Grocery Outlet Earnings
Estimates: Analysts forecast Grocery Outlet earnings of 13 cents a share on revenue of $627 million, according to Zacks Investment Research. The deep-discount retailer's earnings report is the first since its June stock market debut.
Results: EPS of 20 cents on revenue of $645.3 million, as same-store sales increased 5.8%.
Outlook: Management sees full-year EPS of 68-71 cents, well above consensus for 59 cents, on revenue of $2.50 billion-$2.53 billion, in line with consensus for $2.51 billion. Same-store sales are seen growing 3%-4%.
"Our comparable store sales growth was broad-based across product categories, regions, and store vintages," said CEO Eric Lindberg. "We attribute the consistency of our performance to our unique business model that provides customers unbeatable value in a fun, treasure hunt experience along with great customer service through our local independent operators."
Grocery Outlet stock soared on its June 20 IPO, pricing at $22 a share and closing at 28.51. It quickly formed and cleared an initial IPO base with a 35.73 buy point, reaching 39.56 within two weeks.
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