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Apr 03, 2021
Grocery Outlet Q1 2021 Earnings Report
Grocery Outlet announced financial results for the first quarter of fiscal 2021.
Key Takeaways
Grocery Outlet's first quarter fiscal 2021 saw a slight decrease in net sales by 1.0% to $752.5 million, but a significant increase in net income by 49.4% to $18.9 million, or $0.19 per diluted share. The company opened 10 new stores, ending the quarter with 389 stores. Comparable store sales decreased by 8.2% compared to a 17.4% increase in the same period last year.
Net sales decreased by 1.0% to $752.5 million.
Comparable store sales decreased by 8.2% compared to a 17.4% increase in the same period last year.
The Company opened 10 new stores and closed one store, ending the quarter with 389 stores in six states.
Net income increased 49.4% to $18.9 million, or $0.19 per diluted share.
Forward Guidance
The Company continues to expect to open between 36 and 38 stores in fiscal 2021 with one closure. Quarter-to-date comparable store sales for the second quarter of fiscal 2021 are in the negative low double digits. Capital expenditures, net of tenant improvement allowances, are estimated to be approximately $130.0 million for fiscal 2021. The Company will report 52 weeks of operating results in fiscal 2021 compared to 53 weeks in fiscal 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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