Business
Grocery Outlet Holding Corp. Announces Third Quarter Fiscal 2020 Financial Results
Net sales increased 17.1% to $764.1 million Comparable store sales increased 9.1%Net income increased 225.2% to $40.5 million Adjusted net income(1) increased
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Net sales increased 17.1% to $764.1 million Comparable store sales increased 9.1%Net income increased 225.2% to $40.5 million Adjusted net income(1) increased 141.8% to $49.9 millionAdjusted EBITDA(1) increased 25.1% to $55.3 million\n EMERYVILLE, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (“Grocery Outlet” or the “Company”) today announced financial results for the third quarter of fiscal 2020 ended September 26, 2020. For the Third Quarter Ended September 26, 2020: Net sales increased by 17.1% to $764.1 million from $652.5 million in the third quarter of fiscal 2019; comparable store sales increased by 9.1% compared to a 5.8% increase in the same period last year.The Company opened 10 new stores ending the quarter with 372 stores in six states.Net income increased 225.2% to $40.5 million, or $0.41 per diluted share, compared to net income of $12.4 million, or $0.13 per diluted share, in the third quarter of fiscal 2019.Primarily as a result of tax benefits associated with employee stock option exercises, the Company recorded a $15.0 million net tax benefit resulting in an effective tax rate of (58.8)%. Relative to our normalized rate, these stock option-related tax benefits increased net income in the quarter by $21.9 million, or $0.22 per diluted share.Adjusted EBITDA(1) increased 25.1% to $55.3 million compared to $44.2 million in the third quarter of fiscal 2019.Adjusted net income(1) increased 141.8% to $49.9 million, or $0.50 per non-GAAP diluted share, compared to $20.6 million, or $0.22 per non-GAAP diluted share, in the third quarter of fiscal 2019. Eric Lindberg, CEO of Grocery Outlet, stated, “I am extremely proud of our strong execution throughout the third quarter as our corporate teams and IOs continue to focus on what we do best: offering exciting deals and delivering exceptional value to our customers. While we continue to navigate COVID, we are actively reinvesting in our people and operational initiatives in support of our long-term growth objectives. We remain excited about our ample white space for retail expansion and the opportunity to continue to deliver tremendous values to our loyal 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. See th...