Grocery Outlet Holding Corp.

Listed Company

GOCIK 0001771515NasdaqLarge AcceleratedRetail-Grocery StoresDelawareFY ends Jan 2

Period

FY 2025

Revenue

$4.69B

Net Income

$-224.91M

Total Assets

$3.09B

Equity

$983.66M

Shares Out

98.15M

Op. Cash Flow

$222.13M

Business

Grocery Outlet Holding Corp. operates an extreme-value retail chain that sells quality, name-brand consumables and fresh products through a network of primarily independently operated stores. It offers a curated, ever-changing assortment of opportunistic “WOW!” deals alongside everyday staples, private-label SKUs, NOSH, produce, meat, beer and wine, general merchandise and related services. The company’s business model comprises independently operated (IO) stores and a smaller group of Company-operated stores supported by centralized purchasing, distribution centers, transportation, marketing and technology capabilities. Grocery Outlet distributes inventory to stores across multiple U.S. states through its distribution centers, direct supplier deliveries and third-party delivery partnerships.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	4,689	4,372	3,969	3,578	3,080
Cost of sales	3,269	3,050	2,728	2,486	2,131
Gross profit	1,419	1,322	1,242	1,092	949
Selling, general and administrative expenses	1,332	1,228	1,116	997	860
Impairment of long-lived assets	114	0	0	—	—
Restructuring charges	46	16	0	—	—
Goodwill impairment	149	0	0	—	—
Operating income (loss)	−222	78	126	95	89
Interest expense, net	27	22	16	18	16
Loss on debt extinguishment and modification	0	0	5	1	0
Total other expenses	27	22	22	19	12
Income (loss) before income taxes	−249	56	104	76	78
Income tax expense (benefit)	−24	17	25	11	15
Net income (loss)	−225	39	79	65	62
Comprehensive income (loss)	−225	39	79	65	62
Basic earnings (net loss) per share (in usd per share)	−2.3	0.4	0.8	0.67	0.65
Diluted earnings (net loss) per share (in usd per share)	−2.3	0.4	0.79	0.65	0.63
Basic (in shares)	98	99	99	97	96
Diluted (in shares)	98	100	101	100	99

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	70	63	115	103	140
Independent operator receivables and current portion of independent operator notes, net of allowance $12,253 and $5,770	17	16	15	11	7
Other accounts receivable, net of allowance $8 and $9	4	4	4	4	3
Merchandise inventories	382	394	350	334	276
Prepaid expenses and other current assets	25	27	32	15	17
Total current assets	498	504	517	467	443
Independent operator notes and receivables, net of allowance $15,291 and $12,709	44	36	28	23	22
Property and equipment, net	743	750	643	561	499
Operating lease right-of-use assets	1,090	1,015	946	902	898
Intangible assets, net	78	79	79	64	52
Goodwill, net	634	783	748	748	748
Other assets	5	7	10	8	8
Total assets	3,091	3,174	2,970	2,772	2,670
Trade accounts payable	177	176	209	138	122
Accrued and other current liabilities	54	55	67	53	49
Accrued compensation	18	20	25	27	8
Current portion of long-term debt	15	15	6	0	—
Current lease liabilities	87	73	64	55	51
Income and other taxes payable	12	11	14	8	7
Total current liabilities	364	350	384	281	238
Long-term debt, net	478	463	287	380	—
Deferred income tax liabilities, net	33	56	39	20	9
Long-term lease liabilities	1,229	1,106	1,038	981	962
Other long-term liabilities	3	2	2	1	0
Total liabilities	2,107	1,976	1,750	1,662	1,661
Commitments and contingencies (Note 12)	—	—	—	—	—
Common stock, par value $0.001 per share, 500,000,000 shares authorized; 98,153,086 and 97,262,557 shares issued and outstanding, respectively	98,000	97,000	99,000	98,000	96,000
Series A preferred stock, par value $0.001 per share, 50,000,000 shares authorized; no shares issued and outstanding	0	0	0	0	0
Additional paid-in capital	827	816	877	848	812
Retained earnings	157	381	342	263	197
Total stockholders' equity	984	1,197	1,219	1,110	1,009
Total liabilities and stockholders' equity	3,091	3,174	2,970	2,772	2,670

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of property and equipment	108	91	77	70	63
Amortization of intangible and other assets	23	17	11	8	8
Amortization of debt issuance costs and debt discounts	928,000	910,000	1	2	3
Non-cash rent	7	5	5	7	—
Impairment of long-lived assets	121	16	0	0	—
Share-based compensation	10	11	31	33	18
Provision for independent operator and other accounts receivable reserves	13	5	4	4	5
Deferred income taxes	−23	12	19	10	13
Other	3	1	487,000	1	1
Independent operator and other accounts receivable	−11	−8	−11	−7	−21,000
Merchandise inventories	12	−30	−16	−59	−30
Prepaid expenses and other assets	2	8	−11	841,000	3
Income and other taxes payable	1	−4	6	705,000	−362,000
Trade accounts payable	2	−37	74	16	3
Accrued and other liabilities	5	−25	20	251,000	—
Accrued compensation	−2	−8	−2	19	—
Operating lease liabilities	25	18	11	13	8
Net cash provided by operating activities	222	112	303	186	166
Advances to independent operators	−14	−11	−9	−10	−10
Repayments of advances from independent operators	4	5	6	7	5
Business acquisition, net of cash and cash equivalents acquired	0	−61	0	0	—
Purchases of property and equipment	−198	−187	−169	−130	−123
Proceeds from sales of assets	39,000	0	24,000	39,000	37,000
Investments in intangible assets and licenses	−22	−20	−23	−17	−10
Proceeds from insurance recoveries - property and equipment	0	0	632,000	0	2
Net cash used in investing activities	−230	−274	−194	−150	−137
Proceeds from exercise of stock options	700,000	9	6	7	7
Tax withholding related to net settlement of employee share-based awards	0	0	−537,000	0	0
Proceeds from senior term loan due 2028	0	0	300	0	0
Proceeds from revolving credit facility	70	190	25	0	0
Principal payments on revolving credit facility	−40	0	−25	0	0
Principal payments on finance leases	−1	−2	−1	−1	−1
Repurchase of common stock	0	−81	−6	−3	0
Dividends paid	0	0	−15,000	−105,000	−186,000
Debt issuance costs paid	0	0	−5	0	0
Net cash provided by (used in) financing activities	14	110	−97	−73	6
Net increase (decrease) in cash and cash equivalents	7	−52	12	−37	35
Cash paid for interest, net of amounts capitalized	33	26	23	19	15
Income taxes paid in cash	2	3	8	−2	477,000
Purchases of property and equipment accrued at end of period	16	13	7	19	15
Investments in intangible assets accrued at end of period	1	1	6	4	2

Filings

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