Grocery Outlet this week announced that net sales increased by 12.5 percent and the company achieved its first quarterly $1 billion net sales performance in its entire history as part of its financial results for the second quarter of fiscal 2023, which ended July 1, 2023.
“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, CEO of Grocery Outlet. “Looking forward, we are pleased to be raising guidance for the year, and we are well positioned for future growth.”
Highlights for Second Quarter Fiscal 2023 as compared to Second Quarter Fiscal 2022:
- Net sales increased by 12.5 percent to $1.01 billion.
- Comparable store sales increased by 9.2 percent, driven by a 9.1 percent increase in the number of transactions while average transaction size was flat.
- 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.
Based in Emeryville, CA, Grocery Outlet is a high-growth, extreme value retailer of quality, name-brand consumables and fresh products sold through a network of independently operated stores. Grocery Outlet has more than 440 stores in California, Washington, Oregon, Pennsylvania, Idaho, Nevada, Maryland and New Jersey.