Welcome to our dedicated page for Grocery Outlet Holding news (Ticker: GO), a resource for investors and traders seeking the latest updates and insights on Grocery Outlet Holding stock.
Grocery Outlet Holding Corp. reports news about its extreme value grocery retail business, including earnings releases, comparable sales commentary, store-footprint decisions and operating initiatives. The company sells quality, name-brand consumables and fresh products primarily through a network of independently operated stores across multiple U.S. states.
Recurring updates also cover board and executive changes, merchandising and digital-shopping initiatives such as shoppable content, community partnerships with hunger-relief organizations, and business optimization actions tied to store operations, operator agreements and lease activity.
Grocery Outlet (NASDAQ: GO) announced the resignation of Board members Matthew B. Eisen and Sameer Narang, effective September 2, 2020. Effective September 4, 2020, Carey Jaros was appointed to the Board. Jaros brings over 20 years of experience in strategy, finance, and retail, currently serving as CEO of GOJO Industries. Chairman Erik Ragatz expressed enthusiasm for Jaros' leadership and contributions, indicating a positive outlook for the company's growth strategy.
Grocery Outlet Holding Corp. (NASDAQ: GO) announced its participation in the Goldman Sachs 27th Annual Global Retailing Conference on September 9, 2020, at 12:50 PM ET. CEO Eric Lindberg, CFO Charles Bracher, and VP of Investor Relations Joseph Pelland will represent the company. The audio presentation will be available live via webcast, with an archive accessible for 90 days post-event. Grocery Outlet, based in Emeryville, California, operates over 350 stores across multiple states, focusing on quality, name-brand consumables at extreme value prices.
Grocery Outlet Holdings Corp. announced remarkable financial results for Q2 FY2020, with net sales rising 24.5% to $803.4 million and comparable store sales increasing by 16.7%. Net income surged to $29.3 million, up $40.0 million year-over-year. Adjusted EBITDA grew 34.7% to $60.6 million, while adjusted net income soared by 189.2% to $41.8 million. The company opened 7 new stores, ending with 362 stores in six states. Despite not giving formal 2020 earnings guidance due to COVID-19 uncertainties, the company plans to open up to 32 new stores this year.
Grocery Outlet (NASDAQ: GO) will release its second quarter financial results on August 10, 2020, post-market. A conference call will be held at 4:30 PM ET to discuss the results, with investors invited to join by dialing (877) 407-9208, using conference ID #13706657. A live audio webcast will be available at https://investors.groceryoutlet.com. A replay will be accessible shortly after the call ends and last for two weeks.
Grocery Outlet reported strong Q1 2020 results, with net sales rising 25.4% to $760.3 million.
Comparable store sales increased 17.4%, significantly up from the 4.2%% growth in Q1 2019. Net income surged 235.0% to $12.6 million, equating to $0.13 per diluted share.
Adjusted net income also jumped 242.2% to $34.0 million. Despite challenges from COVID-19, the company aims to open up to 30 new stores in 2020 and maintains a strong liquidity position with $160.9 million in cash.