Business
Grocery Outlet Holding Corp. Announces Third Quarter Fiscal 2021 Financial Results
Board of Directors Approves $100 Million Share Repurchase Program EMERYVILLE, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ:
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Board of Directors Approves $100 Million Share Repurchase Program\nEMERYVILLE, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the third quarter of fiscal 2021 ended October 2, 2021. Highlights for Third Quarter Fiscal 2021 as compared to the Third Quarter Fiscal 2020: Net sales increased by 0.6% to $768.9 million.Comparable store sales decreased by 4.3% compared to a 9.1% increase in the same period last year.The Company opened 7 new stores, ending the quarter with 407 stores in six states.Net income decreased 57.7% to $17.1 million, or $0.17 per diluted share.Adjusted EBITDA(1) decreased 6.2% to $51.4 million.Adjusted net income(1) decreased 15.3% to $23.4 million, or $0.24 per adjusted diluted share(1). Eric Lindberg, CEO of Grocery Outlet, stated, \"We are pleased with our third quarter financial results and encouraged by our momentum in the fourth quarter. We continue to leverage our highly flexible business model to offer unbeatable value to our customers along with exceptional service from our dedicated independent operators despite the challenging operating environment. Looking forward, we remain excited about our long runway for growth as we continue to expand our store base and test new digital opportunities to broaden our customer reach. We are also pleased to share that our board of directors has authorized a $100 million share repurchase program reflecting confidence in our long-term outlook and our commitment to returning value to shareholders.\" __________________________________ (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 third quarter of fiscal 2020 and 39 Weeks Ended September 26, 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 accord...