May. 14 at 11:04 AM
$GO reported first-quarter results where earnings per share beat analyst estimates by 150%.
Results In Line With Guidance
Grocery Outlet’s net sales for the first quarter ended Apr. 4 rose 3.6% to
$1.17 billion, topping analyst estimates by 1.36%, driven by new store openings, though comparable-store sales fell 1.0%. Gross margin contracted 80 basis points to 29.6%, including a 50-bps hit from inventory markdowns tied to store closures.
Adjusted net income came in at
$4.6 million, or
$0.05 per diluted share, beating the analyst estimate of
$0.02 by 150%.
The GAAP net loss widened to
$180.3 million, or
$1.83 loss per diluted share, inflated primarily by a
$158 million non-cash goodwill impairment charge that does not impact future operations. Adjusted net income came in at
$4.6 million, or
$0.05 per diluted share, beating the analyst estimate of
$0.02 by 150%
