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Jul 01, 2023
Grocery Outlet Q2 2023 Earnings Report
Achieved first quarterly $1 billion net sales performance with comparable store sales increase and raised key guidance for fiscal 2023.
Key Takeaways
Grocery Outlet announced strong second quarter fiscal 2023 results, with net sales increasing by 12.5% to $1.01 billion and comparable store sales increasing by 9.2%. Net income increased 21.8% to $24.5 million, or $0.24 per diluted share. The company is raising key guidance figures for fiscal 2023.
Net sales increased by 12.5% to $1.01 billion.
Comparable store sales increased by 9.2%, driven by a 9.1% increase in the number of transactions.
The Company opened four new stores and closed one, ending the quarter with 447 stores in eight states.
Net income increased 21.8% to $24.5 million, or $0.24 per diluted share.
Forward Guidance
The Company is raising key guidance figures for fiscal 2023 as follows: New store openings, net 25 to 28, Net sales ~$3.95 billion, Comparable store sales increase 7.0% to 8.0%, Gross margin ~31.3%, Adjusted EBITDA(1) $254 million to $260 million Adjusted earnings per share — diluted(1) $1.04 to $1.08, Capital expenditures (net of tenant improvement allowances) ~$155 million
Positive Outlook
- New store openings, net 25 to 28
- Net sales ~$3.95 billion
- Comparable store sales increase 7.0% to 8.0%
- Gross margin ~31.3%
- Adjusted EBITDA(1) $254 million to $260 million
Challenges Ahead
- Adjusted earnings per share — diluted(1) $1.04 to $1.08
- 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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