earnings
confidence high
sentiment negative
materiality 0.80
Grocery Outlet Q2 net sales up 11.7% to $1.13B, net income falls 42.8%, comps +2.9%
Grocery Outlet Holding Corp.
2024-Q2 EPS reported
$0.13
revenue$2,165,464,000
- Net sales $1.13B, +11.7% YoY; comparable store sales +2.9% (transactions +5.1%, avg ticket -2.1%).
- Gross margin 30.9%, down 140 bps; tech disruptions estimated to have negatively impacted by 100 bps.
- Net income $14.0M ($0.14 EPS), -42.8% YoY; adjusted net income $25.1M ($0.25 adj. diluted EPS).
- Adjusted EBITDA $67.9M (6.0% of sales), -3.7% YoY.
- Ended with 524 stores: opened 11 new, closed 1, plus 40 acquired from United Grocery Outlet on Apr 1.