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GROCERY OUTLET bargain market Grocery Outlet Holding Corp. Announces Third Quarter Fiscal 2021 Financial Results November 9 , 2021 Board of Directors Approves $ 100 Million Share Repurchase Program EMERYVILLE , Calif . , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) -- Grocery Outlet Holding Corp. ( NASDAQ : GO ) ( " Grocery Outlet " or the " Company " ) today announced financial results for the third quarter of fiscal 2021 ended October 2 , 2021 . Highlights for Third Quarter Fiscal 2021 as compared to the Third Quarter Fiscal 2020 : • Net sales increased by 0.6 % to $ 768.9 million . • Comparable store sales decreased by 4.3 % compared to a 9.1 % increase in the same period last year . • The Company opened 7 new stores , ending the quarter with 407 stores in six states . • Net income decreased 57.7 % to $ 17.1 million , or $ 0.17 per diluted share . ● Adjusted EBITDA ( 1 ) decreased 6.2 % to $ 51.4 million . • Adjusted net income ( 1 ) decreased 15.3 % to $ 23.4 million , or $ 0.24 per adjusted diluted share ( 1 ) . Eric Lindberg , CEO of Grocery Outlet , stated , " We are pleased with our third quarter financial results and encouraged by our momentum in the fourth quarter . We continue to leverage our highly flexible business model to offer unbeatable value to our customers along with exceptional service from our dedicated independent operators despite the challenging operating environment . Looking forward , we remain excited about our long runway for growth as we continue to expand our store base and test new digital opportunities to broaden our customer reach . We are also pleased to share that our board of directors has authorized a $ 100 million share repurchase program reflecting confidence in our long - term outlook and our commitment to returning value to shareholders . " ( 1 ) Adjusted EBITDA , adjusted net income and adjusted diluted earnings per share are non - GAAP financial measures , which exclude the impact of certain special items . Beginning with the fourth quarter of fiscal 2020 , we updated our definitions of our non - GAAP financial measures to simplify our presentation and enhance comparability between periods . The presentations for adjusted EBITDA , adjusted net income and adjusted diluted earnings per share for third quarter of fiscal 2020 and 39 Weeks Ended September 26 , 2020 have been recast to reflect these changes . Please note that our non - GAAP financial measures should be considered as a supplement to , and not as a substitute for , or superior to , financial measures calculated in accordance with GAAP . See the " Non - GAAP Financial Information " section of this release for additional information about these items . Highlights for the 39 Weeks Ended October 2 , 2021 as compared to the 39 Weeks Ended September 26 , 2020 : • Net sales decreased by 1.3 % to $ 2.30 billion . • Comparable store sales decreased by 7.6 % compared to a 14.3 % increase in the same period last year . • Net income decreased 32.5 % to $ 55.7 million , or $ 0.56 per diluted share . • Adjusted EBITDA ( 1 ) decreased 12.0 % to $ 151.1 million . • Adjusted net income ( 1 ) decreased 20.9 % to $ 69.9 million , or $ 0.70 per adjusted diluted share ( 1 ) . Balance Sheet and Cash Flow : • Cash and cash equivalents totaled $ 156.0 million at the end of the third quarter of fiscal 2021 .