Business
Grocery Outlet Holding Corp. Announces First Quarter Fiscal 2021 Financial Results
EMERYVILLE, Calif., May 11, 2021 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) ("Grocery Outlet" or the "Company") today announced financial
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"EMERYVILLE, Calif., May 11, 2021 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the first quarter of fiscal 2021 ended April 3, 2021. Highlights for First Quarter Fiscal 2021 as compared to the First Quarter Fiscal 2020: Net sales decreased by 1.0% to $752.5 million.Comparable store sales decreased by 8.2% compared to a 17.4% increase in the same period last year.The Company opened 10 new stores and closed one store, ending the quarter with 389 stores in six states.Net income increased 49.4% to $18.9 million, or $0.19 per diluted share.Adjusted EBITDA(1) decreased 13.7% to $48.8 million.Adjusted net income(1) decreased 19.6% to $23.1 million, or $0.23 per non-GAAP diluted share. Eric Lindberg, CEO of Grocery Outlet, stated, \"We were pleased to have delivered on our expectations in the first quarter and I want to thank our employees and our independent operators for their fantastic work in serving our customers. We continue to provide extreme values and a treasure hunt shopping experience with friendly customer service delivered by local independent operators. This unique value proposition continues to resonate with our customers. As our markets begin to reopen, we believe that we are well positioned for long-term growth due to our deep value orientation, strong customer and supplier relationships, and significant whitespace opportunity. We remain committed to our long-term algorithm of expanding our store base 10% each year while continually reinvesting in our business. We will continue to execute on our strategic initiatives that support consistent long-term growth and drive stockholder value.\" __________________________________ (1) Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures, which exclude the impact of certain special items. Beginning with the fourth quarter of fiscal 2020, we updated our definitions of our non-GAAP financial measures to simplify our presentation and enhance comparability between periods. The presentations for adjusted EBITDA, non-GAAP adjusted net income and non-GAAP adjusted diluted earnings per share for the first quarter of fiscal 2020 have been recast to reflect these changes. Please note that our non-GAAP financial measures should be considered a...