Grocery Outlet Holding Corp. (NASDAQ: GO) reported Q1 EPS of $0.19, $0.03 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $752.5 million versus the consensus estimate of $757.63 million.

Outlook:

• The Company continues to expect to open between 36 and 38 stores in fiscal 2021 with one closure.
• Quarter-to-date comparable store sales for the second quarter of fiscal 2021 are in the negative low double digits.
• Capital expenditures, net of tenant improvement allowances, are estimated to be approximately $130.0 million for fiscal 2021.
• The Company will report 52 weeks of operating results in fiscal 2021 compared to 53 weeks in fiscal 2020.

Charles Bracher, Chief Financial Officer, commented, "The core drivers of our business remain strong across opportunistic supply, customer excitement, and the engagement of our independent operators. As we navigate the transitory impact of reopening and peak-COVID comparisons from 2020, we continue to anchor ourselves in absolute performance metrics which remain stable. While it remains difficult to forecast the near term environment, we remain bullish for the future and continue to expand our footprint and invest in the business to deliver on our long-term algorithm."

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