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Grocery Outlet’s second quarter performance was better than expected, and so far in 2023 net sales have increased 14.3%.
During the second quarter period that ended July 1, net sales were up 12.5% ($1.01 billion) year-over-year, while comparable store sales rose 9.2% vs. Q2 2022 driven by a 9.1% increase in the number of transactions even though average transaction size was flat.
Net income increased 21.8% year-over-year to $24.5 million, and adjusted EBITDA rose 22.7% to $70.5 million.
Grocery Outlet opened four stores during the second quarter.
“Our second quarter results came in ahead of our expectations and were driven by strong same store sales growth and gross margin expansion. Our differentiated model and compelling value proposition are resonating with both new and existing customers, and our performance is being driven by strong transaction growth,” said RJ Sheedy, CEO of Grocery Outlet. “Looking forward, we are pleased to be raising guidance for the year and we are well positioned for future growth.”
Over the last 26 weeks, Grocery Outlet’s sales are up 14.3% vs. 2022 while comparable store sales increased 10.6%. The number of transactions also rose — 8.6% year-over-year — and the average transaction size is up 1.9%.
Net income increased 20.6% to $38.2 million over the first 26 weeks vs. 2022 and adjusted EBITDA spiked 29% to $133.6 million.
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