EMERYVILLE, Calif. (AP) — EMERYVILLE, Calif. (AP) — Grocery Outlet (GO) on Wednesday reported a loss of $180.3 million in its first quarter.
The Emeryville, California-based company said it had a loss of $1.83 per share. Earnings, adjusted for one-time gains and costs, came to 5 cents per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The supermarket company selling discount, overstocked and closeout products posted revenue of $1.17 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.15 billion.
Grocery Outlet expects full-year earnings in the range of 45 cents to 55 cents per share, with revenue in the range of $4.6 billion to $4.72 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GO at https://www.zacks.com/ap/GO
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