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Grocery Outlet (GO) investor relations material
Grocery Outlet Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net sales for Q3 2025 increased 5.4% year-over-year to $1.17 billion, with comparable store sales up 1.2% driven by higher transaction counts and new store openings, ending the quarter with 563 stores in 16 states.
Gross margin declined to 30.4% from 31.1% last year, impacted by promotional activities, markdowns, and supply chain investments.
Net income for Q3 was $11.6 million ($0.12 per share), down from $24.2 million ($0.24 per share) last year; adjusted net income was $20.7 million ($0.21 per share).
Adjusted EBITDA for Q3 was $66.7 million (5.7% of net sales), down 7.7% year-over-year.
Store refresh program piloted, showing mid-single-digit comp lift in test stores, with plans for broader rollout and 37 net new stores expected for the year.
Financial highlights
Net sales: $1.17 billion for Q3 2025, up 5.4% year-over-year; $3.47 billion for the first 39 weeks, up 6.1%.
Gross profit: $355.1 million for Q3 2025, up 3.0%; gross margin at 30.4% (down from 31.1%).
SG&A expenses: $331.0 million for Q3 2025, up 8.7% (28.3% of net sales), mainly due to new store growth, software amortization, and incentive compensation.
Operating income: $22.8 million for Q3 2025, including $1.3 million in restructuring charges; down 43.3% year-over-year.
Net income: $11.6 million for Q3 2025, down 52.0%; adjusted net income: $20.7 million, down 25.7%.
Outlook and guidance
Fiscal 2025 guidance: net sales expected at $4.70–$4.72 billion, comparable store sales growth of 0.6%–0.9%, gross margin 30.3%–30.4%.
Adjusted EBITDA forecasted at $258–$262 million; adjusted EPS at $0.78–$0.80.
37 net new stores expected for the year, up from prior guidance.
Capital expenditures for fiscal 2025 expected to be approximately $210 million, net of tenant improvement allowances.
Guidance does not factor in potential SNAP benefit disruptions due to government shutdown.
Store refresh program impact on 2026 sales?
Drivers for lower comparable store sales outlook?
Restructuring plan's impact on long-term profit?
Store refresh: expected comp lift and rollout
Q3 marketing mix adjustments: impact and plan
What are the 2026 EBITDA headwinds?
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Next Grocery Outlet earnings date
Morgan Stanley Global Consumer & Retail Conference 20253 Dec, 2025
Next Grocery Outlet earnings date
Morgan Stanley Global Consumer & Retail Conference 20253 Dec, 2025
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Frequently asked questions
Grocery Outlet Holding Corp. operates a network of independently operated stores. Its stores offer products in various categories, including beverages and snacks, canned/dried soup, meat and seafood, deli meats, cheese and dairy, frozen foods, health and beauty care products, kitchenware ,baby care products, general grocery items and prepared meals. The company was founded in 1946 and is headquartered in Emeryville, California.
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