Business
Grocery Outlet Holding Corp. Announces Fourth Quarter and Fiscal 2021 Financial Results
EMERYVILLE, Calif., March 01, 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., March 01, 2022 (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 2021 ended January 1, 2022. Highlights for Fourth Quarter Fiscal 2021 as compared to the Fourth Quarter Fiscal 2020: Net sales decreased by 3.0% to $782.7 million. The fourth quarter of fiscal 2020 contained one additional week, which represented $53.3 million in net sales.On a 13-week basis, comparable store sales decreased by 1.2% compared to a 7.9% increase in the prior year period.The Company opened eight new stores ending the quarter with 415 stores in seven states.Net income decreased 72.6% to $6.6 million, or $0.07 per diluted share.Adjusted EBITDA(1) decreased 7.5% to $47.4 million.Adjusted net income(1) decreased 17.5% to $20.0 million, or $0.20 per adjusted diluted share(1). Eric Lindberg, CEO of Grocery Outlet, stated, \"We are pleased with our fourth quarter results as we delivered better-than-expected topline and gross margin performance. Through the tireless efforts of our independent operators along with our unique and flexible buying model, we continue to deliver unbeatable value and service to our customers and local communities. As we look forward, we are confident that the strength of our differentiated model combined with our strategic initiatives and a more favorable operating environment position us well for long term growth.\" __________________________________ (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 for additional information about these items. Highlights for the Full Year Fiscal 2021 as compared to the Full Year Fiscal 2020: Net sales decreased by 1.8% to $3.08 billion. Fiscal year 2020 contained one additional week, which represented $53.3 million in net sales.On a 52-week basis, comparable store sales decreased by 6.0% compared to a 12.7% increase in the prior year.The Company opened 36 new stores and closed one stor...