Grocery Outlet’s mission is "Touching Lives for the Better." The retailer’s first quarter financial results also were for the better … the much better.
Increases were big during the first three months of 2023, as Grocery Outlet, based in Emeryville, Calif., registered spikes in net sales (16.1% to $965.5 million), comparable store sales (12.1% thanks to a 7.9% increase in the number of transactions combined with a 3.9% increase in average transaction size), and net income (18.5% to $13.7 million).
Grocery Outlet also opened three stores in early 2023 and now has a total of 444 markets in eight states.
“Our first quarter performance exceeded expectations driven by strong same store sales results, gross margin expansion and bottom-line leverage,” said RJ Sheedy, president and CEO of Grocery Outlet. “We are encouraged by the growth in transactions as we are attracting new customers and our existing customers are shopping with us more often. We are delivering on our mission of Touching Lives for the Better and we continue to execute our strategic growth initiatives to maximize long-term shareholder value.”
