EMERYVILLE, CA - ‘Tis the season of gaining an inside look at retailers’ operations as they share the results of the first quarter of fiscal 2024. The latest to pull back the curtain is Grocery Outlet, which unveiled net sales of $1.04 billion for the quarter, an increase of 7.4 percent.
"Our sales momentum remained strong during the first quarter as we continue to deliver unbeatable value with an exciting treasure hunt experience, driving continued growth in traffic and sales," said RJ Sheedy, President and Chief Executive Officer.
For the fiscal quarter ended March 30, 2024, Grocery Outlet also reported that its comparable store sales increased by 3.9 percent, driven by a 7 percent increase in the number of transactions. As a press release noted, this was partially offset by a 2.9 percent decrease in average transaction size.
In addition, the chain opened six new locations, ending the quarter with 474 stores across nine states.
"Despite progress with our systems transition and ending the operator commission support program, as planned, we are disappointed that additional systems conversion issues resulted in a higher-than-expected adverse profit impact,” Sheedy added. “Our long-term growth potential remains intact and we look forward to returning to more normalized business results as we near the end of our systems transition."
More details from the report can be found here.
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