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Apr 01, 2023
Grocery Outlet Q1 2023 Earnings Report
Grocery Outlet's Q1 2023 performance exceeded expectations with strong same-store sales, gross margin expansion, and bottom-line leverage.
Key Takeaways
Grocery Outlet's Q1 2023 net sales increased by 16.1% to $965.5 million, with comparable store sales up 12.1%. Net income rose by 18.5% to $13.7 million, or $0.14 per diluted share. The company opened three new stores, bringing the total to 444 stores. They are raising guidance for fiscal year 2023.
Net sales increased by 16.1% to $965.5 million.
Comparable store sales increased by 12.1%, driven by a 7.9% increase in transactions and a 3.9% increase in average transaction size.
Opened three new stores, ending the quarter with 444 stores in eight states.
Net income increased 18.5% to $13.7 million, or $0.14 per diluted share.
Forward Guidance
The Company is revising its fiscal 2023 outlook on key metrics.
Positive Outlook
- New store openings, net: 25 to 28
- Net sales: ~$3.90 billion
- Comparable store sales increase: 5.0% to 6.0%
- Gross margin: ~30.7%
- Adjusted EBITDA: $240 million to $246 million
Challenges Ahead
- Adjusted earnings per share — diluted: $0.96 to $1.00
- Capital expenditures (net of tenant improvement allowances): ~$155 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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