Business
Grocery Outlet Holding Corp. Announces First Quarter Fiscal 2023 Financial Results
Q1 fiscal 2023 net sales increased 16.1%Comparable store sales grew 12.1% driven by a 7.9% increase in transactionsGAAP net income increased 18.5% with
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Q1 fiscal 2023 net sales increased 16.1%Comparable store sales grew 12.1% driven by a 7.9% increase in transactionsGAAP net income increased 18.5% with diluted EPS of $0.14Adjusted EBITDA(1) increased 36.9%, up 100 basis points as a percentage of net salesCompany raises guidance for fiscal 2023 EMERYVILLE, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the first quarter of fiscal 2023 ended April 1, 2023. Highlights for First Quarter Fiscal 2023 as compared to First Quarter Fiscal 2022: Net sales increased by 16.1% to $965.5 million.Comparable store sales increased by 12.1%, driven by a 7.9% increase in the number of transactions combined with a 3.9% increase in average transaction size.The Company opened three new stores, ending the quarter with 444 stores in eight states.Net income increased 18.5% to $13.7 million, or $0.14 per diluted share.Adjusted EBITDA(1) increased by 36.9% to $63.1 million.Adjusted net income(1) increased by 40.7% to $27.0 million, or $0.27 per adjusted diluted share(1). RJ Sheedy, President and CEO of Grocery Outlet, commented, \"Our first quarter performance exceeded expectations driven by strong same store sales results, gross margin expansion and bottom-line leverage. We are encouraged by the growth in transactions as we are attracting new customers and our existing customers are shopping with us more often. We are delivering on our mission of Touching Lives for the Better and we continue to execute our strategic growth initiatives to maximize long-term shareholder 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. 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 as well as the respective reconciliations of our non-GAAP financial measures below for additional information about these items. Balance Sheet and Cash Flow: Cash and cash equivalents totaled $82.1 million at the end of the first quarter of fiscal 2023.On February 21, 2023, the Company...