Grocery Outlet reports Q2 adjusted EPS 23c, consensus 17c

Reports Q2 revenue $1.18B, consensus $1.19B. Reports Q2 comparable store sales increased by 1.1%. Reports the actions under the previously announced restructuring plan were substantially completed in Q2. “Our focus on execution is beginning to deliver results, enabling us to outperform our outlook for the second quarter,” said Jason Potter, CEO of Grocery Outlet (GO). “Our resonant value proposition and store initiatives continued to drive growth in traffic, while our margin drivers and spending discipline are yielding sustainable gains in profitability. We also achieved important progress against the key strategic objectives we outlined last quarter. By continuing to strengthen new-store performance, secure top talent, address execution gaps, and improve execution at scale, we will create lasting value for our customers, independent operators, and shareholders.”