Business
Grocery Outlet Holding Corp. Announces Third Quarter Fiscal 2022 Financial Results
Raises Fiscal Year 2022 Net Sales and Earnings Guidance EMERYVILLE, Calif., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO)
About this update from Grocery Outlet Holding Corp.
[{"type":"text","content":"Raises Fiscal Year 2022 Net Sales and Earnings Guidance\nEMERYVILLE, Calif., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (\"Grocery Outlet\" or the \"Company\") today announced financial results for the third quarter of fiscal 2022 ended October 1, 2022. Highlights for the Third Quarter Fiscal 2022 as compared to the Third Quarter Fiscal 2021: Net sales increased by 19.4% to $918.2 million.Comparable store sales increased by 15.4% and on a 3-year stacked basis increased by 20.2%(1).The Company opened six new stores, ending the quarter with 431 stores in eight states.Net income increased by 2.1% to $17.5 million, or $0.17 per diluted share.Adjusted EBITDA(2) increased by 15.0% to $59.1 million.Adjusted net income(2) increased by 14.2% to $26.8 million, or $0.27 per adjusted diluted share(2). Eric Lindberg, CEO of Grocery Outlet, commented, \"I'm extremely pleased with the results we delivered and the continued momentum in our business, especially the uptick in transaction count. Our value offering is clearly resonating with an increasing number of families looking for ways to stretch their dollar to offset the impact of inflation on their lives. I want to thank our extended Grocery Outlet family, including our IOs, their employees, and our team members across our corporate office, field and supply chain, for delivering on our mission of Touching Lives for the Better. I couldn't be more confident in the team we have and how well we are positioned as we embark on our next chapter of growth.\" __________________________________ (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 third quarters of fiscal 2022, 2021 and 2020 and 39 weeks ended October 1, 2022, October 2, 2021 and September 26, 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 as well as the respective reconciliations of our non-GAAP financial measures below for additional ...