Second Quarter Earnings Conference Call

The Company will host a conference call today at 9:00 a.m. Eastern Time hosted by President and Chief Executive Officer, Craig Carlock and Executive Vice President and Chief Financial Officer, Lisa Klinger. During the conference call, the Company may answer questions concerning business and financial developments and trends and other business and financial matters. The Company’s responses to these questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.

Those who wish to participate in the call may do so by dialing (877) 852-2928. Any interested party will also have the opportunity to access the call via the Internet at www.thefreshmarket.com. To listen to the live call via our website, please go to the website at least fifteen minutes early to register and download any necessary audio software. For those who cannot listen to the live broadcast, a recording will be available for 30 days after the date of the event. Recordings may be accessed at www.thefreshmarket.com.

About The Fresh Market, Inc.

Founded in 1982, The Fresh Market, Inc. is a specialty grocery retailer focused on providing high-quality products in a unique and inviting atmosphere with a high level of customer service. As of August 31, 2011, the company operates 107 stores in 21 states, located in the Southeast, Midwest, Mid-Atlantic, and Northeast. For more information, please visit www.thefreshmarket.com.

Forward Looking Statements: This document contains forward-looking statements that reflect our plans, estimates, and beliefs and involve a number of risks and uncertainties. Any statements contained herein (including, but not limited to, statements to the effect that The Fresh Market or its management “anticipates,” “plans,” “estimates,” “expects,” “believes,” and other similar expressions) that are not statements of historical fact should be considered forward-looking statements. The following are some of the factors that could cause or contribute actual results to differ materially from any forward-looking statements: accounting entries and adjustments at the close of our fiscal quarter; unexpected expenses and risks associated with our business; our ability to remain competitive in the areas of merchandise quality, price, breadth of selection, customer service and convenience; the effective management of our merchandise buying and inventory levels; our ability to anticipate and/or react to changes in customer demand; changes in consumer confidence and spending; unexpected consumer responses to promotional programs; unusual, unpredictable and/or severe weather conditions including their effect on our supply chain and our store operations; the effectiveness of our logistics and supply chain model, including the ability of our third-party logistics providers to meet our product demands and restocking needs on a cost competitive basis; the execution and management of our store growth and the availability of acceptable real estate locations for new store openings; the actions of third parties involved in our store growth activities, including property owners, landlords, property managers, those involved in the construction of our new store locations and current tenants who occupy one or more of our proposed new store locations, all of whom may be impacted by their financial condition, their lenders, their activities outside of those focused on our new store growth and other tenants, customers and business partners of theirs; global economies and credit and financial markets; our ability to maintain the security of electronic and other confidential information; serious disruptions and catastrophic events; competition; personnel recruitment and retention; acquisitions and divestitures including the ability to integrate successfully any such acquisitions; information systems and technology; commodity, energy, fuel, and other cost increases; compliance with laws, regulations and orders; changes in laws and regulations; outcomes of litigation and proceedings; tax matters and other factors as set forth from time to time in our Securities and Exchange Commission filings. We intend these forward-looking statements to speak only as of the time of this release and do not undertake to update or revise them as more information becomes available.

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This press release, and access to our earnings call, is also available in the Investor Relations portion of The Fresh Market, Inc. website (http://ir.thefreshmarket.com/).

The Fresh Market, Inc.

Statements of Income

(In thousands, except share and per share amounts)

(unaudited)

The Fresh Market, Inc.

Balance Sheets

(In thousands, except share amounts)

(unaudited)

The Fresh Market, Inc.

Statements of Cash Flows

(In thousands)

(unaudited)

The Fresh Market, Inc.

Calculation of Return Metrics (1)

(unaudited)

Non-GAAP Financial Measures

In addition to reporting return metrics derived from measures prepared in accordance with GAAP, the Company provides return metrics derived from adjusted net income. The Company has utilized adjusted net income, which is a non-GAAP measure, for purposes of calculating these return metrics in order to eliminate the effect on operating results of certain expenses and charges incurred in connection with the Company’s initial public offering and related conversion to a taxable C-corporation, as well as pro forma income taxes as if the Company had been taxed as a C-corporation during the entire period presented. The Company believes that the use of adjusted net income to calculate these return metrics facilitates an understanding of the Company’s operations without the one-time impact associated with the initial public offering. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure. A reconciliation of GAAP to non-GAAP results has been provided in footnote 3 above.