33.67 0.00 (0.00%)
After hours: 4:05PM EDT
|Bid||33.52 x 1400|
|Ask||33.73 x 900|
|Day's Range||33.17 - 33.88|
|52 Week Range||27.75 - 47.58|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
EMERYVILLE, Calif., Oct. 03, 2019 (GLOBE NEWSWIRE) -- Grocery Outlet Holding Corp. (NASDAQ: GO) (the “Company”) today announced the pricing of an underwritten public offering by certain selling stockholders of the Company, including the selling stockholder affiliated with Hellman & Friedman LLC (the “H&F Investor”), of 13,000,000 shares of the Company’s common stock at an initial price to the public of $33.75 per share. The offering is expected to close on October 8, 2019, subject to customary closing conditions. The H&F Investor has granted the underwriters a 30-day option to purchase up to 1,950,000 additional shares of the Company’s common stock at the public offering price less the underwriting discount. The Company is not selling any shares of common stock in the offering, will not receive any of the proceeds from the sale and will bear the costs associated with the sale of such shares, other than underwriting discounts and commissions.The offering is being made through an underwriting group led by BofA Merrill Lynch, Morgan Stanley, Deutsche Bank Securities, Jefferies, Barclays, Goldman Sachs & Co. LLC, Guggenheim Securities, UBS Investment Bank and Cowen, who are acting as joint book-running managers for the offering. Telsey Advisory Group, Drexel Hamilton and Penserra Securities LLC are acting as co-managers.A registration statement on Form S-1, including a prospectus, relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.The offering of these securities may be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained by contacting: BofA Merrill Lynch, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001 or by email at firstname.lastname@example.org; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, New York 10005, or by emailing at prospectus.CPDG@db.com or by calling at (800) 503-4611; or Jefferies LLC, Attn: Equity Syndicate Prospectus Departments, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-821-7388 or by email at Prospectus_Department@Jefferies.com.About Grocery Outlet Based in Emeryville, California, Grocery Outlet is a high-growth, extreme value retailer of quality, name-brand consumables and fresh products sold through a network of independently operated stores. Grocery Outlet has more than 300 stores in California, Washington, Oregon, Pennsylvania, Idaho and Nevada. Grocery Outlet stores carry an ever-changing assortment of “WOW!” deals, complemented by everyday staple products.MEDIA CONTACT: Layla Kasha 510-379-2176 email@example.com INVESTOR RELATIONS CONTACT: Jean Fontana 646-277-1214 Jean.Fontana@icrinc.com
Grocery Outlet Holding (NASDAQ: GO ) has released its third-quarter fiscal 2019 financial developments. Grocery Outlet went public in June. For the 13 weeks ending Sept. 28, the company expects net sales ...
Grocery Outlet Holding Corp. disclosed Thursday preliminary third-quarter sales that rose more than expected, but indicated that net income would miss. The stock was still inactive in premarket trading. The discount grocery retailer said sales for the quarter to Sept. 29 rose 13.1% from a year ago to $652.5 million, above the FactSet consensus of $633.3 million, boosted by the opening of 30 net new stores and same-store sales growth. Same-store sales rose 5.8%, beating the FactSet consensus of 3.0% growth, amid increases in both customer transactions and average transaction size. Net income is estimated to range from $8.93 million to $9.65 million, up from $7.67 million a year ago, but below the FactSet consensus of $10.8 million. The stock has lost 0.6% over the past three months, while the S&P 500 has lost 3.6%.
Rising sales at Grocery Outlet and other discount chains are pressuring traditional supermarkets, with Kroger eyeing plans to cut costs by eliminating the jobs of several middle managers.
Grocery Outlet Holding Corp. shares took an 8.1% tumble in Wednesday trading after the food retailer announced a new 13 million stock offering by its largest shareholder. Hellman & Friedman LLC will also give underwriters the chance to buy up to 1.95 million additional shares with a 30-day option. Grocery Outlet went public on June 20. The stock is down 5.3% over the last three months while the S&P 500 index is down 2.6% for the period.
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Grocers are being pressured by Walmart and Target, and by chains that can offer private-label discounts. But opportunistic merchandising gives Grocery Outlet an edge.
Grocery Outlet jumped past a new buy point Wednesday after crushing Q2 earnings views and gave strong guidance. But the IPO stock pared gains.
It’s an ugly day for retail stocks, but Grocery Outlet is bucking that trend. The stock is up 10% after an upbeat second-quarter earnings report.
Bank of America's Robert Ohmes maintains a Neutral rating on Grocery Outlet with a price target lifted from $37 to $40. Grocery Outlet's "impressive" quarter is highlighted by a comps beat of 5.8% versus expectations of 3%, Ohmes said. Adjusted EBITDA margins of 7% also beat expectations of 6.7% from expense controls and a 35 basis point gross margin expansion.
Grocery Outlet Holding Corp. jumped nearly 10% on a trading day when most other stocks were in the red after it reported profits and sales that beat expectations. Moreover, analysts are bullish that the grocery chain's "treasure hunt" experience will translate into prolonged same-store sales growth. "While we would expect the company's comp to ease over time as some of its particularly strong initiatives mature, we believe its differentiated offering and unique value proposition should allow it to continue to take share over time," wrote UBS in a note. Analysts think Grocery Outlet's 2019 same-store sales growth forecast of 3% to 4% "could be conservative." UBS rates Grocery Outlet stock neutral with a $38 price target, up from $35. "Grocery Outlet's industry-leading buying team has strong relationships with some of the top national CPG brands and positions the retailer well to consistently procure compelling deals," wrote Cowen. "We believe Grocery Outlet has historically done a good job of maintaining large price gaps against both discounters and traditional grocery competitors." Cowen rates Grocery Outlet stock outperform with a $48 price target, up from $42. Grocery Outlet stock, which began trading on June 20, is up 22.3% over the past month while the S&P 500 index has fallen 5.3% over the period.
In the company's first quarterly report since going public, Grocery Outlet topped analysts' estimates on the top and bottom lines. Here are the details.
Dow Jones futures: The Treasury yield curve inverted Wednesday morning, sparking recession fears on weak China and German economic data. That followed Tuesday's stock market rally.
For the full year, the company says it expects earnings of between 68 cents and 71 cents a share, higher than analysts' forecasts.
Grocery Outlet Holding Corp. stock gains more than 10% late Tuesday after the company’s first quarterly results post its June initial public offering blows past Wall Street expectations and the off-price grocer also predicted a rosier 2019.
Shares of Grocery Outlet Holding Corp. rose more than 14% in the extended session Tuesday after the company beat quarterly adjusted earnings and sales expectations. Grocery Outlet said it lost $10.6 million, or 15 cents a share, in the quarter, versus earnings of $7.3 million, or 11 cents a share, in the second quarter of fiscal 2018. Adjusted for one-time items, the company earned $14.5 million, or 20 cents a share, compared with $12.9 million, or 19 cents a share, a year ago. Sales rose by 12% to $645.3 million from $575.1 million in the second quarter of fiscal 2018. Analysts polled by FactSet had expected adjusted earnings of 13 cents a share on sales of $627 million. Comparable-store sales rose by 6%, the company said. Grocery Outlet had its initial public offering in June at $22 a share. The company said it expects sales between $2.50 billion and $2.53 billion in the full-year 2019, and adjusted EPS for the year between 68 cents and 71 cents.
Two new names on the IBD Breakout Stocks Index — CrowdStrike and Grocery Outlet — offer timely insight into how to buy IPO stocks and top stocks to watch.
Newly-public Grocery Outlet Holding Corp (NASDAQ: GO ) has scored an initiation of coverage from Bank of America. The Analyst Bank of America analyst Robert Ohmes initiated coverage with a Neutral rating ...