Grocery Outlet Releases Second Quarter Fiscal 2024 Financial Results; RJ Sheedy Details

Financial results have been pouring in across the retail industry so you know our eyes have been tuned to the sector! Grocery Outlet recently released its financial results for the second quarter of fiscal 2024, in which the retailer touts a net sales increase of 11.7 percent to $1.13 billion.

"We are pleased with our second quarter performance with gross margins and earnings coming in better than our expectations," said RJ Sheedy, President and Chief Executive Officer. "We also continue to make good progress with our systems transition work and are happy to now have the material negative P&L impact behind us."

Comparable store sales increased by 2.9 percent, driven by a 5.1 percent increase in the number of transactions.

According to a press release, other highlights from the second quarter fiscal 2024 report—as compared to the results from the year prior—include:

• In addition to the previously announced 40 stores acquired from United Grocery Outlet, the company opened 11 new stores and closed one store, ending the quarter with 524 stores in 16 states
• Adjusted EBITDA decreased by 3.7 percent to $67.9 million, or 6 percent of net sales

For more from the report, click here.

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