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Sep 28, 2024
Grocery Outlet Q3 2024 Earnings Report
Reported a net sales increase and comparable store sales growth, but experienced challenges with systems conversion that impacted earnings.
Key Takeaways
Grocery Outlet's Q3 2024 saw a 10.4% increase in net sales, reaching $1.11 billion, and a 1.2% rise in comparable store sales driven by transaction growth. However, net income decreased by 10.9% to $24.2 million due to challenges with systems conversion.
Net sales increased by 10.4% to $1.11 billion.
Comparable store sales increased by 1.2%, driven by a 2.0% increase in transactions.
Opened 5 new stores, ending the quarter with 529 stores.
Net income decreased 10.9% to $24.2 million, or $0.24 per diluted share.
Forward Guidance
The Company is updating key guidance figures for fiscal 2024.
Positive Outlook
- New store openings, net: 66
- Net sales: Slightly above $4.35 billion
- Comparable store sales increase: ~2.4%
- Gross margin: ~30.4%
- Capital expenditures (net of tenant improvement allowances): ~$200 million
Challenges Ahead
- Adjusted EBITDA: $237 million to $242 million
- Adjusted diluted earnings per share: $0.77 to $0.80
Historical Earnings Impact
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Avg. Return Before/After Earnings
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