EMERYVILLE, Calif. (AP) _ Grocery Outlet (GO) on Tuesday reported first-quarter earnings of $18.9 million.
On a per-share basis, the Emeryville, California-based company said it had profit of 19 cents. Earnings, adjusted for non-recurring costs, came to 23 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The supermarket company selling discount, overstocked and closeout products posted revenue of $752.5 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $759.8 million.
Grocery Outlet shares have climbed slightly more than 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $40.54, a rise of 11% in the last 12 months.
The Associated Press