Business
Grocery Outlet Holding Corp. Announces Second Quarter Fiscal 2023 Financial Results
Net sales increased 12.5% and achieved first quarterly $1 billion net sales performance in Company's history Comparable store sales increased 9.2% GAAP net
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Net sales increased 12.5% and achieved first quarterly $1 billion net sales performance in Company's history Comparable store sales increased 9.2% GAAP net income increased 21.8% with diluted EPS of $0.24 Adjusted EBITDA(1) increased 22.7% to $70.5 million Company raises key guidance for fiscal 2023 EMERYVILLE, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the second quarter of fiscal 2023 ended July 1, 2023. Highlights for Second Quarter Fiscal 2023 as compared to Second Quarter Fiscal 2022: Net sales increased by 12.5% to $1.01 billion.Comparable store sales increased by 9.2%, driven by a 9.1% increase in the number of transactions while average transaction size was flat.The Company opened four new stores and closed one, ending the quarter with 447 stores in eight states.Net income increased 21.8% to $24.5 million, or $0.24 per diluted share.Adjusted EBITDA(1) increased by 22.7% to $70.5 million, or 7.0% of net sales.Adjusted net income(1) increased by 18.5% to $31.9 million, or $0.32 per adjusted diluted share(1). \"Our second quarter results came in ahead of our expectations and were driven by strong same store sales growth and gross margin expansion. Our differentiated model and compelling value proposition are resonating with both new and existing customers, and our performance is being driven by strong transaction growth,\" said RJ Sheedy, CEO of Grocery Outlet. \"Looking forward, we are pleased to be raising guidance for the year and we are well positioned for future 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 as well as the respective reconciliations of our non-GAAP financial measures below for additional information about these items. Highlights for the 26 Weeks Ended July 1, 2023 as compared to the 26 Weeks Ended July 2, 2022: Net sales increased by 14.3% to $1.98 billion.Comparable store ...