Business
Grocery Outlet Holding Corp. Announces First Quarter Fiscal 2022 Financial Results
EMERYVILLE, Calif., May 10, 2022 (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 10, 2022 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the first quarter of fiscal 2022 ended April 2, 2022. Highlights for First Quarter Fiscal 2022 as compared to the First Quarter Fiscal 2021: Net sales increased by 10.5% to $831.4 million.Comparable store sales increased by 5.2% and on a 3-year stacked basis increased 14.3%(1).The Company opened four new stores and closed one, ending the quarter with 418 stores in seven states.Net income decreased 38.7% to $11.6 million, or $0.12 per diluted share.Adjusted EBITDA(2) increased 0.8% to $49.3 million.Adjusted net income(2) decreased 7.0% to $21.5 million, or $0.22 per adjusted diluted share(2). Eric Lindberg, CEO of Grocery Outlet, stated, \"We are excited about our year-to-date performance, including better-than-expected top and bottom-line results in the first quarter. Traffic trends in the second quarter are strong as we believe consumers are increasingly looking to stretch their shopping dollar in light of inflation. As we look across our business, we are encouraged by the health of our supply pipeline as well as the excitement and dedication of our independent operators. In addition, we continue to make important investments in support of future growth which reinforces our confidence in delivering strong shareholder returns over the long term.\" __________________________________ (1) Comparable store sales on a 3-year stacked basis represents the sum of the increase or decrease in comparable store sales, as reported, in the first quarters of fiscal 2022, 2021 and 2020. (2) Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures, which exclude the impact of certain special items. Please note that our non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the \"Non-GAAP Financial Information\" section of this release for additional information about these items. Balance Sheet and Cash Flow: Cash and cash equivalents totaled $138.0 million at the end of the first quarter of fiscal 2022.Total debt was $452.0 million at the end of the first quarter of fiscal 2022, net of unamortized discounts a...