Grocery Outlet Reports 1B in Quarterly Net Sales; RJ Sheedy Shares
EMERYVILLE, CA - The ANUK headquarters is just down the street from our local Grocery Outlet. My coworkers and I make frequent visits to the store, and its selection of products never disappoints. We were eager to hear about the grocer’s financial results for the second quarter of fiscal 2023 ended July 1. According to a recently released report, net sales increased by 12.5 percent to $1.01 billion—the first quarterly $1 billion net sales performance in the company's history.
"Our second quarter results came in ahead of our expectations and were driven by strong same store sales growth and gross margin expansion. Our differentiated model and compelling value proposition are resonating with both new and existing customers, and our performance is being driven by strong transaction growth," said RJ Sheedy, Chief Executive Officer. "Looking forward, we are pleased to be raising guidance for the year and we are well positioned for future growth."
A press release from the company outlined that comparable store sales increased by 9.2 percent, primarily driven by a 9.1 percent increase in the number of transactions.
Other highlights from the report include:
- The company opened four new stores and closed one, ending the quarter with 447 stores in eight states
- Net income increased 21.8 percent to $24.5 million, or $0.24 per diluted share
- Adjusted EBITDA increased by 22.7 percent to $70.5 million, or 7 percent of net sales
- Adjusted net income increased by 18.5 percent to $31.9 million, or $0.32 per adjusted diluted share
For more details, check out the press release here.
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