Business
Grocery Outlet Holding Corp. Announces Second Quarter Fiscal 2020 Financial Results
Net sales increased 24.5% to $803.4 million Comparable store sales increased 16.7% Net income increased by $40.0 million to $29.3 million Adjusted net income
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Net sales increased 24.5% to $803.4 million Comparable store sales increased 16.7% Net income increased by $40.0 million to $29.3 million Adjusted net income (1) increased 189.2% to $41.8 million Adjusted EBITDA (1) increased 34.7% to $60.6 million\n EMERYVILLE, Calif., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (“Grocery Outlet” or the “Company”) today announced financial results for the second quarter of fiscal 2020 ended June 27, 2020. For the Second Quarter Ended June 27, 2020: Net sales increased by 24.5% to $803.4 million from $645.3 million in the second quarter of fiscal 2019; comparable store sales increased by 16.7% compared to a 5.8% increase in the same period last year.The Company opened 7 new stores ending the quarter with 362 stores in six states.Net income increased $40.0 million to $29.3 million, or $0.30 per diluted share, compared to a net loss of $10.6 million, or $(0.15) per diluted share, in the second quarter of fiscal 2019.As a result of the tax benefit associated with employee stock option exercises, the Company recorded a $2.2 million tax benefit resulting in an effective tax rate of (8.3)%. This stock option-related tax benefit increased net income in the quarter by $9.6 million, or $0.10 per diluted share.Adjusted EBITDA (1) increased 34.7% to $60.6 million compared to $45.0 million in the second quarter of fiscal 2019.Adjusted net income (1) increased 189.2% to $41.8 million, or $0.42 per non-GAAP diluted share, compared to $14.5 million, or $0.20 per non-GAAP diluted share, in the second quarter of fiscal 2019. Eric Lindberg, CEO of Grocery Outlet, stated, “We are very pleased with our strong operational execution in the second quarter. Our financial results reflect incredible teamwork across the organization including our independent operators, distribution center teams, and our corporate staff. While the safety of our communities and the entire Grocery Outlet team is our number one priority, we remain committed to delivering exceptional value to our customers while continuing to extend our reach. Consistent with our approach to reinvesting in the business, we are accelerating talent and operational initiatives which we believe will drive long-term growth and shareholder value.” (1) Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share are non...