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    Corse Cod: ACT328 Section: 1 Name: Shaheed Ahmed

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    Sidad Kurdistani
    Grocery Outlet Holding Corp. announced financial results for the second quarter of 2020, with net sales increasing 24.9% to $1.56 billion compared to the same period last year and comparable store sales growth of 17.0%. The company also opened 17 new stores over this period. Adjusted EBITDA increased 39.9% to $117.7 million for the first half of 2020, driven by strong sales performance.

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    Corse Cod: ACT328 Section: 1 Name: Shaheed Ahmed

    Uploaded by

    Sidad Kurdistani
    16 views3 pages
    Grocery Outlet Holding Corp. announced financial results for the second quarter of 2020, with net sales increasing 24.9% to $1.56 billion compared to the same period last year and comparable store sales growth of 17.0%. The company also opened 17 new stores over this period. Adjusted EBITDA increased 39.9% to $117.7 million for the first half of 2020, driven by strong sales performance.

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    Grocery Outlet Holding Corp. announced financial results for the second quarter of 2020, with net sales increasing 24.9% to $1.56 billion compared to the same period last year and comparable store sales growth of 17.0%. The company also opened 17 new stores over this period. Adjusted EBITDA increased 39.9% to $117.7 million for the first half of 2020, driven by strong sales performance.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views3 pages

    Corse Cod: ACT328 Section: 1 Name: Shaheed Ahmed

    Uploaded by

    Sidad Kurdistani
    Grocery Outlet Holding Corp. announced financial results for the second quarter of 2020, with net sales increasing 24.9% to $1.56 billion compared to the same period last year and comparable store sales growth of 17.0%. The company also opened 17 new stores over this period. Adjusted EBITDA increased 39.9% to $117.7 million for the first half of 2020, driven by strong sales performance.

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    © All Rights Reserved
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    of 3

    Corse cod: ACT328

    Section: 1
    Name: Shaheed Ahmed

    https://www.globenewswire.com/news-
    release/2020/08/10/2075991/0/en/Grocery-Outlet-Holding-Corp-Announces-
    Second-Quarter-Fiscal-2020-Financial-Results.html

    Q1)

    Grocery Outlet Overview

    Websitewww.groceryoutlet.com
    Headquarters Emeryville, CA
    Size501 to 1000 employees
    Founded1946
    Type Company - Public (GO)
    Industry Grocery Stores & Supermarkets
    Q2)

     Net sales increased by 24.9% to $1.56 billion from $1.25 billion in the first half of
    fiscal 2019; comparable store sales increased by 17.0% compared to a 5.0%
    increase in the same period last year.

     The Company opened 17 new stores and closed 2 stores, ending the period with
    362 stores in six states.

     Net income increased $48.8 million to $42.0 million, or $0.43 per diluted share,
    compared to net loss of $6.9 million, or $(0.10) per diluted share, in the same
    period in 2019.

     As a result of the tax benefit associated with employee stock option exercises,
    the Company recorded a $4.0 million tax benefit resulting in an effective tax rate
    of (10.7)%. This stock option-related tax benefit has increased net income by
    $14.6 million, or $0.15 per diluted share.
     Adjusted EBITDA (1) increased 39.9% to $117.7 million compared to $84.1 million
    in the same period in 2019.

     Adjusted net income (1) increased 210.8% to $75.9 million, or $0.78 per non-


    GAAP diluted share, compared to $24.4 million, or $0.35 per non-GAAP diluted
    share, in the same period last year.

      26 Weeks En
    13 Weeks Ended
    June 27,  June 29,  June 27, 
           
    2020 2019 2020

    Net income $29,333     $(10,632 )   $41,975    


    Share-based compensation expenses 10,175    22,750     30,452   
    Debt extinguishment and modification costs (c) —    5,162     198   
    Non-cash rent (d) 2,759    1,816     4,973   
    Asset impairment and gain or loss on disposition (e) (22 )  233     953   
    New store pre-opening expenses (f) 337    321     743   
    Provision for accounts receivable reserves (g) (899 )  581     (51 ) 
    Other (h) 2,048    415     3,912   
    Amortization of purchase accounting assets and deferred
    2,944     3,835     5,880   
    financing costs (i)
    Tax effect of total adjustments (j) (4,856 )   (10,021 )   (13,177 ) 

    Non-GAAP adjusted net income $41,819     $14,460     $75,858    

    GAAP earnings per share          


    Basic $0.32     $(0.15 )   $0.47   
    Diluted $0.30     $(0.15 )   $0.43   
    Non-GAAP adjusted earnings per share          
    Basic $0.46     $0.21     $0.84   
    Diluted $0.42     $0.20     $0.78   
    GAAP weighted average shares outstanding          
    Basic 90,800     70,475     90,152   
    Diluted 98,618     70,475     97,333   
    Non-GAAP weighted average shares outstanding          
    Basic 90,800     70,475     90,152   
    Diluted (k) 98,618     71,315     97,333   
    Revenue$2 to $5 billion (USD) per year
    3Q)

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