Business
Grocery Outlet Holding Corp. Announces Fourth Quarter and Fiscal 2022 Financial Results
Q4 fiscal 2022 net sales increased 18.9%Comparable store sales grew 15.1% driven by a 10.0% increase in transactionsNet income increased 139.3% with diluted
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Q4 fiscal 2022 net sales increased 18.9%Comparable store sales grew 15.1% driven by a 10.0% increase in transactionsNet income increased 139.3% with diluted EPS of $0.16Company provides outlook for fiscal 2023Company changes presentation of non-GAAP financial measures EMERYVILLE, Calif., Feb. 28, 2023 (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 2022 ended December 31, 2022. Highlights for Fourth Quarter Fiscal 2022 as compared to Fourth Quarter Fiscal 2021: Net sales increased by 18.9% to $930.8 million.Comparable store sales increased by 15.1%, driven by a 10.0% increase in the number of transactions combined with a 4.6% increase in average transaction size.The Company opened ten new stores, ending the quarter with 441 stores in eight states.Net income increased 139.3% to $15.9 million, or $0.16 per diluted share.Adjusted EBITDA(1), under the Company's prior definition, increased 21.2% to $57.4 million. Under the revised definition, adjusted EBITDA increased 24.3% to $54.3 million.Adjusted net income(1), under the Company's prior definition, increased 24.4% to $24.9 million, or $0.25 per adjusted diluted share(1). Under the revised definition, adjusted net income increased 31.1% to $22.6 million, or $0.22 per adjusted diluted share. \"We are very pleased with our fourth quarter results and the strong momentum in our business,\" said RJ Sheedy, President and CEO of Grocery Outlet. \"Our merchandise assortment is better than ever, our pipeline of opportunistic products is healthy, our marketing message of value and savings is resonating with a broad base of consumers, and our Independent Operators are connecting with customers in their stores and throughout their communities. The result is a compelling WOW! shopping experience that is driving strong traffic and spending trends across an expanding base of customers.\" __________________________________ (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 GA...