Grocery Outlet jumps after forecasting a smaller decline in annual sales
GO•Quarterly results top estimates
Q2 net sales increased 1.1% to $1.19 billion, marginally above expectations of $1.17 billion, while adjusted EPS of 20 cents beat estimates of 12 cents.
Average transaction size fell 2.1% in Q2, despite a 1.8% increase in the number of transactions.
GO down ~45% in the past 12 months.
Shares rise after improved sales outlook
Shares of discount supermarket chain Grocery Outlet GO.O up 13.6% at $11.55 in extended trading.
The company expects annual comparable sales between flat and a 0.5% decline, compared with its previous expectations of flat to a 2% decline.
Analysts expect a 0.8% fall in annual comparable sales, according to data compiled by LSEG.
Grocery Outlet also sees annual adjusted EPS between 51 cents and 55 cents, compared with previous expectations of 45 cents to 55 cents; analysts estimate EPS of 51 cents.
