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Dec 30, 2023
Grocery Outlet Q4 2023 Earnings Report
Net sales increased, comparable store sales grew, and new stores opened.
Key Takeaways
Grocery Outlet reported a 6.3% increase in net sales to $989.8 million and a 2.7% increase in comparable store sales, driven by a 7.5% increase in transactions. The company opened 13 new stores, ending the quarter with 468 stores. Net income decreased 11.2% to $14.1 million, or $0.14 per diluted share.
Net sales increased by 6.3% to $989.8 million.
Comparable store sales increased by 2.7%, driven by a 7.5% increase in transactions.
The Company opened 13 new stores, ending the quarter with 468 stores in nine states.
Net income decreased 11.2% to $14.1 million, or $0.14 per diluted share.
Forward Guidance
The Company is providing the following outlook for fiscal 2024, assuming the acquisition of UGO early in the second quarter of fiscal 2024: New store openings, net(2)55 to 60Net sales(3)$4.30 billion to $4.35 billionComparable store sales increase3.0% to 4.0%Gross margin~31.3%Adjusted EBITDA(1)(4)$275 million to $283 millionAdjusted earnings per share — diluted(1)$1.14 to $1.20Capital expenditures (net of tenant improvement allowances)(5)~$170 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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