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Submission: On March 02 via api from US — Scanned from CA
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We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By continuing to use the website, you consent to our use of cookies. × /sites/all/themes/penton_subtheme_supermarketnews/images/logos/footer.png Google Tag Manager Skip navigation Informa Supermarket News is part of the Informa Connect Division of Informa PLC * Informa PLC * About us * Investor relations * Talent This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726. Discover: * Subscribe * About Us * Advertise * Technology Outlook * Buy SN Research * More * Champions of Change Awards Menu Log In or Register * News * Podcasts * Webinars * Retail & Financial * Executive Changes * Issues & Trends * Consumer Trends * Product Categories * Top Retailers * SN Viewpoints * Coronavirus * Subscribe * About Us * Advertise * Buy SN Research * Contact * Digital Edition * Privacy Statement * Terms of Service * Cookie Policy * Ad Choices * Search * Log In * Register * NEWSLETTER SIGN-UP Recent Recent 5 things: Walgreens' weight problem Mar 01, 2024 Kroger lets downtown Cincinnati lease lapse Mar 01, 2024 -------------------------------------------------------------------------------- About Fresh spins off food truck nonprofit Mar 01, 2024 The Retail Daily podcast Mar 01, 2024 Featured 5 things: You’ve been Keedoozled! Feb 24, 2024 Online shoppers go elsewhere when items out of stock Feb 23, 2024 Walgreens wiping out VillageMD presence in Florida Feb 23, 2024 The Grocer’s 2024 Cheat Sheet: How to drive revenues in 2024 Feb 23, 2024 Grocery Outlet News GROCERY OUTLET PLANS TO OPEN UP TO 60 STORES IN 2024 Pending purchase of United Grocery Outlet would add 40 new locations in Southeastern U.S. Timothy Inklebarger | Feb 28, 2024 Save Grocery Outlet Holding Corp. experienced year-over-year net sales growth of 6.3% to $989.8 million for the fourth quarter of 2023, the company reported Tuesday in its Q4 earnings report. Gross margins were flat for the quarter at 30.2%, while comparable store sales ticked up 2.7% year over year, a move that was driven by a 7.5% increase in transactions, the company reported. Average transaction size was down, however, to 4.5%. Grocery Outlet opened 13 new stores in Q4, ending the quarter and the year with 468 stores across nine states. Meanwhile, net income was down 11.2% to 14.1 million year over year, and Adjusted EBITDA also dropped 6.3% to 50.9 million, compared to the same period last year. Adjusted net income was also down 19.6% to $18.2 million, the company reported. "Our value proposition continues to resonate with consumers resulting in strong traffic and transaction count growth. During 2023, we increased our market share, achieved record sales of $4 billion, and grew Adjusted EBITDA by 18%," said RJ Sheedy, CEO of Grocery Outlet. "Looking ahead, we are excited to be acquiring United Grocery Outlet and the platform that it will provide to support future store growth in the Southeast." The report comes less than two weeks after the grocer announced plans to buy United Grocery Outlet, an extreme discount grocer with 40 stores in the Southeastern U.S. and a distribution center in Tennessee. “This acquisition will expand Grocery Outlet’s store reach into the new states of Tennessee, North Carolina, Georgia, Alabama, Kentucky, and Virginia,” the company said. “The transaction is expected to close early in the second quarter of fiscal 2024 and remains subject to customary closing conditions.” “Our real estate pipeline is healthy, with approved sites for 2025 in good position to deliver our 10% annual growth goal,” said Sheedy during the earnings call. “Given this, most of our recent real estate efforts have been focused on building the 2026 pipeline. This will add to what is currently over 100 approved sites for 2025 and 2026 combined.” For fiscal year 2024, Grocery Outlet plans to open 15 to 20 stores and reach net sales of $4.3 billion to $4.35 billion. Grocery Outlet also plans to achieve a comparable store sales increase of 3% to 4% and a gross margin of approximately 31.3%. Adjusted EBITDA for 2024 is anticipated to be between $275 million and $283 million. 1 comment Hide comments Comment * Rich Text Editor, edit-comment-body-127502 Editor toolbars BoldKeyboard shortcut Ctrl+B ItalicKeyboard shortcut Ctrl+I Block Quote Press ALT 0 for help ◢Elements path Switch to plain text editor More information about text formats Text format CommentsPlain text COMMENTS * Allowed HTML tags: <em> <strong> <blockquote> <br> <p> PLAIN TEXT * No HTML tags allowed. * Web page addresses and e-mail addresses turn into links automatically. * Lines and paragraphs break automatically. 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