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Dec 31, 2022
Grocery Outlet Q4 2022 Earnings Report
Net sales increased by 18.9% and comparable store sales grew by 15.1%, driven by a 10.0% increase in transactions.
Key Takeaways
Grocery Outlet reported strong Q4 2022 results, with net sales increasing by 18.9% to $930.8 million and comparable store sales growing by 15.1%. Net income increased by 139.3% to $15.9 million, or $0.16 per diluted share. The company opened ten new stores, ending the quarter with 441 stores in eight states.
Net sales increased by 18.9% to $930.8 million.
Comparable store sales increased by 15.1%, driven by a 10.0% increase in transactions and a 4.6% increase in average transaction size.
The company opened ten new stores, ending the quarter with 441 stores in eight states.
Net income increased 139.3% to $15.9 million, or $0.16 per diluted share.
Forward Guidance
The Company is providing the following outlook for fiscal 2023: New store openings, net 25 to 28 Net sales $3.85 billion to $3.90 billion Comparable store sales increase 4.5% to 5.5% Gross margin ~30.6% Adjusted EBITDA, revised definition(1) $237 million to $243 million Adjusted earnings per share — diluted, revised definition(1) $0.94 to $0.99 Capital expenditures (net of tenant improvement allowances) ~$155 million
Positive Outlook
- New store openings, net 25 to 28
- Net sales $3.85 billion to $3.90 billion
- Comparable store sales increase 4.5% to 5.5%
- Gross margin ~30.6%
- Adjusted EBITDA, revised definition(1) $237 million to $243 million
Challenges Ahead
- Adjusted earnings per share — diluted, revised definition(1) $0.94 to $0.99
- 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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