GO - Why Grocery Outlet Stock Surged Today
Shares of Grocery Outlet (NASDAQ: GO) leapt 14.7% on Wednesday after the supermarket chain delivered stronger-than-expected sales and profits.
Grocery Outlet's net sales jumped 10.5% year over year to $831.4 million in its fiscal first quarter, which ended on April 2. That was above Wall Street's estimates, which had called for revenue of $810.4 million.
The gains were fueled by store openings and a 5.2% increase in comparable-store sales. The retailer opened a net total of three locations during the quarter and 29 over the past year, bringing its store count to 418 stores across seven states at the end of the first quarter.
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Why Grocery Outlet Stock Surged Today