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What: Shares of Fairway Group Holdings (NASDAQ:FWM) were looking rotten today, falling 22% after it badly missed earnings estimates in its quarterly report.

So what: The gourmet grocer turned in a loss of $0.30 a share on expectations of a $0.07 shortfall, while revenues improved 14.1%, to $183.2 million, short of the consensus at $187.3 million. Same-store sales grew just 1% in the quarter, as shares of the recent IPO fell to its lowest level since May. Executive Chairman Charles Santoro ignored the loss, saying the company "continued to perform well" in the quarter, making private label penetration, and opening its 14th store in Nanuet, New York.

Now what: While shares probably deserve to take a hit after missing on top and bottom lines, investors would be wise to look past the quarter. Fairway is an expansion play, as the company hopes to grow from just 14 supermarkets currently, to 300 nationwide. The current lack of profits may be scary, but the chain does have near cult-like status in its native New York. If it can similarly delight customers nationwide, profits and share prices are bound to head north.

Fool contributor Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.