Business
Grocery Outlet Holding Corp. Announces Second Quarter Fiscal 2022 Financial Results
Raises Fiscal Year 2022 Guidance EMERYVILLE, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) ("Grocery Outlet" or the
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Raises Fiscal Year 2022 Guidance\nEMERYVILLE, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the second quarter of fiscal 2022 ended July 2, 2022. Highlights for the Second Quarter Fiscal 2022 as compared to the Second Quarter Fiscal 2021: Net sales increased by 15.7% to $897.7 million.Comparable store sales increased by 11.2% and on a 3-year stacked basis increased by 17.9%(1).The Company opened seven new stores, ending the quarter with 425 stores in eight states.Net income increased by 2.3% to $20.1 million, or $0.20 per diluted share.Adjusted EBITDA(2) increased by 18.3% to $60.1 million.Adjusted net income(2) increased by 23.6% to $28.9 million, or $0.29 per adjusted diluted share(2). Eric Lindberg, CEO of Grocery Outlet, commented, \"We are extremely pleased with our second quarter performance and the continued momentum in our business. Our mission of Touching Lives for the Better has always been firmly rooted in providing customers access to affordable quality food at unbeatable savings. As consumers are faced with record levels of inflation, our business is well-positioned to help them stretch their budgets. I would like to thank our talented independent operators and team members for their tireless commitment to that mission.\" __________________________________ (1) Comparable store sales on a 3-year stacked basis represents the sum of the increase or decrease in comparable store sales, as reported, in the second quarters of fiscal 2022, 2021 and 2020 and 26 weeks ended July 2, 2022, July 3, 2021 and June 27, 2020. (2) 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 26 Weeks Ended July 2, 2022 as compared to the 26 Weeks Ended July 3, 2021: Net sales increased by 13.2% to $1.73 billion.Comparable store sales increased by 8.2% and on a 3-year stacked basis increased by 16.1%(1).Net ...