Grocery Outlet Holding Corp. (NASDAQ: GO) reported Q1 EPS of $0.36, $0.11 better than the analyst estimate of $0.25. Revenue for the quarter came in at $760.3 million versus the consensus estimate of $755.59 million.

Eric Lindberg, CEO of Grocery Outlet, stated, “Our strong first quarter performance reflects the tremendous efforts of our corporate and Independent Operator teams, our suppliers, and other partner companies. We continue to leverage the many strengths of our business model and adapt processes to meet the demands of the current environment. Our top priorities remain centered around ensuring the safety of our team and communities, supporting IOs, working with suppliers to purchase product, and continuing to deliver strong operational execution.”

Mr. Lindberg continued, “While we continue to focus on our response to COVID-19, we are incorporating learnings to capture opportunities that we believe will arise as we emerge from this pandemic. We are confident in the long-term potential of our business and remain committed to making investments that will support our future growth.”

GUIDANCE:

Charles Bracher, Chief Financial Officer commented, “As we continue to operate our business through this unprecedented time, we are incredibly proud of the dedication of our independent operators, their employees, and our team members in service to our local communities and customers. Our performance and liquidity position remain strong, allowing us to continue investing in pursuit of our long term growth strategies. Although we are not providing formal 2020 earnings guidance at this time due to the uncertainty related to COVID-19, we remain confident in our ability to execute in this fluid environment and in the strength of our business model.”

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