Grocery Outlet Holding Corp. (NASDAQ: GO) reported Q4 EPS of $0.21, $0.04 better than the analyst estimate of $0.17. Revenue for the quarter came in at $655.5 million versus the consensus estimate of $655 million.

For the fourth quarter ended December 28, 2019:

• Net sales increased by 12.0% to $655.5 million from $585.2 million in the fourth quarter of fiscal 2018; comparable store sales increased by 5.1% over a 4.1% increase in the same period last year.
• The Company opened ten new stores ending the quarter with 347 stores in six states.
• Net income was $9.8 million, or $0.11 per diluted share, compared to net loss of $4.6 million, or $0.07 per diluted share, in the fourth quarter of fiscal 2018.
• Adjusted EBITDA (1) increased 5.6% to $41.5 million compared to $39.3 million in the fourth quarter of fiscal 2018.
• Adjusted net income (1) increased 67.8% to $19.9 million, or $0.21 per non-GAAP diluted share, compared to $11.9 million, or $0.17 per non-GAAP diluted share, in the fourth quarter of fiscal 2018.

Eric Lindberg, CEO of Grocery Outlet, stated, “During this unprecedented time, we are first and foremost focused on the health and safety of our corporate team, network of independent operators and their staff, our vendor partners and our customers. All parts of the business are coming together to serve our customers; we are leaning on our strong purchasing organization, long-standing vendor relationships, flexible supply chain, and the tireless efforts of our community of independent operators and their employees in order to keep store shelves stocked. We want to thank our employees and our IO’s for their continued contribution and service to their communities during this challenging period.”

Mr. Lindberg continued, “We remain committed to our value proposition to customers – offering deep value on branded and everyday consumables in an easy-to-shop environment. As much as we’re focused on the present circumstances, we are not taking our eye off of our longer-term strategy. Our approach has been and will continue to be focused on making smart, disciplined investments to support our growth.”

Fiscal 2020 outlook:

Charles Bracher, Chief Financial Officer commented, “As we operate our business through this unprecedented time, our primary focus is working together across the organization in order to serve our customers and keep pace with accelerated demand. Looking forward, it is incredibly challenging to predict the human and economic impact of the Coronavirus and the related change in customer shopping behavior. Although we are not providing formal 2020 earnings guidance at this time, we are encouraged by the strength of our liquidity position and the unique advantages of our business model. And while we’re adapting to the current operating environment, we continue to invest in our long-term growth opportunities.”

As a reminder, the Company will report 53 weeks of operating results in fiscal 2020 compared to 52 weeks in fiscal 2019.

For earnings history and earnings-related data on Grocery Outlet Holding Corp. (GO) click here.