Grocery Outlet
Extreme-value grocer selling closeout brand-name goods through independently operated neighborhood stores.
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Profile
Sells fresh groceries and closeout general merchandise sourced opportunistically from name-brand suppliers, with every store run by an independent local operator who earns roughly half the store's gross profit rather than a fixed wage.
Sells fresh groceries, everyday staples, and closeout general merchandise through a "treasure hunt" format, mixing brand-name surplus and short-dated inventory with regular grocery items.
Stores are concentrated on the West Coast, where the chain first grew; a 2011 acquisition added a Pennsylvania cluster on the East Coast, and a 2024 acquisition brought a Southeast presence.
Each store is run by an Independent Operator, a local entrepreneur who hires staff and handles local merchandising under an operator agreement, while the company centralizes purchasing and owns or leases the real estate, paying the operator roughly half the store's gross profit as commission.
Growth depends on recruiting enough operator candidates to staff new stores, and the sourcing model depends on ongoing relationships with CPG suppliers willing to route surplus inventory through the chain.
Company facts
Key statistics
Year to date +19.8% · Average volume (30d) 2.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Telsey Advisory | Reiterate | Market Perform | $15 | $12 | |
| Aug 13, 2026 | Deutsche Bank | Reiterate | Hold | $11 | $9 | |
| Aug 13, 2026 | Roth Capital | Reiterate | Neutral | $20 | $10 | |
| Aug 13, 2026 | Wells Fargo | Reiterate | Equal Weight | $9 | $11 | |
| Aug 13, 2026 | DA Davidson | Reiterate | Neutral | $9 | $12 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.13 | $0.20 | +58.6% | $1.17B | $1.19B | +2.2% | +6.19% |
| May 13, 2026Q1 FY26 | $0.02 | $0.05 | +150.0% | $1.15B | $1.17B | +1.4% | −0.90% |
| Mar 4, 2026Q4 FY25 | $0.21 | $0.19 | −9.5% | $1.22B | $1.22B | −0.6% | −27.87% |
| Nov 4, 2025Q3 FY25 | $0.19 | $0.21 | +10.5% | $1.23B | $1.17B | −4.9% | −8.05% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.13B | $1.18B | $1.17B | $1.22B | $1.17B | $1.19B | |
| Gross profit | $342.4M | $360.7M | $355.1M | $361.0M | $345.2M | $360.7M | |
| Operating income | −$22.5M | $34.5M | $33.3M | $142.9M | $6.5M | $15.8M | |
| Net income | −$23.3M | $5.0M | $11.6M | −$218.2M | −$180.3M | $5.6M | |
| Diluted EPS | −$0.24 | $0.05 | $0.12 | −$2.23 | −$1.83 | $0.06 | |
| Gross margin | 30.4% | 30.6% | 30.4% | 29.7% | 29.6% | 30.2% | |
| Operating margin | -2.0% | 2.9% | 2.8% | 11.8% | 0.6% | 1.3% |
Fiscal years (4-quarter sums)FY21 $3.08B · FY22 $3.58B · FY23 $3.97B · FY24 $4.37B · FY25 $4.69B
Revenue by product · Q2 FY26
Balance sheet, Jul 4, 2026Cash & short-term investments $74.2M · Total debt $1.85B · Total assets $2.99B · Shareholders' equity $816.6M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 98.92M · Float 93.19M · 94.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| T. Rowe Price Investment Management, Inc. | 18.78M | 18.98% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 15.27M | 15.44% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 6.08M | 6.14% | 13F | Aug 13, 2026 |
| J. Goldman & Co LP | 6.04M | 6.11% | 13G | Aug 14, 2026 |
| Pertento Partners LLP | 5.50M | 5.60% | 13G | Aug 19, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Frank Michael Kerr | officer: See Remarks | −1,432 | $11.30 |
| Aug 20, 2026 | Paul Blaine Miller | officer: See Remarks | +8,000 | $10.90 |
| Jun 25, 2026 | Paul Blaine Miller | officer: See Remarks | +5,000 | $9.50 |
| Jun 18, 2026 | Paul Blaine Miller | officer: See Remarks | +10,000 | $9.37 |
| Apr 1, 2026 | Andrea Renee Bortner | officer: See Remarks | −1,851 | $7.00 |
Peers
- Walmart
Competes on everyday-low grocery prices at a scale that pressures value share
- Kroger
Runs West Coast conventional banners now cutting prices to chase value shoppers
- Costco
Warehouse-club bulk buys and Kirkland treasure-hunt undercut value grocers
- Dollar General
Competes for low-income shoppers via 20,900+ small-box discount stores
- Albertsons Companies
Competes via Safeway/Vons on West Coast conventional grocery pricing
- Dollar Tree
Multi-price small-box variety chain competing for the same trade-down shopper
- Ollie's Bargain Outlet
Competes for bargain shoppers via closeout, treasure-hunt merchandising
- Sprouts Farmers Market
Competes for value-conscious shoppers via small-box, produce-led discount format
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Grocery Outlet | $12.16 | −0.16% | $1.20B | — | 20.5 | 0.3 | +1.1% |
| Walmart | $103.07 | −0.03% | $820.40B | 37.2 | 34.5 | 1.1 | +5.9% |
| Kroger | $57.69 | −0.06% | $35.36B | 33.8 | 11.1 | 0.2 | +2.2% |
| Costco | $945.47 | −0.03% | $419.30B | 47.6 | 43.0 | 1.4 | +11.6% |
| Dollar General | $123.13 | +0.23% | $27.11B | 16.0 | 15.9 | 0.6 | +5.2% |
| Albertsons Companies | $12.52 | −0.10% | $6.08B | 156.6 | 5.7 | 0.1 | +0.2% |
| Dollar Tree | $127.81 | −0.35% | $24.65B | 15.7 | 17.4 | 1.2 | +7.0% |
| Ollie's Bargain Outlet | $73.78 | +1.88% | $4.38B | 17.9 | 15.9 | 1.6 | +14.3% |
| Sprouts Farmers Market | $81.73 | +0.33% | $7.60B | 15.6 | 13.8 | 0.8 | +4.7% |
| Median | 25.8 | 15.9 | 1.0 | +5.6% |