Shares of Grocery Outlet (NASDAQ: GO) fell 18.5% Wednesday following the release of the discount supermarket chain's first-quarter results. Grocery Outlet's net sales decreased by 1% to $752.5 million, driven by an 8.2% decline in comparable-store sales. Grocery Outlet's stock price crashed Wednesday.
Grocery Outlet (GO) reports mixed results for first-quarter 2021 with earnings and sales declining year over year on lower comparable store sales and margins.
Good afternoon, and thank you for joining us on today's call to discuss Grocery Outlet's first-quarter 2021 financial results. Joining me on today's call are Grocery Outlet's chief executive officer, Eric Lindberg; president, RJ Sheedy; and chief financial officer, Charles Bracher. Participants on this call will make forward-looking statements, including our outlook for fiscal 2021 and future performance.