Business
Grocery Outlet Holding Corp. Announces Fourth Quarter and Fiscal 2020 Financial Results
EMERYVILLE, Calif., March 02, 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., March 02, 2021 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the fourth quarter and full fiscal year 2020 ended January 2, 2021, both of which contained one additional week (\"53rd week\") versus the comparable prior periods. Highlights for Fourth Quarter Fiscal 2020 as compared to the Fourth Quarter Fiscal 2019: Net sales increased by 23.1% to $806.8 million, which includes $53.3 million from the 53rd week.Comparable store sales increased by 7.9% on a 13-week basis over a 5.1% increase in the same period last year.The Company opened eight new stores ending the quarter with 380 stores in six states.Net income increased 146.8% to $24.3 million, or $0.24 per diluted share.Adjusted net income(1) increased 46.1% to $24.2 million, or $0.24 per non-GAAP diluted share.Adjusted EBITDA(1) increased 24.7% to $51.2 million. Eric Lindberg, CEO of Grocery Outlet, stated, \"Reflecting on 2020, our flexible business model, supported by many years of strategic investments, positioned us to deliver exceptional financial results in an unprecedented environment. I am extremely proud of the commitment demonstrated by our organization as we rose to meet the challenges created by the COVID pandemic. On the heels of an extraordinary year, we will continue to focus on making strategic, disciplined investments to support our growth. We believe that our value proposition is as strong as ever, we have ample white space to execute 10% annual unit growth and we remain committed to continuously reinvesting in the business, all of which position us to achieve our long-term growth objectives.\" Highlights for the Full Year Fiscal 2020 as compared to the Full Year Fiscal 2019 : Net sales increased by 22.5% to $3.13 billion.Comparable store sales increased by 12.7% on a 52-week basis compared to a 5.2% increase in the comparable period last year.The Company opened 35 new stores and closed two stores during the year.Net income increased 592.1% to $106.7 million, or $1.08 per diluted share.Adjusted net income(1) increased 86.9% to $112.7 million, or $1.14 per non-GAAP diluted share.Adjusted EBITDA(1) increased 32.4% to $222.9 million. Balance Sheet and Cash Flow: Cash and cash equivalents totaled $105.3 million at the end of the fourth quarter of fisca...