Grocery Outlet Holding Corp. Announces Fourth Quarter and Fiscal 2019 Financial Results
Full Year Fiscal 2019 Net sales increased 11.9% to $2.56 billion
Full Year Fiscal 2019 Comparable store sales increased 5.2%
Full Year Fiscal 2019 Net income decreased 2.8% to $15.4 million; Full Year Fiscal 2019 Adjusted net income (1) increased 31.7% to $65.0 million
Full Year Fiscal 2019 Adjusted EBITDA (1) increased 10.6% to $169.8 million
Emeryville, CA – March 24, 2020 – Grocery Outlet Holding Corp. (NASDAQ: GO) (“Grocery Outlet” or the “Company”) today announced financial results for the fourth quarter and full fiscal year 2019 ended December 28, 2019.
For the fourth quarter ended December 28, 2019:
•Net sales increased by 12.0% to $655.5 million from $585.2 million in the fourth quarter of fiscal 2018; comparable store sales increased by 5.1% over a 4.1% increase in the same period last year.
•The Company opened ten new stores ending the quarter with 347 stores in six states.
•Net income was $9.8 million, or $0.11 per diluted share, compared to net loss of $4.6 million, or $0.07 per diluted share, in the fourth quarter of fiscal 2018.
•Adjusted EBITDA (1) increased 5.6% to $41.5 million compared to $39.3 million in the fourth quarter of fiscal 2018.
•Adjusted net income (1) increased 67.8% to $19.9 million, or $0.21 per non-GAAP diluted share, compared to $11.9 million, or $0.17 per non-GAAP diluted share, in the fourth quarter of fiscal 2018.
Eric Lindberg, CEO of Grocery Outlet, stated, “During this unprecedented time, we are first and foremost focused on the health and safety of our corporate team, network of independent operators and their staff, our vendor partners and our customers. All parts of the business are coming together to serve our customers; we are leaning on our strong purchasing organization, long-standing vendor relationships, flexible supply chain, and the tireless efforts of our community of independent operators and their employees in order to keep store shelves stocked. We want to thank our employees and our IO’s for their continued contribution and service to their communities during this challenging period.”
Mr. Lindberg continued, “We remain committed to our value proposition to customers – offering deep value on branded and everyday consumables in an easy-to-shop environment. As much as we’re focused on the present circumstances, we are not taking our eye off of our longer-term strategy. Our approach has been and will continue to be focused on making smart, disciplined investments to support our growth.”
(1) Adjusted EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures, which exclude the impact of certain special items. See the Non-GAAP Financial Measures section of this release for additional information about these items.
The following information was filed by Grocery Outlet Holding Corp. (GO) on Tuesday, March 24, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.