Grocery Outlet Q2 beat outlook but H1 net loss $174.7M on $158M goodwill impairment

Grocery Outlet Holding Corp.

Q2 net sales $1.19B (+1.1% YoY), comp store sales -0.3%, gross margin 30.2% vs 30.6%.
Q2 net income $5.6M ($0.06 EPS); adjusted EPS $0.20 vs $0.23 prior year.
Q2 adjusted EBITDA $65.7M (5.5% of sales); CEO cites improved basket and positive traffic.
H1 operating loss $162.2M includes $158M non-cash goodwill impairment and $23.6M restructuring.
H1 adjusted net income $24.9M ($0.25) vs $35.8M ($0.36); adjusted EBITDA $108.8M.

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