Grocery Outlet Stores Near Me – With an eye toward major expansion, Grocery Outlet Bargain Market is moving forward with an initial public offering.
The extreme value grocery chain filed a Form S-1 registration statement with the Securities and Exchange Commission this week for an IPO of common stock. The maximum total proposed offering, partly an estimate to calculate the registration fee, is $100 million.
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The stock price range, number of shares and offering date have not been disclosed at this time. The company, which filed as Grocery Outlet Holding Corp., would trade on the Nasdaq Global Select Market under the symbol “GO.”
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The Grocery Outlet, based in Emeryville, California, currently has 316 stores in California, Idaho, Nevada, Oregon, Pennsylvania and Washington. Sales rose 10.2% to nearly $2.29 billion in 2018, with same-store sales up 3.9%, and reported earnings per share of 33 cents.
Grocery Outlet opened 26 new stores last year and aims to open 32 more in 2019. The chain advertises deep discounts on name-brand products, offering savings of 40% to 70% compared to brick-and-mortar retailers, achieved through a sourcing model of purchasing excess inventory and surplus product directly from thousands of supplier partners. The stores are operated by independent owner-operators from the communities they serve and offer a full range of groceries, including fresh produce, meat and deli; dairy products; beer and wine; natural and organic items; health and beauty aids; and seasonal items. The company describes itself as the nation’s largest and fastest growing extreme value grocery retailer.
“We believe there is an opportunity to establish more than 400 additional locations in the states in which we currently operate and approximately 1,600 additional locations when neighboring states are included,” Grocery Outlet said in the IPO filing on 13 may “Our goal is to expand our store base by approximately 10% annually by penetrating existing and contiguous regions. In the long term, we believe there is a potential market to establish 4,800 locations nationwide.”
Beginning this year, Grocery Outlet transitioned its leadership from a dual CEO structure. The company’s board of directors in late December appointed Eric Lindberg as CEO and MacGregor Read as vice chairman effective January 1. They had served as co-CEOs since 2006.
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In late 2014, Grocery Outlet’s senior management partnered with affiliates of private equity firm Hellman & Friedman LLC to acquire the chain from parent owner Berkshire Partners LLC.
The retailer said in this week’s filing that, since 2015, it has expanded its store count from 237 to 316, a compound annual growth rate (CAGR) of 10.1%; increased sales at a CAGR of 12%, from $1.6 billion to $2.3 billion; increase same-store sales at an average annual rate of 4.2%; and increased net earnings from $4.8 million to $15.9 million, a CAGR of 49.3%. Donta Rose was helping set up other Grocery Outlet stores in Philadelphia when he got the idea to own one himself, in his old neighborhood.
Donta Rose in front of its new Grocery Outlet supermarket at 21st Street and Ridge Avenue in North Philadelphia. Read moreJOSE F. MORENO / Staff photographer
After studying engineering at Morgan State University, Donta Rose began designing stores for Grocery Outlet, a California-based discount franchise that quickly expanded into the Philadelphia area.
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He saw the list of future stores and realized he would open one at 21st Street and Ridge Avenue in the Sharswood section of North Philadelphia.
“This is where we come from,” said Rose, 28, whose mother, Melanie, grew up on Woodstock Street. “I know the neighborhood. I know how unique this neighborhood is, because if you go four blocks up, you’re on the Temple campus, and if you go five blocks down, you’re in Brewerytown. It was very important for me to be in a community that we know.”
Rose scraped together savings and got what she called “a nice, strong loan” to buy it. On July 26, he helped cut the ribbon on a $5 million grocery store, one of the linchpins of a neighborhood revitalization. The store has a parking lot, but it will be a big help for residents who need to walk or rely on attractions more than a mile away for groceries, beyond corner stores and produce vendors.
Grocery Outlet is a full line store with meats, dairy, frozen foods and produce. The groceries are all branded. But the selection can be random, as the store’s buyers deal with excess inventory and manufacturer shutdowns. (You can see Cheerios in one size, for example, but not other varieties.)
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Rose said fresh food, delivered four days a week, is “the most important thing to this neighborhood. Growing up, there were never grocery stores close by to buy fresh produce.”
Grocery Outlet, which has more than 400 stores nationwide, offers support. And Rose has the help of her extensive network of family and friends, including her sister Toni and friend Nafis Muhammad, who will manage the store, which has hired much of the 30-person staff from the neighborhood.
“While we want to be a successful business, we also want to be connected to the community,” said Melanie Rose, the mother of Donta Rose, a legal supervisor for American Water Works in South Jersey. “You know what’s going on in Philadelphia. You know how there’s so much crime and so much violence and so many people turning on each other instead of building each other up. That’s why we’re here, not to say : ‘We have a grocery store,’ but we want the community to know we’re from here.”
The Philadelphia Housing Authority, supported by federal money, has made a huge effort to revive the adjacent neighborhoods of Sharswood and Blumberg. First, the PHA took control of 1,300 parcels between 19th and 27th Streets, from Girard to Cecil B. Moore Avenue, to build hundreds of subsidized housing units for Philadelphia’s poorest residents.
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In addition to the Grocery Outlet, the development will include 98 apartments, an Everest Urgent-Care Center, a senior care center, a Santander Bank, a Pagano’s Market and a new location for Barkley’s BBQ, a restaurant that is now operating eight blocks away. .
It’s a comprehensive neighborhood plan, said Leslie Smallwood-Lewis of Mosaic Development Partners, which is leading part of the development with Shift Capital. She is also a friend of the Rose family.
Smallwood-Lewis said they initially considered a deal with Save-A-Lot, which operates a store in a development created by Mosaic in the city’s Fairhill neighborhood. He said they reached out to Grocery Outlet because “we thought they had a unique and different approach and we thought this would be a great opportunity to bring something a little different to this neighborhood.”
What sold the developers, Smallwood-Lewis said, was Grocery Outlet’s “willingness to really look for a diverse owner-operator for the location. I’m excited that they’ve really stepped up and been able to pull it off “.
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Their choice was Rose, who grew up mostly in Elkins Park and in Williamstown, a community in Gloucester County, N.J.
Entrepreneurship runs in her family, Rose said. By age 9, he was bussing tables at the former Littleton’s Diner on East Oak Lane, owned by his grandparents. His father, Anthony, is a Tastykake distributor and has other business interests.
Rose has help in other ways. “My name is on the loan and my face might be there [on the store’s signage], but my mom will be with me,” he said recently as the store was being set up. “My dad is running out now to get a safe for me and help get things for the opening. My
sisters are with me. So it’s definitely going to be a family business, for sure.”Grocery Outlet Holding body raised its full-year guidance after posting a double-digit sales gain in the fiscal third quarter of 2019 and beating analysts’ earnings estimates.
For the quarter ended Sept. 28, Grocery Outlet reported total sales of $652.5 million, up 13.1% from $576.8 million a year earlier. The extreme value grocer said same-store sales rose 5.8% year-on-year, compared with a 4.2% increase in the year-ago period.
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“With our comp growth, strength was once again broad across product categories, regions and store vintages as we continued to deliver on our top three growth drivers,” CEO Eric Lindberg told analysts in a conference call yesterday afternoon. “First and foremost, we are committed to providing our customers with deep value and unique in-store treasure hunt shopping experiences. We continue to strengthen our relationships with our current suppliers, as well as seek and develop new relationships to acquire branded products at amazing values. The portfolio of opportunistic products remains very strong and we continue to generate excitement for our customers.”
On the earnings side, net income was $12.4 million, or 13 cents per diluted share, compared with $7.7 million, or 11 cents per diluted share, a year ago. Adjusted net earnings were $20.6 million, or 22 cents per diluted share, compared to $13 million, or 19 cents per diluted share, in the 2018 quarter.
Analysts, on average, had expected adjusted earnings per share of 19 cents, with projections ranging from 18 cents to 20 cents, according to Refinitiv/Thomson Reuters.
Third-quarter adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 13.2% to $44.2.
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