NASDAQ$GO
Grocery Outlet Holding Corp · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Grocery Outlet's Q1 2024 financial performance showed increased net sales and comparable store sales, but gross margin was impacted by technology platform implementation disruptions.
Grocery Outlet reported a 7.4% increase in net sales, reaching $1.04 billion, and a 3.9% rise in comparable store sales driven by a 7.0% increase in transactions. However, gross margin decreased by 180 basis points due to disruptions from new technology platforms. The company opened six new stores, bringing the total to 474 stores. Net loss was $1.0 million, or $(0.01) per share.
- Net sales increased by 7.4% to $1.04 billion.
- Comparable store sales increased by 3.9%, driven by a 7.0% increase in transactions.
- Six new stores were opened, ending the quarter with 474 stores.
- Gross margin decreased by 180 basis points to 29.3%.
Headline financials
Revenue & EPS history
Grocery Outlet · Revenue · Quarterly
$1.04B
Forward guidance
The Company is updating key guidance figures for fiscal 2024. New store openings, net is expected to be 58 to 62. Net sales is expected to be $4.30 billion to $4.35 billion. Comparable store sales increase is expected to be 3.5% to 4.5%. Gross margin is expected to be ~30.5%. Adjusted EBITDA is expected to be $252 million to $260 million. Adjusted earnings per share — diluted is expected to be $0.89 to $0.95. Capital expenditures (net of tenant improvement allowances) is expected to be ~$175 million.
Tailwinds
- New store openings, net is expected to be 58 to 62.
- Net sales is expected to be $4.30 billion to $4.35 billion.
- Comparable store sales increase is expected to be 3.5% to 4.5%.
- Gross margin is expected to be ~30.5%.
- Capital expenditures (net of tenant improvement allowances) is expected to be ~$175 million.
Headwinds
- Adjusted EBITDA is expected to be $252 million to $260 million.
- Adjusted earnings per share — diluted is expected to be $0.89 to $0.95.
- The above-referenced full year guidance reflects the Company's estimates of the negative impact of systems implementation to second quarter gross margin of approximately 100 basis points.
- Includes addition of 40 stores from acquisition of UGO.
- Includes $125 million for the second through fourth quarters of fiscal 2024 from acquisition of UGO.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
-1.9%
Avg return
Earnings day
-0.2%
Avg return
5 days after
-3.3%
Avg return
30 days after
53%
17 / 32 earnings
Positive
+13.4%
Q3 2021
Best reaction
-30.2%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.5% | -4.7% | — | |
| Q4 2025 | -28.1% | -28.1% | -17.9% | |
| Q3 2025 | -8.1% | -18.2% | -20.0% | |
| Q1 2025 | -6.3% | -13.2% | -16.2% | |
| Q4 2024 | -30.2% | -28.0% | -15.8% | |
| Q3 2024 | +11.8% | +23.5% | +30.3% | |
| Q2 2024 | +7.4% | +7.2% | -7.0% | |
| Q1 2024 | -19.1% | -19.1% | -17.2% | |
| Q4 2023 | +0.6% | +1.5% | +10.7% | |
| Q3 2023 | -4.0% | -2.9% | +4.5% | |
| Q2 2023 | +4.2% | +3.4% | -8.9% | |
| Q1 2023 | +4.4% | +0.8% | -6.0% | |
| Q4 2022 | -4.4% | -0.2% | +2.1% | |
| Q3 2022 | -5.6% | -8.9% | -12.8% | |
| Q2 2022 | -7.2% | -10.7% | -16.7% | |
| Q1 2022 | +10.5% | +14.5% | +14.6% | |
| Q4 2021 | -2.1% | +5.4% | +17.9% | |
| Q3 2021 | +13.4% | +21.1% | +19.9% | |
| Q2 2021 | -12.4% | -15.4% | -20.9% | |
| Q1 2021 | -19.9% | -15.8% | -17.7% | |
| Q3 2020 | -2.4% | -6.8% | -8.6% | |
| Q2 2020 | -5.2% | -4.8% | -12.5% | |
| Q1 2019 | +0.6% | +2.3% | -9.6% | |
| Q1 2020 | +2.1% | +2.2% | -7.5% | |
| Q4 2018 | +6.7% | +1.8% | +5.1% | |
| Q4 2017 | +6.7% | +1.8% | +5.1% | |
| Q4 2019 | +6.3% | +7.4% | +7.7% | |
| Q3 2018 | +1.9% | +1.8% | -1.7% | |
| Q3 2019 | +4.8% | +1.4% | +2.7% | |
| Q1 2018 | +5.2% | +24.2% | -1.8% | |
| Q2 2019 | +5.2% | +24.2% | -1.8% | |
| Q2 2018 | +5.2% | +24.2% | -1.8% |
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