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Jul 03, 2021
Grocery Outlet Q2 2021 Earnings Report
Grocery Outlet's financial results for Q2 2021, which ended on July 3, 2021, were announced, revealing a decrease in net sales and comparable store sales compared to the previous year.
Key Takeaways
Grocery Outlet's Q2 2021 results showed a decrease in net sales by 3.5% to $775.5 million and a decrease in comparable store sales by 10.0%. Net income also decreased by 33.0% to $19.6 million, or $0.20 per diluted share. The company opened 11 new stores, bringing the total to 400 stores.
Net sales decreased by 3.5% to $775.5 million.
Comparable store sales decreased by 10.0%.
Opened 11 new stores, ending the quarter with 400 stores.
Net income decreased 33.0% to $19.6 million, or $0.20 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 third quarter of fiscal 2021 are negative 6%. Based on current trends, the Company expects comparable store sales for the full third quarter of fiscal 2021 to be in the negative mid-single digits. Capital expenditures, net of tenant improvement allowances, are estimated to be approximately $130.0 million for fiscal 2021.
Positive Outlook
- The Company continues to expect to open between 36 and 38 stores in fiscal 2021 with one closure.
- Capital expenditures, net of tenant improvement allowances, are estimated to be approximately $130.0 million for fiscal 2021.
Challenges Ahead
- Quarter-to-date comparable store sales for the third quarter of fiscal 2021 are negative 6%.
- Based on current trends, the Company expects comparable store sales for the full third quarter of fiscal 2021 to be in the negative mid-single digits.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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