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Jul 02, 2022
Grocery Outlet Q2 2022 Earnings Report
Grocery Outlet's Q2 2022 performance was strong, marked by increased net sales, comparable store sales, and adjusted EBITDA. The company also raised its fiscal year 2022 guidance.
Key Takeaways
Grocery Outlet Holding Corp. announced strong financial results for the second quarter of fiscal 2022. Net sales increased by 15.7% to $897.7 million, and comparable store sales increased by 11.2%. The company opened seven new stores, ending the quarter with 425 stores. Net income increased by 2.3% to $20.1 million, or $0.20 per diluted share. The company is raising its fiscal 2022 outlook on key metrics.
Net sales increased by 15.7% to $897.7 million.
Comparable store sales increased by 11.2%.
The Company opened seven new stores, ending the quarter with 425 stores in eight states.
Net income increased by 2.3% to $20.1 million, or $0.20 per diluted share.
Forward Guidance
The Company is raising its fiscal 2022 outlook on key metrics.
Positive Outlook
- Net sales are expected to be $3.46 billion to $3.48 billion.
- Comparable store sales increase is expected to be 8.0% to 8.5%.
- Gross margin is expected to be approximately 30.6%.
- Adjusted EBITDA is expected to be $218 million to $223 million.
- Adjusted earnings per share - diluted is expected to be $0.97 to $1.00.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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