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Submission: On November 08 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 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 California’s Northgate Markets adds Mexican style food hall in Costa Mesa Nov 07, 2023 Ahold Delhaize chief legal officer to retire Nov 07, 2023 -------------------------------------------------------------------------------- Rite Aid closing additional stores in Chapter 11 filing Nov 06, 2023 CVS names new Aetna Medicaid president, Mark Santos Nov 06, 2023 Featured 5 things: Can Rite Aid recover? Nov 03, 2023 There’s still growth in the freezer section Nov 06, 2023 Kroger, Albertsons sound off on negative comments over pending merger Nov 03, 2023 Here’s how grocers can capitalize on AI Nov 07, 2023 Grocery Outlet Comparable store sales were up 6.4% vs. third quarter 2022, and Grocery Outlet’s gross margin increased 31.4% year-over-year. News>Retail & Financial GROCERY OUTLET HITS THE $1B NET SALES MARK IN Q3 Recent changes appear to have contributed to strong results Bill Wilson | Nov 07, 2023 Save New systems put in place during the third quarter came up big for Grocery Outlet, as the retailer hit the $1 billion mark in net sales. The quarterly result was a 9.3% increase year-over-year and marked a 13-week period that saw solid results across the board. Related: Grocery Outlet Holding Corp. releases inaugural ESG report Comparable store sales were up 6.4% vs. third quarter 2022, and Grocery Outlet’s gross margin increased 31.4% year-over-year. Net income increased 55.1% to $27.1 million during the quarter, and adjusted net income rose 23.4% to $31 million. Adjusted EBITDA came in at $68.1 million, a 20% increase year-over-year. Eight stores were also opened during the third quarter. “We are pleased with our third quarter performance and the underlying trends in our business,” said RJ Sheedy, CEO of Grocery Outlet. “During the third quarter, we implemented new systems to improve capabilities and drive efficiencies as we scale for future growth. “Despite operational challenges during the transition, we delivered strong results including same store sales growth, gross margin expansion, and bottom-line leverage. Our value proposition continues to resonate with consumers, and we are gaining market share.” For FY 2023, Grocery Outlet, based in Emeryville, Calif., is looking at net sales of $3.95 billion, a 7% to 7.5% increase in comparable store sales and a gross margin of 31.2%. Adjusted EBITDA is projected to be in the range of $248 million to $252 million. 0 comments Hide comments Comment * Rich Text Editor, edit-comment-body-126123 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. PublishLog in or register to comment Save Leave this field blank Recommended Reading 5 things you might not know: Target Nov 07, 2023 Close to 100 Rite Aid leases will be put up for sale Nov 07, 2023 There’s still growth in the freezer section Nov 06, 2023 Schnucks, Weis Markets pull their own brands of fruit puree Nov 06, 2023 * Load More * About Us * Contact * Subscribe * Ad Choices * Sitemap * CCPA: Do not sell my personal info * Privacy Policy * Terms of Service * Content Licensing/Reprints * Cookie Policy Follow us: © 2023 Informa USA, Inc., All rights reserved * Privacy Policy * Cookie Policy * Terms of Use ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~ x