Grocery Outlet Q4 net income drops to $2.3M; announces restructuring plan with $52M-$61M costs

Grocery Outlet Holding Corp.

2024-FY EPS reported $0.40 revenue$4,371,501,000

Q4 net sales $1.10B (+10.9%); comps +2.9%; net income $2.3M ($0.02 EPS) vs $14.1M last year.
Full-year net income $39.5M ($0.40 EPS) vs $79.4M; adjusted EBITDA down 6.3% to $236.8M.
Restructuring plan: $52M-$61M total costs ($36M-$45M cash); includes lease terminations for 23 planned stores, warehouse cancellations, 40 job cuts.
Q4 non-cash impairments of $15.9M ($9.2M lease termination + $6.7M warehouse cancellation).
Jason Potter, 30-year industry veteran, appointed President and CEO.

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