EMERYVILLE, CA - With second quarter financial results flooding in, we are paying particularly close attention to the retail segment. Most recently, Grocery Outlet announced financial results for the second quarter of fiscal 2024 ended June 29, touting a net sales increase of 11.7 percent to $1.13 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 Chief Executive Officer. "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."

According to a press release, comparable store sales increased by 2.9 percent, driven by a 5.1 percent increase in the number of transactions.

Other highlights from the second quarter fiscal 2024 report—as compared to the results from the year prior—include:

• In addition to the previously announced 40 stores acquired from United Grocery Outlet, the company opened 11 new stores and closed one store, ending the quarter with 524 stores in 16 states
• Adjusted EBITDA decreased by 3.7 percent to $67.9 million, or 6 percent of net sales

For more from the report, click here.

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