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Jun 29, 2024
Grocery Outlet Q2 2024 Earnings Report
Grocery Outlet's financial performance in Q2 2024 showed an increase in net sales and comparable store sales, but a decrease in net income.
Key Takeaways
Grocery Outlet reported an 11.7% increase in net sales, reaching $1.13 billion, and a 2.9% increase in comparable store sales driven by transaction growth. However, net income decreased by 42.8% to $14.0 million, or $0.14 per share.
Net sales increased by 11.7% to $1.13 billion.
Comparable store sales increased by 2.9%, driven by a 5.1% increase in transactions.
The company opened 11 new stores and closed one, ending the quarter with 524 stores.
Net income decreased 42.8% to $14.0 million, or $0.14 per share.
Forward Guidance
The Company is updating key guidance figures for fiscal 2024.
Positive Outlook
- New store openings, net: 62 to 64
- Net sales: $4.30 billion to $4.35 billion
- Comparable store sales increase: ~3.5%
- Gross margin: ~30.5%
- Adjusted EBITDA: $252 million to $260 million
Challenges Ahead
- Adjusted earnings per share – diluted: $0.89 to $0.95
- Capital expenditures (net of tenant improvement allowances): ~$200 million
- New store openings, net
- Adjusted EBITDA
- Adjusted earnings per share – diluted
Historical Earnings Impact
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Avg. Return Before/After Earnings
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