Following a strong first quarter driven by same-store sales results and gross margin expansion, the grocer is bolstering its forecast for fiscal year 2023.
Dive Brief:
- Grocery Outlet is revising its fiscal year 2023 outlook on numerous key metrics after a “strong first quarter performance and continued momentum,” Charles Bracher, the grocery company’s CFO, said in a Tuesday earnings call.
- The forecast revision boosts the company’s expected net sales, comp-store sale increases, gross margin, adjusted EBITDA and adjusted earnings per diluted share, according to the grocer’s financial report.
- Grocery Outlet’s President and CEO R.J. Sheedy credits strong same-store sales results, gross margin expansion and bottom-line leverage to the company’s Q1 results.
