Why Grocery Outlet Stock Fell Today
Shares of Grocery Outlet Holding (NASDAQ: GO) declined by 5.2% on Wednesday, following the release of the discount supermarket chain's third-quarter results.
Sales jumped 17.1% to $764.1 million, driven by new store openings and a 9.1% rise in comparable-store sales. The chain opened 10 new locations during the third quarter, bringing its store count to over 370.
"While we continue to navigate COVID, we are actively reinvesting in our people and operational initiatives in support of our long-term growth objectives," CEO Eric Lindberg said in a press release. "We remain excited about our ample white space for retail expansion and the opportunity to continue to deliver tremendous values to our loyal customers."
Source Fool.com
