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Jan 02, 2021
Grocery Outlet Q4 2020 Earnings Report
Announced Q4 and Fiscal 2020 financial results, demonstrating growth in net sales, comparable store sales, and net income.
Key Takeaways
Grocery Outlet reported a strong fourth quarter and fiscal year 2020, marked by a 23.1% increase in net sales for the quarter, driven by a 7.9% rise in comparable store sales and the inclusion of a 53rd week. Net income saw a significant increase of 146.8%. The company opened eight new stores during the quarter, expanding its footprint to 380 stores across six states.
Net sales increased by 23.1% to $806.8 million, including $53.3 million from the 53rd week.
Comparable store sales increased by 7.9% on a 13-week basis.
Opened eight new stores, ending the quarter with 380 stores.
Net income increased 146.8% to $24.3 million, or $0.24 per diluted share.
Forward Guidance
The Company currently expects to open between 36 and 38 stores this year with one closure. The Company anticipates that comparable sales for the first quarter will decline in the negative high-single digits reflecting the impact of cycling the initial demand surge related to the COVID-19 pandemic in March 2020.
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