Grocery Outlet Reports $764 Million and Multi-Store Expansion
EMERYVILLE, CA - Grocery Outlet Holding Corp. recently announced its third quarter fiscal 2020 financial results, and ANUK was excited to learn of some exciting expansions underway. In the company’s earnings call, Grocery Outlet revealed plans for a multi-store expansion on the East Coast as it looks to build a comparable footprint as the one it maintains in the West.
"We have made great progress this year in establishing our foundation for growth in the Mid-Atlantic region, where we plan to open approximately three to five stores next year," said Eric Lindberg, Chief Executive Officer, in the earnings call. "We remain focused on building our pipeline to support ongoing growth in this region, and we're very encouraged by both the quality of the real estate sites we're seeing and the operator talent we're finding. While we're energized about the growth potential of the East, we will manage this expansion with the same disciplined growth we have taken in the West. Our first priority is to ensure we maintain high standards in freshness, product assortment, merchandising, cleanliness, and safety."
According to the earnings call, Grocery Outlet currently expects to open a total of 35 stores next year with no additional closures planned for 2020. The financial results include an increase in net sales from $652.5 million to $764.1 million.
In his closing statements, Lindberg also noted that the company sees exciting opportunities across the Pennsylvania and New Jersey markets.
As this expansion continues to unfold, keep an eye out for more reports from AndNowUKnow.