The third quarter of fiscal 2023 was a solid one for Grocery Outlet as the retailer has released its financial results. In addition to a series of strategic developments, the chain noted that its net sales increased to $1 billion for the quarter, a 9.3 percent uptick.
"We are pleased with our third quarter performance and the underlying trends in our business," said RJ Sheedy, Chief Executive Officer 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."
The company also shared several other updates for Q3 of the fiscal year 2023 as compared to Q3 in 2022:
In addition, Grocery Outlet shared its highlights for the 39 weeks ended September 30, 2023, as compared to the 39 weeks ended October 1, 2022, in which:
Just last month, the retailer also pulled back the curtain on its inaugural Environmental, Social, and Governance Report.
"We are extremely proud to have recently published our first annual ESG report," Sheedy continued. "This report showcases the positive impact that we have on our communities, our people, and our planet. Our mission of Touching Lives for the Better has always been at the heart of our business, and fulfilling this purpose has resulted in positive environmental and social impact throughout our 77-year history."
For more details on the report, click here.
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