Grocery Outlet Q4 net sales down 3.0% to $782.7M; net income falls 72.6%

Grocery Outlet Holding Corp.

2021-FY EPS reported $0.63 revenue$3,079,582,000

Q4 net sales of $782.7M decreased 3.0% YoY (Q4 2020 included 53rd week worth $53.3M).
Comparable store sales on 13-week basis declined 1.2% vs +7.9% a year ago.
Net income of $6.6M ($0.07 diluted EPS) down 72.6%; adjusted net income $20.0M ($0.20 adj. EPS) down 17.5%.
Adjusted EBITDA fell 7.5% to $47.4M; opened 8 new stores, ending at 415 locations.
CEO cites better-than-expected topline and gross margin despite challenging compare.

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