Grocery Outlet Q1 net loss $1.0M; sales up 7.4% but gross margin down 180bps

Grocery Outlet Holding Corp.

2024-Q1 EPS reported -$0.01 revenue$1,036,944,000

Net sales $1.04B (+7.4% YoY); comparable store sales +3.9% (transactions +7.0%, ticket -2.9%).
Net loss $1.0M (EPS -$0.01); adjusted net income $8.8M (-67.4%) vs $27.0M prior year.
Gross margin 29.3% (-180bps); system disruptions estimated to have negatively impacted margin by 210bps.
Adjusted EBITDA $39.4M (-37.5%); includes $12.4M operator commission support related to system upgrades.
Opened 6 new stores in Q1, ending with 474 stores across nine states.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Grocery Outlet Holding Corp. reported the first quarter of fiscal 2024 ended March 30, 2024 results: revenue $1.04 billion, net income $(0.01) per share, EPS $(0.01) per share. Guidance reaffirmed.

Period: the first quarter of fiscal 2024 ended March 30, 2024
Revenue: $1.04 billion
Net income: $(0.01) per share
EPS: $(0.01) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

for the first quarter of fiscal 2024 ended March 30, 2024. Highlights for First Quarter Fiscal 2024 as compared to First Quarter Fiscal 2023: • Net sales increased by 7.4% to $1.04 billion. • Comparable store sales increased by 3.9%, driven by a 7.0% increase in the number of transactions, partially offset by a 2.9% decrease in average transaction size. • The

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Source: SEC EDGAR

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