Business
Grocery Outlet Holding Corp. Announces Second Quarter Fiscal 2021 Financial Results
EMERYVILLE, Calif., Aug. 10, 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., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the second quarter of fiscal 2021 ended July 3, 2021. Highlights for Second Quarter Fiscal 2021 as compared to the Second Quarter Fiscal 2020: Net sales decreased by 3.5% to $775.5 million.Comparable store sales decreased by 10.0% compared to a 16.7% increase in the same period last year.The Company opened 11 new stores, ending the quarter with 400 stores in six states.Net income decreased 33.0% to $19.6 million, or $0.20 per diluted share.Adjusted EBITDA(1) decreased 15.7% to $50.8 million.Adjusted net income(1) decreased 27.1% to $23.3 million, or $0.23 per adjusted diluted share. Eric Lindberg, CEO of Grocery Outlet, stated, \"With the support of our independent operators, we continued to deliver outstanding value and a Wow! shopping experience to our customers throughout our second quarter. As we anniversary last year's strong performance, our second quarter financial results were at the high end of our expectations. While we continue to navigate changing consumer behaviors, we remain pleased with the health of opportunistic supply, our product assortment, and our strong engagement with customers and independent operators alike. We are also exploring new ways to expand our share of wallet and broaden our customer base. As such, we remain confident that we are well positioned to drive long term profitable growth for our shareholders as we continue to invest in our business and build on our unique strengths.\" __________________________________ (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. Beginning with the fourth quarter of fiscal 2020, we updated our definitions of our non-GAAP financial measures to simplify our presentation and enhance comparability between periods. The presentations for adjusted EBITDA, adjusted net income and adjusted diluted earnings per share for second quarter of fiscal 2020 and 26 Weeks Ended June 27, 2020 have been recast to reflect these changes. 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...