Grocery Outlet Holding Corp GO reported better-than-expected second-quarter financial results on Tuesday. Also, the company announced that it expects 62-64 new store openings in FY24.
Grocery Outlet reported quarterly earnings of 25 cents per share which beat the analyst consensus estimate of 20 cents per share. The company reported quarterly sales of $1.13 billion which beat the analyst consensus estimate of $1.10 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 CEO of Grocery Outlet. “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.”
Grocery Outlet shares rose 8.4% to trade at $20.09 on Wednesday.
These analysts made changes to their price targets on Grocery Outlet following earnings announcement.
Telsey Advisory Group analyst Joseph Feldman maintained Grocery Outlet with an Outperform rating, while lowering the price target from $31 to $27.
UBS analyst Michael Lasser maintained Grocery Outlet with a Neutral and lowered the price target from $27 to $21.
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