Grocery Outlet Holding (GO) FY2023 results: revenue $4.0 billion, up 10.9% on the year

Grocery Outlet Holding Corp. (GO) reported revenue of $4.0 billion for fiscal 2023, the year ended 30 December 2023, up 10.9% on the year before. Net income was $79 million, up 22.1%, and diluted earnings per share $0.79. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$4.0 billion

+10.9% on the year

FY2017FY2023

Operating margin

3.2%

2.7% a year earlier

FY2017FY2023

Net income

$79 million

+22.1% on the year

FY2017FY2023

Diluted EPS

$0.79

+21.5% on the year

FY2017FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,969	3,578	3,080	+10.9%
Cost of revenue	2,728	2,486	2,131	+9.7%
Gross profit	1,242	1,092	949	+13.7%
Gross margin	31.3%	30.5%	30.8%
Selling, general and administrative	1,116	997	860	+11.9%
Operating income	126	95.0	89.1	+32.4%
Operating margin	3.2%	2.7%	2.9%
Pre-tax income	104	75.7	77.5	+37.4%
Income tax	24.6	10.7	15.2	+130.4%
Effective tax rate	23.7%	14.1%	19.6%
Net income	79.4	65.1	62.3	+22.1%
Net margin	2.0%	1.8%	2.0%
Diluted EPS	$0.79	$0.65	$0.63	+21.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	303	186	166	+63.6%
Capital expenditure	169	130	123	+29.5%
Free cash flow	134	55.0	42.2	+144.3%
Free cash flow margin	3.4%	1.5%	1.4%
Cash from investing	-194	-150	-137
Cash from financing	-97.0	-72.9	5.9
Depreciation and amortisation	88.0	78.3	68.4	+12.4%
Share-based compensation	31.1	32.6	17.6	-4.5%
Buybacks	5.9	3.5	0.0	+70.8%
Dividends paid	0.0	0.1	0.2	-85.0%
Diluted shares, weighted	101m	100m	99m	+0.7%
Shares outstanding at period end	99m	98m	96m	+1.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,219	1,110	1,009	+9.8%
Debt	293	380	460	-22.9%
Operating lease liabilities	1,034	976	956	+5.9%
Finance lease liabilities	4.7	4.4	5.6	+6.9%
Other liabilities	419	302	239	+38.9%
Total liabilities and equity	2,970	2,772	2,670	+7.1%
Fixed assets	642	561	499	+14.6%
Goodwill	748	748	748	0.0%
Intangible assets	78.6	64.0	51.9	+22.8%
Cash and equivalents	115	103	140	+11.9%
Receivables	13.1	9.0	5.8	+45.6%
Other assets	1,372	1,288	1,225	+6.6%
Total assets	2,970	2,772	2,670	+7.1%

10-K for the year ended 30 December 2023, filed 28 February 2024: the filing.