EMERYVILLE, CA - Grocery Outlet officially closed out its fiscal year 2023 on December 30, 2023, and the retailer is now sharing its financial results. Among its highlights is a 10.9 percent increase in net sales, enabling the grocer to hit $3.9 billion for the full year.
"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 percent," said RJ Sheedy, Chief Executive Officer 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."
On top of the rise in net sales, other highlights from full year fiscal 2023 include:
- Comparable store sales increased by 7.5 percent, driven by an 8.3 percent increase in the number of transactions
- The company opened 28 new stores and closed one store during the year
- Net income increased 22.1 percent to $79.4 million, or $0.79 per diluted share
- Adjusted EBITDA increased 17.7 percent to $252.6 million
- Adjusted net income increased 15.2 percent to $108.1 million, or $1.07 per adjusted diluted share
In the fourth quarter alone, Grocery Outlet saw a net sales increase of 6.3 percent to $989.8 million in addition to a 2.7 percent rise in comparable store sales, a release stated.
This report was released after the retailer’s acquisition of United Grocery Outlet, a discount grocer with 40 stores in the Southeastern U.S. and a distribution center in Tennessee. The acquisition will expand Grocery Outlet’s store reach into the new states of Tennessee, North Carolina, Georgia, Alabama, Kentucky, and Virginia.
To read the financial report in full, click here.
With the acquisition expected to close in the second quarter of 2024, how will it impact Grocery Outlet’s financial results? Stick with AndNowUKnow for answers.
