EMERYVILLE, Calif. (AP) — EMERYVILLE, Calif. (AP) — Grocery Outlet (GO) on Tuesday reported first-quarter net income of $13.7 million.
The Emeryville, California-based company said it had profit of 14 cents per share. Earnings, adjusted for one-time gains and costs, came to 27 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The supermarket company selling discount, overstocked and closeout products posted revenue of $965.5 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $948.5 million.
Grocery Outlet expects full-year earnings in the range of 96 cents to $1 per share, with revenue expected to be $3.9 billion.
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